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.
- 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.
- 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.
- 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.
- 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.