Not really, it’s easy. Most merchants endure unbearable service fees with their merchant processors for the fear that the switching process would be a hell of a task. But once you decide you’re fed up and want to make a change, here are the things you need to know:
- Do I have my own terminals or are they leased?
- Does the contract include a termination fee? If it does, how much?
- How does my contract require me to cancel (most are deliberately weird, e.g. via US mail or fax etc.)
Past that, your new processing company will complete the transition process, which usually lasts less than an hour. And in a matter of hours, you’re new set up will be ready and operational so you keep on with business as usual.
But how do you pick the ideal merchant account provider for your small business? Consider the following;
- References– Don’t trust whatever you read on websites. Most testimonials and forums are intended to sell or advertise the business owners. Be sure call a client of theirs who operates a business in your industry especially if you are a high risk retailer in need of a merchant account high risk. This way, you can get reliable and extremely valuable info on the provider.
- Are they registered?– Is the account provider registered with Visa and MasterCard and Visa? Working with a reliable partner will ensure you are protected. Having made a financial commitment during the listing process, registered companies will most likely care for your business so that they also stay in business.
- Recommendations–Don’t go asking a bank representative who the best payment processing provider is. A merchant account provider of good reputation represents many different banks as well as payment options, so they’ll surely suggest the perfect solution for your business.
- Customer care–ask about their customer service. Ask if the company will assign you an Account Manager to keep an eye on your business account and monitor its monthly progress. Find out if they have several payment processing alternatives and if they build long-term business rapports with their clients.
- Confirm the Rates– While you may be looking for the lowest rate, beware deals that are too good to be true. Confirm on Visa and MasterCard to see if the rate stated by a merchant account provider is not lower than what these companies list. The provider should mention all rates at the start and give you updates on changes every quarter.
While checking on the above, always be sure to get the details. Switching processors is easier and much faster when you know what you really want for your business. Besides, you don’t want to move from bad to worse, if there has to be change, it must work in your favor.