5 Rules When Switching Merchant Accounts

Apr 27, 2023 | Payments

Switching merchant accounts is relatively easy. Most retailers and eCommerce businesses endure unbearable service fees with their payment processors. What’s worse, they don’t do anything about it. Often, it’s because they don’t know how to switch payment processors. Not to worry, it’s a simple and painless task that can save you money from day one.

Switching Credit Card Processing Companies

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Switching Credit Card Processing Companies

If you’re in a high risk vertical, you need to look into switching your credit card processing companies. The good news, you won’t pay hefty fees or have negative repercussions from aggregate payment processors like PayPal or Stripe. However, there are things you’ll want to understand:

Do I have my terminals, or is this a separate service?
Does the contract include a termination fee? If so, how much is it?
How can my contract require me to cancel?

Once you choose one, your new payment processing company will happily assist you in the transition process, which usually lasts less than an hour. And in a matter of hours, you’ll be set up and operational so you can continue with business as usual.

But how do you pick the perfect merchant account payment processing provider for your business?

https://www.fdic.gov/regulations/examinations/credit_card/pdf_version/ch19.pdf

Switch Merchant Accounts

1. Customer Reviews — Most reviews and testimonials are meant to sell or market the company owners. Be sure to phone a customer of theirs who operates a business in your industry, especially if you’re a high risk merchant needing a high risk merchant account. This way, you can acquire reliable and valuable information on the payment processing company.

2. VISA and MasterCard Registration — Did your merchant account provider enroll with Visa and MasterCard? Work with a trusted partner and make sure you’re protected against fraud and the like. A registered financial commitment during the listing process enrolled companies will most likely take better care of you, and your business needs so that they, too, stay in business.

3. Recommendations — Do not ask a lender representative who the best payment processing company is. A merchant account payment processing provider in good standing will represent many different banks and payment processing options. Because of this, they’ll likely suggest the best possible solutions for your business’s payment processing needs.

4. Customer Care — Inquire about their customer services and partnership opportunities. Ask if the business will assign a specific Account Manager to keep an eye on your high risk merchant account and track its monthly progress. Figure out if they have various payment processing options and if they construct long-term business rapport with their clients.

5. Confirm the Rates — Even though you might be searching for the lowest fees, remember that prices that are too good to be true typically are. Verify on Visa and MasterCard to determine the exact mentioned for your account. Then, make sure your payment processing provider is lower in comparison. The payment processor provider should mention all rates and fees when setting up your account and update you on applicable changes each quarter.

Payment Gateway Switch

Contact Signature Payments to learn how to execute a payment gateway switch. Get started today with a quick, free quote from a reliable and reputable payment processing company. We have the best rates and payment processing solutions in the industry.