How RCU’s Merchant Services Can Save You Money
August 20, 2024
In the competitive landscape of financial services, small businesses are always on the lookout for ways to minimize expenses while maximizing efficiency. One area where significant savings can be realized is in the realm of merchant services. While traditional banks have long been the go-to providers for these services, Redwood Credit Union is increasingly becoming a more attractive option. Here’s why opting for merchant services through RCU can often be less expensive than going through a bank.
Lower fees and competitive rates
Redwood Credit Union, with its member-focused approach, often offers lower fees and more flexible programs for merchant services. Unlike profit-driven institutions, RCU offers competitive rates and overall reduced costs to simply help our Business Members save money. This includes lower transaction, monthly, and setup fees, as well as better terms for POS systems and payment processing equipment.
Multiple pricing options
Merchant services fees can be complex but RCU offers several pricing options, so you know what to expect. Often, businesses end up in the wrong pricing structure for their needs with merchant services. At RCU, we’ll analyze your statements and talk about your payment needs to ensure you get into the pricing program that works best for your business. You may be surprised to see how much you can save just by changing your pricing options.
Local support
Like the old saying goes, time is money. So, if you have a question about a transaction, a need for technical support with a POS system, or advice on optimizing payment processes, you’ll often get more immediate and personalized assistance from Redwood Credit Union. With merchant services managed in-house, the RCU Business Services Team is here to help during business hours and our partner Select Bankcard is available 24/7.1
With lower fees, multiple pricing options, and local support, RCU is here to help local businesses save money and streamline their operations with top-of-the-line merchant services. If you’d like to get a complimentary statement analysis to see if RCU can save you money, schedule an appointment online to get started.
For a limited time, new merchants are eligible for up to $250 in the form of a statement credit when you sign up for RCU merchant services before September 30, 2024.2 Get details at redwoodcu.org/merchant.
1Redwood Credit Union partners with Select Bankcard© to provide merchant services. Select Bankcard, Inc is a registered ISO of Mission Valley Bank (Sun Valley, CA) and Fresno First Bank (Fresno, CA).
2Statement Credit based on processing volume during first full month with Select Bankcard. Offer valid for Redwood Credit Union business deposit clients who sign up for merchant processing with Select Bankcard between July 1, 2024, and September 30, 2024, and begin processing transactions by October 31, 2024. Statement Credit will appear as a $50 credit on the statement following your first month and continue for two or five months depending on the credit amount.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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