5 Rules To Consider When Switching Merchant Accounts
May 14, 2023
Switching your payment processing company is really quite 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.
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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 heavy 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 own 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?
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. In this manner, you can acquire dependable and valuable information on the payment processing company.
2. VISA and MasterCard Registraion — Did your merchant account provider enroll with Visa and MasterCard? Work with a trusted partner and make certain 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 go asking a lender representative who the best payment processing company is. A merchant account payment processing provider in good standing will represent many different banks as well as payment processing options, and 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 a variety of payment processing options and if they construct long-term business rapports 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 at the beginning of setting up your account and give you updates on applicable changes each quarter.
Payment Gateway Switch
Contact PayKings to learn the specifics on how to execute a payment gateway switch. To get started today with a quick, free quote with a reliable and reputable payment processing company, like PayKings, click here. We have the best rates and the best payment processing solutions in the industry.
May 14, 2023 | High Risk Merchant Account | Guest Post