How To Switch Merchant Account Providers
Interested in switching your merchant account services provider?
Have you been feeling fed-up with your current merchant account provider? Sick of the high fees and hidden charges associated with your current payment processing service? Experiencing problems related to credit card processing and receiving no customer support? It may be time to switch your merchant service account.
The merchant services industry is highly competitive, with opportunities for businesses to find better rates and deals from other providers. However, it is a good idea to be cautious when it comes to changing providers. Be sure to check for the following details before making a switch.
Check with your current credit card processor for any renewed contracts
When signing up with some merchant service providers a contract will be put in place. This contract may have been for a certain length of time and upon completion goes to a month-to-month structure. Or perhaps your contract is under an automatic renewal, if you do not contact your current payment processing provider within a certain time frame to alert them that you wish to end the relationship you may incur a fee for early termination.
Find out if you own or lease your POS or Credit Card Terminal
It is important to find out if your equipment is leased or owned, Contact your credit card processor and confirm which is true for your account. If the credit card terminal was provided to you for free, most likely the credit card processor will request a return. If you fail to return the device, often the credit card processing company will charge you for terminal at a much higher cost than the terminal is worth at the present time.
Gift and Loyalty Cards
If you use gift and loyalty cards for your customers with your current merchant service provider, be sure to verify the same programs are transferable to your new provider. If the cards you have will not work with your new company, be sure to put a plan in place to transition to a new gift or loyalty program and alert your customers to the switch.
Verify New Rates
One of the very first steps that you’ll want to take is to contact the new company to ask about their rates, fees and installation process.The new company may have equipment that is different from the last that you have used, so be sure to ask them any and all questions that you might have concerning this equipment. This ensures that you know how to use it properly to help your customers have a more enjoyable experience.
Often times there are incentives for opening a new merchant services account. Check with your new merchant services provider to ensure you are receiving any special promotional offers for free credit card terminals or gift cards.
Make the switch
Once you have verified the rates of your new merchant service provider and validated the terms of your old payment processing services, switching is easy and painless.