Chase Paymentech, Magnuson Hotels join forces to reduce credit card processing fees for independent hotels
Dallas TX, Spokane WA | US Independent hotels owners just received another major ally in the North American hotel arena.
Chase Paymentech, North America's premier processor of credit card transactions has joined forces with Magnuson Hotels, the world’s largest independent hotel group to reduce credit card processing fees for over 600 US independent hotels. The joint effort of Chase Paymentech and Magnuson Hotels will immediately make available Visa/MasterCard rates as low as 1.65% for affiliates of Magnuson Hotels’ worldwide system.
“Reducing merchant card transaction fees is one of the fastest ways for hotel owners to cut operating costs,” stated Faheem Khan, Senior Vice-President of Chase Paymentech. “Chase Paymentech’s leverage as North America's premier processor of credit card transactions will also help the independent collect more revenue from cancelled reservations without battling with the credit card company or the guest.”
“Magnuson Hotels anticipates that the average 65 room hotel can save $17,000 in one year just by reducing its card processing fees,” stated Thomas R. Magnuson, Principal/CEO of Magnuson Hotels. “Independent owners are up against two major challenges in 2007; a projected 4.5% operating cost increase and decreased occupancy from overbuilding by several of the major chains. On behalf of our independent owners, we thank Chase Paymentech for helping owners reduce their operating costs. ”
Additional benefits of the Chase Paymentech offering include no application or conversion fees, no monthly minimum or authorization fee, online reporting, technical support 24 hours a day/7 days a week, the ability to utilize existing equipment and interface with major POS, and authorization for Visa, MasterCard, Discover, American Express, JCB, Diners Club and major debit brands. Chase Paymentech is not a bank, so there's no need to change any of the hotel’s existing banking relationships.
Chase Paymentech joins other key Magnuson Hotels partners including Home Depot Supply, Smith Travel Research, Haven Trust Bank “no franchise loans” and Ageless Care low cost nationwide health insurance.”
Chase Paymentech Solutions, LLC, headquartered in Dallas, Texas, is the world's largest merchant acquirer accepting payments at the point of sale, hospitality, internet, retail, catalogue and recurring billing. The privately-held company is an end-to-end processor for merchants of all sizes and industries. The company processed approximately 18.2 billion transactions in 2006, with more than $660.6 billion in annual bankcard and debit volume. Chase Paymentech's customer base reflects the most respected brands in the world and includes more than 600,000 merchants with nearly 1 million locations globally. Chase Paymentech is a joint venture between JPMorgan Chase & Co. and First Data Corp.
In only four years, Magnuson Hotels headquartered in Spokane, WA, has become the world’s largest independent hotel group and the 17th largest worldwide hotel company overall. Since 2003, Magnuson Hotels has added more new hotels than 8 out of the top 10 branded hotel chains combined including Best Western, Days Inn, Super 8 and Ramada.
Driving the rapid growth of the independent hotel market are several commoditizing market forces including; franchise defectors faced with increased brand compliance/ operating costs; brand saturation from 300 hotel brands, 26 added in last 24 months; consumer pricing control via Internet; new online independent hotel supply increase from resorts, mom and pops, rural markets.
FOR MORE INFORMATION:
Thomas Magnuson, Magnuson Hotels
(509) 747-8713
[email protected]
Raj Pannu, Chase Paymentech
(800) 824-4313 x3517
[email protected]
Thomas Magnuson
Chief Executive Officer
+1 509 994 2048
Magnuson Hotels
