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Banking for Small Business: What Your Banker Wishes You Knew about Credit Card Processing

Banking for Small Business: What Your Banker Wishes You Knew about Credit Card Processing

Of all the issues small business owners face, one of the most common—and most expensive—is that of credit card processing. Lauren Harmon, Assistant Vice President/Treasury Management Officer for Citizens Bank, guides small businesses looking to save funds.

The Issue.

“A lot of small businesses begin with something like Square, which is great for those starting out,” Lauren explains. But so many small business owners are busy and on the go, and many never re-evaluate—and once a business starts bringing in a great deal of revenue, that’s not the best option, and they end up paying too much.

Help With Credit Card Processing.

This is where Lauren comes into play. “The biggest thing I’m seeing is bank customers that have been with us for years, but for whatever reason, they do not come to us for help with credit card processing,” she explains. “They trust us with deposits and loans, but we really offer a full range of financial services with the goal of preserving those funds so they can be used to build a client’s business.” Some of those services include:

  • A dedicated account manager for all customer service inquiries
  • Comprehensive PCI compliance support
  • Online reporting capabilities
  • Acceptance of all major card brands
  • Competitive rates

On the other hand, besides re-evaluating beginner services like Square, Lauren also sees businesses that fail to compare shop credit card processing pricing. “We provide this service completely free,” she adds, “we just take a look at their processing statement and do an apples-to-apples comparison with them to see if there are any savings there.” 

Options for Every Business.

We offer a variety of processing solutions to help every type of operation accept credit and debit payments, from local businesses to retail e-commerce sites and everything in between. These solutions include:

  • Terminals
  • Virtual Terminals
  • Point of Sale (POS)
  • Mobile Processing
  • E-Commerce
  • Software Integration
  • Disputes
  • How to dispute debit card transactions
  • With a Roth IRA, you typically pay taxes on the money before you contribute to your IRA. This means you generally can make qualifying withdraws once you reach 59 1/2 years of age without paying additional taxes on the distributions.
  • A traditional IRA allows you to direct pre-tax income toward investments that can grow tax-deferred until your retirement. You cannot contribute after age 70 ½ and distribution is required at that age.

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