Business owners in Richmond, Virginia or those who may be getting ready to open one understand that these days most customers will pay for goods and services by using their credit and debit cards. As consumers  use checks less frequently, more and more consumer purchases are being made by plastic. Apparently, the cashless society we’ve heard about for so long  is almost fully upon us. The question is, what’s the best way for your business to arrange for Credit Card Processing services in Richmond.

It’s easy to set up your business so it can accept credit card payments from customers, but if you choose the wrong partner, it can be a costly mistake. The first thing you should know is that if all you’re going to need is a simple credit card machine, usually referred to as a terminal, don’t ever buy or rent equipment. No legitimate processing company should ever ask you to do that. Equipment should be free, even if you own your own terminal now. The reason to accept a free equipment from a processor is so that meets or exceeds current PCI and EMV security standards, and so that it will sync perfectly with your processor’s money management services. It is also critical that you know that you should never sign a long term contract for credit card processing services in Richmond.  The days when merchants were required to sign three year contracts or pay Early Termination Fees (ETF) if they wanted to switch processors are long gone, and if you agree to either of these “requirements”, you will regret it.

Your Bank is Not a Processor

If you want credit card processing services in Richmond, it might seem like a good idea to ask your banker for help. Its not. In almost every case, the bank can set you up,  but what they won’t tell you is that usually their banks are really just middleman, which adds an extra layer of expense that the business owner has to pay for. In the Richmond, Virginia area, for example, Bank of America and Sun Trust can cost a business thousands of dollars in unnecessary fees each year and are among the worst offenders. It is not uncommon that a business with monthly sales of $100,000 can easily pay either of those banks between $10,000 to $15,000 more to accept credit cards each year than if they worked with a dedicated processor.

You also want to make sure that your business is set up with the appropriate pricing model.  For example, a quick service restaurant with a large number of small average transactions should avoid accepting pin debit charges. Conversely, a business with a high average sale like tire stores that do far fewer sales will save money if they encourage customers to use a pin pad and their debit cards..

Merchant Advocacy

No matter what the business, it always makes sense to work with an unbiased expert. When searching for Merchant Processing services in the  Richmond, Virginia area, the Merchant Advocates at Real Merchant Solutions will work with business owners and ask several of the largest and most well thought of processors in the country to compete and bid for your business. Because Real Merchant Solutions is not a processing company, they can  always offer a full menu of competitive choices from major processors that don’t require contracts or equipment charges. Also, should you have a need for other services like POS systems, Website Design and Management, Remote IT support or critical Data Storage, these advocates can help with that as well.

If you’re getting ready to open a new business or if you already accept credit cards, but suspect you don’t have a very good deal, or want to see if you could do better with your Credit Card Processing Services in Richmond, give our office a call at 800-551-0850, ext 28. A  local Merchant Advocate will be in touch to review your needs, look after your best interests and be sure you receive the service and pricing you’re entitled to.

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