Making a Smooth Switch from Your Current Merchant Account Provider to the Next One

Feb 20, 2017

If for whatever reason you’re dissatisfied with your current payment processor, it is time to jump ship. It makes no sense sticking to a firm with high rates, service problems, poor customer support or any other issues that impede your peace of mind.

Unless it’s done in the best way possible, moving from one merchant services company to another can result in lengthy suspension of operations which will, in turn, lead to financial losses.

Below are some tips you can implement to ensure your business moves to a new merchant account provider quickly and without hiccups.

  1. Do enough research

Before drafting your request for account termination, take sufficient time to investigate and weigh your options. Use independent references and prioritize recommendations you get from trusted parties.

Some account providers might come close, but none is perfect. A firm can provide what you are looking for, but fall short in another aspect that was perfect with your previous company. Decide on the trade-offs you can live with, and take the step that will be best for your business.

  1. Make use of customer support

Sometimes, merely choosing the company that favors your current list of demands is not enough to guarantee a good merchant-processor relationship. It is, therefore, advisable to make a few calls to processing companies and ask some general questions.

Most firms will be kind enough to lend you advice on the best step to take, without trying too hard to poach you. EMB, for example, is known to offer excellent service to its customers as well as third-party inquirers.

  1. Reliability should be your top-most priority

Regardless of your reasons for moving to a new payment services company, your new firm should be one you can count on to deliver as promised.

Before signing any new contract, ask them about their fees and rates. Inquire about their customer support staff’s working hours, find out how long they have been in the game, and reach out to some of their clients.

  1. Beware of deals that seem too good to be true

Low rates are pleasant, but sometimes the cheapest option is not the best. If the agreement document seems too friendly, don’t just jump into signing it. Read through and demand answers for anything you find questionable or unclear. There’s a growing concern among merchants that account providers are sugar-coating contracts on the surface to hide dubious terms and additional charges within.

 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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