{"id":1392,"date":"2018-11-20T15:53:57","date_gmt":"2018-11-20T15:53:57","guid":{"rendered":"https:\/\/albanknews.com\/?p=1392"},"modified":"2018-11-20T18:00:17","modified_gmt":"2018-11-20T18:00:17","slug":"forget-black-friday-heres-where-youll-find-the-real-savings","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=1392","title":{"rendered":"Forget Black Friday…Here\u2019s Where You\u2019ll Find the Real Savings"},"content":{"rendered":"

By\u00a0<\/em>Kelly Flynn<\/a><\/u><\/em>, John M.Floyd & Associates<\/em><\/p>\n

From Thanksgiving Day through Black Friday and Cyber Monday in 2017,\u00a0<\/strong>more than 174 million Americans shopped in stores and online, spending\u00a0an average of $335 per person<\/a><\/u>. They saved maybe $50 here or $100 there. And that\u2019s great for families buying gifts for the holidays. But when it comes to your financial institution, you can do better.\u00a0Much<\/em>\u00a0better. We\u2019re talking\u00a0up to seven-digit savings<\/strong>\u00a0over the life of your vendor contract(s). All it takes is some expert\u00a0contract negotiations<\/a> <\/u>\u2014 made easy by someone else doing most of the work for you.<\/p>\n

The art of negotiating<\/em><\/strong><\/p>\n

Extensive negotiating experience with bank and credit union vendors is essential to maintaining an upper hand in the negotiation process. Where you may not know what the\u00a0very<\/em>\u00a0best deal is or what concessions and \u201cextras\u201d to ask for, a professional negotiator \u2014 with a database full of this precise information \u2014 knows the vendors and their contracts inside and out.<\/p>\n

Perhaps you want to stay with your current vendor and keep things professional to maintain a pleasant relationship. Here\u2019s an example of how\u00a0renegotiating<\/a><\/u>\u00a0with its current vendor gave an institution the opportunity for a 14 percent savings over its previous Internet banking contract.<\/p>\n

Or, it\u2019s possible you\u2019re not sure if you want to continue with a vendor. An expert that is familiar with service contract terms can get a vendor\u2019s best offer plus help initiate the request for proposal (RFP) process with other trusted providers, so you can compare offers before making a decision. (This can also be done with great success during\u00a0mergers and acquisitions<\/a><\/u>, where the new entity has to decide between two overlapping vendors.)<\/p>\n

Or, maybe you\u2019re not sure you even\u00a0want\u00a0<\/em>to renegotiate with a vendor. That\u2019s quite alright! You should expect a professional contract negotiator to provide a\u00a0free evaluation<\/a><\/u>\u00a0to give you a projection of just how much they can save you on any or all of your vendor contracts.<\/p>\n

What would you do with big savings?<\/em><\/strong><\/p>\n

By taking advantage of the opportunity to score the\u00a0very best deal<\/a><\/u>, you can utilize the savings to spend or invest in a number of ways. Imagine what you could do if you saved $50,000 in a year on your\u00a0 service contracts. With that money, you could:<\/p>\n