Now that you’ve seen what JMFA Contract Optimizer can do, it’s time to request a Contract Optimizer Free Analysis Request to see how we can improve the financial outlook at your community bank or credit union.
One of the things that I like most about my job is helping institutions uncover savings. A lot of times institutions are hurting. They’re struggling and they need some additional income to help with expanding their branches or rolling out new products and services. So it’s always great when our team can come in and evaluate and help them look for alternative solutions.
JMFA’s Contract Optimizer program takes that workload off of those employees within the institution so they can really focus on their day to day issues. Our team’s job is to come in and assist to evaluate to determine whether or not they are paying fair reasonable rates with a vendor and then determine what opportunities might be available to the institution.
Through the negotiations – whether that’s a renewal or whether that’s seeking out a new alternative provider for those services – our team typically focuses on the more complex contract, for example core, data processing, card processing, card brand agreements, internet banking, and bill pay.
Within certain contracts, from 40 to 60 different line items can be negotiated at any given time and some of these contracts are very hard to read. Our contract negotiation experts evaluate each agreement, line item by line item, to determine which costs for products and services can still be reduced through that negotiation process.
We always begins with our appraisal report. By evaluating 3 months of invoices, we can really determine whether or not there’s an opportunity there to work with your institution. If there’s not, we provide feedback stating that you have fair and reasonable rates which helps with some due diligence requirements.
However, if we uncover savings and your institution wants to move forward to the negotiations stage, our team will begin preparing the request for proposals and send it out to the various vendors. The beauty of the program is that we have a ton of information on competitive pricing and sales terms for institutions across America. Our entire program is built on a proprietary database of intelligence that we’ve collected over the past 10 years. That really gives you some great leverage in the negotiations process because we understand the pricing points of third-party vendors.
After the contract has been negotiated, we will review it annually to make sure that the billing is accurate. We always request a new set of invoices and a copy of that current contract and our team will go through to make sure that the rates are accurate. If we uncover a billing error, we will document everything for you and make sure that it gets resolved as soon as possible.
We’ve helped institutions save hundreds of thousands of dollars a year on their current expenses. They didn’t need a conversion, they didn’t need to change providers, these customers simply needed to reevaluate what they were currently paying and get better terms and service rates for those contracts.
When we are able to come in and help an institution succeed in the cost savings area, it’s just a great feeling. Our team is elated to know that we’ve helped them accomplish one of their strategic goals and we’ve helped them move forward in improving operations and expanding their business.