Credit CheckMay 1, 2009 By: American Salon Staff American Salon
Salons and spas across the country are taking advantage of a new way to save money, thanks to Integrity Payment Systems, a Redken business partner that has monitored credit card activity for salons and spas for six years. According to Integrity, more than 90 percent of salon owners are overpaying for their credit card processing service. To address the issue, Integrity will analyze salons' current providers' credit card processing statements, making suggestions on handling transactions to save them money. Salon owners can also choose to use Integrity's processing service—the company processes transactions and settles merchant accounts in-house.
Integrity accelerates salon owners' access to their bank funds from credit card transactions, from the typical waiting period of two or three days to as little as one business day. In addition, salon owners can opt to have a small portion of each transaction electronically transferred into a high-interest, no-minimum-balance savings account with ING, enabling them to use the funds for such things as payroll taxes, vacations or retirement.
"We had a strong belief that the salon industry would respond and benefit knowing that the handling of their hard-earned money, their pricing, service levels and additional business solutions were all tailored for them by salon owners," says Guy Wadas, national sales director at Integrity Payment Systems. Visit integritypaymentsystems.com for more information. —J.H.