Merchant Services and Credit Card Processing FAQ’s

Why should I get a merchant account for my business?
There are many reasons but here are some of the most tempting:

  • Accepting credit cards may double your current sales. Studies show businesses that accept credit cards can see a huge increase in volume.
  • A merchant account improves cash flow. Accepting cards has a huge positive effect on business cash flow because money from the credit card sale is quickly delivered to your bank account.
  • It will legitimize your business. When you display trusted credit card logos as accepted forms of payment your customers will trust you and more often buy from you.
  • Over 90% of web purchases are made using credit cards. If you are selling ANYTHING on the web and you are not accepting credit cards, you are eliminating 90% of your potential buyers.
  • Grabs Impulse buyers. Credit card holders buy more on impulse, are more affluent, and buy 2.5 times more merchandise than non-card holders.
  • Convenience. Customers are more likely to buy from a business that accepts credit cards than one who does not, and many customers want to earn reward points or reward miles with their credit card.  Don’t lose a customer to a competitor just because you don’t accept credit cards.
  • Larger orders. The average order of a credit card customer tends to be larger in size and placed more often than someone paying by cash or check.
How does merchant processing work?
First, the consumer places an order with the merchant through any number of sales channels: Web Site, Call Center, In Person etc. Next, the merchant submits the order/transaction via their payment service (terminal, gateway, software). The system securely forwards the Authorization Request to the Consumer’s Credit Card Issuer to verify the consumer’s credit card account and funds availability. Third, the Authorization (or Decline) Response is returned via the system to the merchant, generally in around 2 seconds.Upon approval, the Merchant fulfills the consumer’s order and the system simultaneously sends the settlement request to the bank. Lastly, the bank deposits transaction funds into the merchant’s business checking or depository account.
How quickly can I start accepting credit cards?
Most of the time you can be up and running within 24 hours after RPS receives your completed merchant application.
How do I know if I'm paying too much with the processor I have now?
Redstone Payment Solutions wants to lower your credit card rates and allow you to save on merchant services so you can focus on growing your business. Learn how we can create a customized cost comparison for you.
What equipment do I use to accept credit cards? and How do I choose and from where do I purchase?
RPS has equipment purchase and leasing options available for various equipment types and point-of-sale applications. Feel free to call us at 1-855-777-1007 so we can recommend a system designed to meet your needs. Your equipment will arrive fully tested and programmed and ready to use.