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[Music] hi I'm mark done with another granite payments training video today we're discussing cashflow and costs of processing two important factors for small business owners merchant processing is an enormous ly important service for retailers and other small to medium-sized businesses it's literally how merchants get paid credit debit and prepaid card purchases far exceed cash checks and other forms of payment card payments have become the primary method of payment in US retail stores making up more than 70% of all types of payments for some American businesses credit debit and pre-tape prepaid cards account for more than 80 percent of their monthly sales volume there are even businesses now that are experimenting with payment only by electronic means as e-commerce has grown in importance over the last 15 years merchant services has become even more important to businesses of all types there's virtually no way to conduct business online without credit debit prepaid card or ACH services through your bank account now more than ever retail Merchants depend on the flow of electronic funds from bank card processing to keep their businesses running most small to medium sized businesses have to work hard to maintain adequate cash flow the rising cost of rent utilities payroll and inventories mean that every small business must accelerate the receipt of funds flowing into the business some experts say that 60% of small businesses that fail are profitable but they failed because they ran out of cash to keep their business going of course your bank has all as ways to help merchants manage cash flow banks can provide short-term financing to bridge gaps in cash flow and long term loans to free up working capital for the small business one of the other ways to help small merchants manage cash flow is to accelerate payments into the business the normal flow of funds with merchant services has been 24 to 48 hours that means that for example a batch of transactions that was closed on a Monday evening would be deposited into the merchants account on the following Wednesday so two days later this is where granted payments can play a significant role in improving the cash flow of your merchants if your merchant closes their batch before 6:00 p.m. Pacific time granite payments will deposit the funds into the merchants bank account the very next day and this next day funding service is available at no charge to the merchants cutting the time in half that it takes for the merchants to get paid can make a significant improvement in the small business's cash flow another important method for improving cash flow is to lower the overall cost of running the business if you have merchants who are not currently processing with granite payments you should encourage them to get a competitive quote it's our experience that other payments processors will gradually increase the cost of processing for merchants who have been with them for a long time unless the merchant gets a competitive proposal from granite payments the owners won't know if they're overpaying for processing all the business owners have to do is to provide one or two reach recent merchant processing statements you could submit those through the granite payments referral portal granite payments will analyze the pricing and prepare a competitive proposal for the business the proposal will show them what they're paying now and the money they can save by switching to granite payments the prospect of making a change can cause some business owners to hesitate but there shouldn't be any reason for concern we help merchants successfully switch processors every day you can be assured that granite payments helps the merchants all the way through the process we have experts at making the changes easy with no disruption to the business finally one of the biggest ways we can help our merchants is by providing consistent flawless processing with a great customer service granite payment works very hard to make sure that every transaction in every batch gets processed and paid on time every day thanks for watching this video I'm mark Dunn