FAQ's

Got a question? Check out our FAQ's or ask our team!

General FAQ

What will my Account Manager do?

Your dedicated Account Manager will search for the most suitable packages for your business’s needs and relay this to you. They will be on-hand at all times for any queries you have and will provide any guidance you might need in your decision making.

Can I manage multiple services with Reduce My Costs?

Yes, we provide 9 different services, meaning we can manage as many as you need.

How do I get a quote?

You can either submit your bill on our website and our team will review and contact you with the best options, or alternatively call us on 0800 989 0144 to talk to one of our Account Managers.

How much do I have to pay for your service?

Our service is completely free! All you need to do is submit your bill or call us and we’ll do the rest.

How does Reduce My Costs work?

You get in touch with us with details about what services you would like us to help manage and a recent bill. We will compile a list of packages with the most competitive prices, then you decide which one is right for you and your business. It really is that simple – we take all the hassle out of finding the right price and package for your business utilities.

Click here to see our full process.

Why should I use Reduce My Costs?

Due to our connections with top suppliers across the UK, we can provide the most competitive prices on the market! Furthermore, we provide multiple services for your business needs, so you can manage everything in one place.

How much money will I save?

This depends on your specific business needs. Our aim is to take the hassle out of finding the best package for your business while trying to save money in the process.

Why is my utility bill estimated?

If a provider hasn’t received a meter reading, they may estimate your usage based on past data. Submitting regular readings can ensure accurate billing.

Energy FAQ

What’s a smart meter?

A smart meter is a digital device that automatically records your utility usage and sends the data to your supplier, helping you manage consumption more accurately.

What is off-peak energy usage?

Off-peak hours are times when electricity demand is lower, usually overnight or on weekends. Some tariffs offer lower rates during these periods.

Can I choose my energy supplier?

Yes, we will gather the prices from our energy suppliers and provide all the options for you to choose the deal that works best for you. We will advise you on the best package and price.

Can I switch energy suppliers right now?

Yes, you can switch if you’re not tied into an exit-fee contract. That said, the market has been a bit up and down lately, so sometimes there aren’t many good deals out there. We always suggest checking regularly – when things open up again, there could be better rates. We can do this for you and make sure you get a competitive rate!

I don’t know my annual gas or electricity consumption, what do I do?

You can either contact your current supplier, or you can estimate your consumption by calculating the consumption shown on your last invoice. Alternatively, we can find this information out using a Letter of Authority (LOA).

What is a Letter Of Authority (LOA)?

A Letter of Authority (LOA) is a letter that you sign that gives your current supplier permission to share your meter and supply data with us. These are useful for when you cannot find a copy of your most recent bill.

What is the Ofgem price cap?

The Ofgem price cap limits how much energy suppliers can charge per unit of gas and electricity for customers on standard variable tariffs. It’s reviewed every three months and aims to protect households from unfair prices, but your total bill still depends on how much energy you use.

Are there any government schemes to help with energy costs?

Yes! There are several, including the Warm Home Discount, Winter Fuel Payment, and Energy Bills Support Scheme (though some were temporary). It’s worth checking with your supplier or GOV.UK to see if you qualify for any current help.

Telecom FAQ

What is VoIP and why should I switch to this from my landline?

VoIP stands for Voice over Internet Protocol and is technology which lets you make and receive phone calls over an internet connection. Businesses are switching to VoIP due to the Public Switch Telephone Network (PSTN) and Integrated Service Digital Network (ISDN) being switched off in 2025. This means that traditional landline phones are being disconnected and VoIP will be primarily used for making phone calls.

How do I know if I’m getting the best deal on my phone or broadband?

Check your latest bill and compare it to current offers online. Many providers offer better prices to new customers, so you could save by switching or negotiating with your existing one.

Water FAQ

What is commercial water deregulation and how does it affect my business?

In 2017, the commercial water market was deregulated, meaning that businesses are now able to choose their water supplier. Reduce My Costs can help you choose a new water retailer, renegotiate a price with your current retailer, and aid you in choosing a new package based on your business’s needs.

Can I switch my water supplier at home?

No, domestic customers in the UK can’t switch water suppliers – unlike businesses, the water market isn’t open to households. Your supplier is based on where you live.

Card Payments FAQ

What is a Merchant Account?

A merchant account is a type of business bank account that allows a business to accept and process electronic payment card transactions.

What is PCI DSS?

PCI DSS stands for Payment Card Industry Data Security Standard. It is a set of security standards designed to ensure that all companies who accept, process, or transmit credit card information maintain a secure environment for date processing. PCI DSS is backed by all major debit and credit card companies such as VISA, Mastercard and American Express.

What is a chargeback?

A chargeback is the payment amount that is returned to a debit or credit card, after a customer disputes the transaction or simply returns the purchased item. Merchant acquiring banks will generally charge a fee to merchants for chargeback transactions. These fees are detailed in a merchant account agreement.