Switching Merchant Processors a Hassle? Not Really!

Friday, September 15th, 2017

The merchant services industry is highly competitive. The competition in the field gives birth to a number of opportunities that you should research well and find the best deal tailored to your business needs. As a result, you may decide to change your payment processor.

Be aware there is nothing intimidating about switching merchant processors. All you need is to be both cautious and smart to choose the best merchant account provider for your business.

With a reputable merchant processor, you won’t experience any difficulties associated with switching your processor. Respectable payment processors offer the best terms and services, including a merchant account high risk, to merchants of any type and size. So, choose the right merchant processor to work with so to take your business to new heights.

Once you’ve decided to make a change, the things you should focus on are:

1. Make sure you obtain independent references. Consider unbiased forums to get the best advice from.
2. Find out if the given merchant account provider is registered with MasterCard and Visa. Make sure to work with a reliable business partner.
3. A respectable merchant account provider should represent several different banks and payment options so that you can get the best solution.
4. Make sure the merchant processor has a dedicated customer service staff. See whether you’ll be assigned an Account Manager to oversee and manage your account, keeping your business’s monthly progress under control. Find out if the processor has a variety of payment processing options available and if the company aims to build long-term relationships with its clients.
5. Find out how often the processor raises rates and if you’ll be charged for additional services. See whether the processor will enroll you in automatic free trial offers and if you’ll be billed for fees in the same month.
6. Check out MasterCard and Visa websites to make sure a rate offered by the provider isn’t lower than what the credit card companies give. If you’re offered lower rates, the processor is likely to compensate for this lower cost with another fee. Know the rates at the start.
7. Make sure you won’t be caught in a trap. Find out how the returns that arrive on the old account are handled and if your new provider will help you integrate the gateway with your online shopping cart or retail terminals. Know what will happen to your existing terminals.
8. Find out who owns the terminals. To know if you’re leasing your credit card terminal, look through your initial paperwork when you signed your merchant application. If you aren’t leasing your credit card terminal, then you either purchased the terminal and own it outright or it was provided to you for “free.”
9. Find out if there is a termination fee. If yes, how much?
10. Find out all the details concerning cancellation.

A reputable payment processing company will take care of the transition. Usually, it takes less than an hour to set up which you can do after hours so there’s no downtime at your business.