These days, you can’t run a business successfully without a merchant account especially with the majority of transactions now being done online. But if you think that your current account provider isn’t fit for your needs anymore, you might consider switching to a new merchant account. But before doing that, here are some things that you need to consider first:
Look at contracts.
One of the most important things to look into if you’re planning on switching merchant accounts is your contract. There are instances when your contract automatically renews unless you choose to cancel it.
So make sure that you’re not on a fresh contract with your existing merchant provider before you secure another offer with a new provider. If you still want to terminate the contract, check on termination fees and other charges before you make a decision.
Of course, you should check the new contract to see what you’re being offered to ensure that it fits your needs this time. In fact, it’s best to look into different contracts before choosing the best one for you, so you get a good understanding of what you’re committing to.
Look at rates.
Most businesses that choose to switch merchant accounts do so because of very high charges and processing fees. So, if you don’t want to make the same mistake again, make sure that you work with a high risk merchant account provider that can offer you good rates for the services that you need.
A reliable merchant account provider will be transparent about their rates and will let you know of every single charge. You can also find merchant providers that can offer you a fixed rate that includes all the charges related to your account, so you won’t have to worry about spending more for processing transactions.
Look at your existing system.
Your customers don’t need to suffer any inconvenience just because you’re switching merchant accounts. In fact, you’d want to make sure that they’ll have the same experience throughout the transition. To make sure that you achieve this, it’s very important to communicate with your new merchant account provider all the existing rewards, loyalty programs, and perks that you have and if they will work with the new system. This will let you avoid any hassles in the long run that could easily disappoint your most loyal customers.
Look at the budget.
Finally, you should expect to be spending on the switch, but you’d want to make this as budget-friendly as possible. Talk to your existing merchant account provider about the process of terminating the service and how you can transition into the new service with as little disruption to your business as possible.
You should also look into all the expenses that you will incur including termination fees, transfer fees, and other charges, so you won’t have to scramble and risk causing delays to your service just because you don’t have the budget for the switch.
However you wish to continue, remember that you should evaluate your merchant account service often. Always be ready to change!
