Summit Payments Offering Merchant Processing Solutions in Light of COVID-19

3/25/2020

The worldwide COVID-19 outbreak is a quickly changing, uncertain situation. You may be seeing hourly updates about travel bans, upticks in cases, and restrictions on day-to-day life – all of which are affecting your business. It’s an unprecedented challenge for you as a business owner to keep your staff (and yourself) healthy and your business running as smoothly as possible.

Summit Payments is here to assist you as much as we possibly can. To help small businesses lower their monthly expenses, we are providing a free merchant services account reviews to all Chamber members. Merchant processing fees are a huge expense for any business and your account should be reviewed once a quarter, just like your phone or cable bill. This month, we are featuring the Cash Discount Program. This program will allow businesses to eliminate merchant processing fees by passing along a small service fee to the consumer for credit card transactions. We have partnered with Zero Fee Solutions and they have agreed to only charge businesses $10 a month and Summit Payments has agreed provide a free terminal that is specific for this program. This is being provided to our clients as a month to month program, so you may rest assured there is no commitment.

We have also teamed up with a global online small business lending company OnDeck to provide fast and low interest business loans. They provide several types of loans based on your needs and have an A+ rating on Better Business Bureau. We have setup special agreements for our clients, so please let us know if this is an option you would like to explore.

In addition, we are providing some information and several government assistance programs for small businesses during the COVID-19 Outbreak.

The federal government is working to pass a bailout package that will include relief funds for small businesses, though the exact nature of the relief funds has not been finalized yet. In the meantime, the federal tax filing deadline has been pushed to July 15 to give businesses and individuals some breathing room.

The SBA has an Emergency Injury Disaster Loan program, which provides loans of up to $2 million to businesses in designated disaster areas. The rates are 3.75% and a maximum term up to 30 years. To qualify your State must submit a disaster declaration to the federal government.

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

Colorado has launched the Colorado Covid-19 Business Resource Center. This site provides state and federal resources such as, Covid-19 announcements, programs, and information relevant to Colorado Businesses.

https://choosecolorado.com/covid19/