Retail Merchant Services: Analyzing The Payment Solution- Full Review
Retail Merchant Services (RMS) is a payment solution provider that has been gaining attention in the retail industry. This blog post aims to provide a comprehensive review of Retail Merchant Services, analyzing its features, customer reviews, pros, and cons. Whether you're a small business owner looking for a reliable payment solution or a seasoned retailer interested in exploring new options, this review will provide valuable insights into the capabilities of Retail Merchant Services.
Product Specifications
Retail Merchant Services offers a range of features that cater to the needs of various businesses. It provides low transaction fees on card payments, charging 0.4% for debit cards and 0.8% for credit cards, while its online transaction fees are 0.79% +10p [1]. RMS also accepts multiple forms of payment, including card, online, mail, and checkout link transactions. However, the hardware costs are not publicly disclosed. RMS also offers several reporting capabilities, including real-time data insights as well as wastage and shrinkage monitoring.
Trustpilot Reviews
Based on Trustpilot reviews, Retail Merchant Services has an overall score of 4.7 out of 5 [1]. This score is based on a variety of factors, including customer service, product quality, and overall customer satisfaction.
Pros and Cons
Pros
- Low Transaction Fees: RMS offers the lowest transaction fees for card payments in the market, which is beneficial for businesses aiming to keep costs down [1].
- Accepts Multiple Forms of Payment: Retail Merchant Services scores high for accepting various forms of payment, making it convenient for businesses with online stores or those wanting to provide multiple payment options for customers [1].
Cons
- Undisclosed Hardware Costs: The hardware costs for Retail Merchant Services are not publicly available, which can make it difficult for businesses to make an informed decision [1].
- Not PCI Compliant: Based on the research, businesses have to complete the compliance process themselves, which can be a hassle [1].
Conclusion
In conclusion, Retail Merchant Services offers a comprehensive range of features that cater to the needs of various businesses. While it has some drawbacks, such as undisclosed hardware costs and the need for businesses to handle PCI compliance themselves, its low transaction fees and acceptance of multiple forms of payment make it a strong contender in the market. As with any business decision, it's crucial to weigh the pros and cons and consider how the product aligns with your specific needs and goals.
