Switching Merchant Account Services: The 2022 Guide

There comes a time when you might decide it’s time to switch merchant services providers. Whether you’re looking for more transparent fees, better customer service, or you need to get approved for a high-risk merchant account, you need to find a provider that offers an improved overall experience. Businesses make the choice to switch for a variety of reasons, including:

  • Becoming frustrated with a lack of technical support or customer service
  • Growing confusion over fees or the lack of transparency about them
  • Rising costs
  • Costly equipment purchase requirements
  • Being locked into lengthy contracts

Before you make your choice, consider these ten key things to make sure you’re making the decision that’s best for your business.

1. Are you still under contract?

In some instances, your contract automatically renews. Make sure there isn’t a contract conflict before securing another service. If you are under contract, find out how much time is left and what kind of early termination fees you might face by switching merchant services providers.

2. What contract options are offered by the prospective new provider?

Make sure your potential new processing partner offers the contract options you’re looking for, and that you understand the commitments. For example, are you looking for a month-to-month provider? You should know what you’re getting into, so you’re not just getting into another long-term contract with cancellation fees.

3. What is the status of your payment processing equipment?

Is it owned? Leased? Will you need to return it? Also, consider whether it will become necessary to purchase and/or lease new equipment with the new payment processing provider. You may even consider working with one that offers free credit card processing equipment to stretch any savings you receive by making the switch further.

4. Confirm that existing gift cards and loyalty programs will work with the new system.

You don’t want to leave customers who have been loyal to your business high and dry by making the switch.

5. Verify your rates and be certain you will actually save money with a new merchant services provider.

Get all the credit card processing fee details including equipment fees, monthly fees, transaction fees, etc… and be on the lookout for random “junk” fees!

Want to know how much you're really paying for merchant services?

6. Ask about any special offers available for businesses that switch providers.

Make sure you also find out how long they will last and what the costs will be once the “thank you” period ends.

7. Find out how helpful their support really is.

You will likely need to rely on that support while setting up your system and going through the process of switching merchant services. Make sure they’re up to the challenge and have a reputation for excellence—including being available when real-life things happen in your business and you need them at odd hours of the day or night. Also, check your options for contacting them. The more the merrier, but you especially might be interested in phone support to troubleshoot equipment and/or software problems.

8. Find out how much work will be required to switch services.

You might find that you’re expected to do a lot of the high-tech heavy lifting and that might not sit well with you. Other providers might offer extensive support so that all you really need to do is press a few buttons on your keyboard. It’s better to know if you’re going to need to hire a tech person for an hour or ten to get your system up and running before you make the switch.

9. Is the new service scalable?

It’s one thing to meet your needs today. You need that. There’s no doubt. What you really need, though, is a merchant services provider that offers products that grow as your business needs grow. Can they handle your future needs as flawlessly as they handle your needs today?

10. Will the equipment necessary for this merchant services provider work with your existing system and equipment?

Knowing the answer to this question ahead of time will save you countless hours of pulling out your hair in frustration. You definitely want a payment processing service and equipment that works with your equipment rather than against it.

The better you understand the new payment processing system, terms, fees, and services, the more informed decision you can make about whether this is the best choice for you.

Bankcard believes in absolute transparency and ethical treatment of all. Contact us today to learn more about the services we provide merchants just like you, our easy-to-understand fee structure, and how to get FREE credit card payment processing equipment when you work with us. We can’t wait to show you how different it can be to partner with us for all your merchant services needs on a month-to-month basis with no long-term commitments.

Ready for a change? Keep more of your profits and give your customers more options. Find savings.