Merchant Services allows
businesses to accept most debit and credit cards for purchases
instead of checks or cash. Card purchases are pre-approved
at the time of transaction and the merchant avoids the
significant risk of loss that comes from dishonored checks and
the handling of large amounts of cash. Card purchase
deposits are automatic and usually made within a day or two of
the transaction, depending on the time the transaction
occurred.
Don’t be
fooled! All card processors are not the
same. The standard discount rate you are quoted
usually covers less than 50% of your credit card
transactions. To find your real rate of cost, divide the
total monthly fee by the total sales volume; you may be
shocked!
We, at Bank of Eastern Oregon,
encourage you to provide us with three months of your detailed
merchant services statement and along with our long-time
partner, Chase Paymentech, a
reputable national card services provider, will work with you
to select the right card processing options to minimize your
costs, speed up your deposits, and make the service easy to
operate. And if you need a terminal, you’ll get the
right terminal for your needs at a reasonable
cost.
Watch
out! Never lease a terminal without doing
the math. Depending on your circumstances, it’s
almost always cheaper (50% or more!) to buy a machine
than lease or rent one.
Bank of Eastern
Oregon,
working to help you make your business successful.
