Nordex Solutions

BACKGROUND

Introduce your business and what you do there.

I’m the owner and president of an e-commerce site.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Nordex Solutions?

Nordex Solutions is our merchant service provider.

SOLUTION

What was the scope of their involvement?

Nordex Solutions administers and controls the credit card processing of my customer base from the e-commerce site to my bank — they manage all that. The service that they provide is quite unique and beneficial for us.

First, Nordex Solutions asked for my previous merchant service provider statements, which I was hesitant to do. However, they explained to me that they required them so they could analyze them for free. They wanted to see if they could negotiate better terms and rates based on their volume.

I sent them a couple of months' statements, and they went through the exercise. It took them about 5–7 business days to get back to me. Someone from Nordex Solutions sent me a report, called me back, and explained to me what they were offering in comparison to what I was getting — it was black and white in terms of savings.

Switching to their services had no cost, and their fees were already included in the report. They implemented a gateway API, which is a bridge between my site, Visa and MasterCard, and the bank. It took Nordex Solutions about another week to make the switch, and we’ve been working with them since then.

They offered me terminals to accept credit cards, but I wasn’t interested. Additionally, they mentioned that they’re going to immerse themselves in building websites around September–October, but nothing was offered.

What is the team composition?

I’ve had contact with three people from Nordex Solutions. First, I spoke to a sales representative. Then, an onboarding person took care of everything once I agreed to work with them. I’ve also had contact with the managing director.

How did you come to work with Nordex Solutions?

Nordex Solutions was the one who found me. I asked them how they had found me, and they said they were cold calling. They have a group of people that call random companies offering their services, and they caught me on a good day — I was listening.

How much have you invested with them?

When I do financial transactions from buyers that use credit cards, I have to pay a certain percentage of them to Visa, MasterCard, the big banks, and our API processors. However, this has been a cost-saving initiative for me. Nordex Solutions gets a percentage of every transaction for managing them, but I don’t have to pay them more money than that, which is terrific.

What is the status of this engagement?

We started working together around August 2020, and the engagement is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

We used to pay transaction fees of around 2%. Nordex Solutions negotiated them and offered us to pay a fee of around 1.3%. We’ve had around 0.7% of cost savings. However, they were a little bit shoddy on the proposal. They just send me a single page, and when I agreed to work with them, I needed a lot more information that I had to pull out of them to understand my involvement — that was a shortcoming on their end.

Nordex Solutions was also really slow on their proposal — 5–7 days for just one page of information was too long in my opinion. At the end of the day, I’m saving thousands of dollars every month, which works well for me.

How did Nordex Solutions perform from a project management standpoint?

Nordex Solutions isn’t good at project management. However, our communication has been pretty convenient. We only had 2–3 phone calls, and the rest has been managed via email.

What did you find most impressive about them?

The most impressive thing is that Nordex Solutions managed to save me thousands of dollars on fees. Working with them overall was average, and there’s nothing they do now — it’s all automated.

Are there any areas they could improve?

Nordex Solutions could improve a little bit more their due diligence about the details, their communication, and the report that they send. They also need to have a quicker turnaround time.

Do you have any advice for potential customers?

The way in which Nordex Solutions operate is that they call up people, entrepreneurs, and companies of all kinds, and they ask for a free analysis to offer on what they would provide.

Trust their process and require from them a report that’s well detailed for you to make an informed decision on your cost savings and operations.