If you own an electronic commerce business and are always searching for reliable payment processing companies, you may be thinking about changing to a new processor at some point. Whether you are looking for better customer service or want to reduce processing fees, we have compiled a checklist about switching merchant service providers to make the process as seamless as possible.
Sometimes merchants find that it is time to change the provider of the merchant solutions they have been receiving. The reasons for this vary and could be any of the following:
In order to find a merchant account provider that perfectly suits your business needs, make sure that you follow the checklist below.
Some of these documents may include a clause about cancellation penalties, as well as early termination fees. Even if you are sure of your contract or agreement, please double-check them before you proceed with switching from one provider to another.
One of the most important considerations is to find out which provider offers the best terms for your business. Before switching between processors, make sure you review all the information about the new company and assess how the offered options can help your business. Particular attention should be paid to credit and debit card processing. We recommend contacting your card issuer to ask whether they will allow a potential new merchant account provider to integrate into their systems.
The next important step is to familiarize yourself with the requirements of the new provider. Please, take special care to learn what is required to switch from one payment processor to another.
High-level merchant services providers should give their potential clients trial periods during which they can evaluate whether the provider suits their businesses’ needs. Some of the companies do offer such an option to newcomers, so try it.
Some people may be wondering, “Can a merchant account provider (sometimes called a merchant processor) continue to charge me if I cancel the contract?”. Yes, if you didn’t follow this procedure properly. In order to close your merchant account, the best option is to contact the provider you are changing from and go over the cancellation process directly with them. The procedure is usually quite standard. Also, be sure you receive an email or fax confirming that your account is being canceled.
These were five key steps to consider when searching for a new merchant account provider. Keep this checklist in mind when you decide to switch your merchant service provider in order to choose the best option for your company.