MERCHANT SERVICES
Your time should be spent managing your business, not managing credit card processing costs and maintenance.
Merchant Services Resources
Merchant Services consists of three components: payment processing, authorization, and settlement. See additional information below:
Payment Processing
When a customer makes a purchase using a credit or debit card, the transaction information is securely transmitted to the merchant’s payment processor. The payment processor is a third-party service provider that facilitates the electronic transfer of funds between the customer’s bank and the merchant’s bank.
Authorization
The payment processor sends the transaction details to the customer’s bank (issuing bank) to verify if the customer has sufficient funds or credit available for the purchase. If the transaction is approved, the issuing bank sends an authorization code back to the payment processor.
Settlement
Once the transaction is authorized, the payment processor initiates the transfer of funds from the customer’s bank to the merchant’s bank (acquiring bank). This process is known as settlement and typically occurs within a few business days.
Merchant Services at GRB
GRB provides merchant services resources, enabling businesses to accept payments from customers via credit cards, debit cards, and other electronic payment methods.
GRB offers a range of capabilities designed to make payment card processing fast and easy for your business. With flexible equipment arrangements, a local service team and easy-to-read statements, GRB helps streamline your merchant services relationship and may even save you money.
Features of GRB’s merchant services include:
- Dedicated GRB team for set up and support
- Competitive Rates
- Straightforward Pricing
- Easy-to-Read Statements
- Equipment Rental or Purchase Options
- Offsite Mobile Services
Merchant Services Contracts
When considering merchant services for your business, it’s essential to be aware of several key factors to ensure you choose the right provider and understand the associated costs and risks. GRB can help businesses assess their merchant services needs:
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Fee Structure
Merchant service providers typically charge various fees, including transaction fees, monthly fees, statement fees, and chargeback fees. It's crucial to understand the fee structure and compare costs among different providers to find the most competitive rates for your business. -
Security and Compliance
Protecting customer payment data is paramount. Ensure that your merchant service provider adheres to industry security standards, such as PCI DSS compliance, to safeguard sensitive information and minimize the risk of data breaches. -
Integration and Compatibility
Consider the compatibility of the merchant service provider's payment processing solutions with your existing point-of-sale (POS) systems, e-commerce platforms, and other business software. Seamless integration can streamline operations and enhance the overall customer experience. -
Chargeback Management
Chargebacks occur when customers dispute a transaction and request a refund from their bank. Understand the chargeback process and ensure that your merchant service provider offers effective chargeback management tools and support to help mitigate risks and minimize losses.
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Contract Terms
Some merchant service providers may require businesses to sign long-term contracts with early termination fees. Be sure to review the contract terms carefully and consider the flexibility and duration of the agreement before committing to a provider. -
Customer Support
Reliable customer support is essential for resolving issues and addressing concerns promptly. Look for a merchant service provider with responsive customer support and multiple channels of communication, such as phone, email, and live chat. -
Payment Processing Options
Evaluate the range of payment processing options offered by the merchant service provider, including in-person, online, mobile, and contactless payments. Choose a provider that supports the payment methods preferred by your customers to maximize sales opportunities.
Can GRB Save You Money?
Merchant Services contracts can be confusing. It’s good to review your contract periodically. For more information about GRB’s Merchant Card Services or for a free cost comparison of your existing merchant services contract, please call us at 585-249-1540 and ask to speak to a GRB Merchant Services specialist. Or fill out the form below and one of our specialists will reach out to you and provide more information on how GRB simplifies Merchant Services for so many businesses.
By being aware of these merchant service considerations, you can make informed decisions when selecting a provider and effectively manage your payment processing needs while minimizing costs and risks for your business.
Need More Information?
Use the dropdown below to fill out our ‘Contact Us’ form, and a GRB Cash Management Team Member will be in touch with additional information!