5 Rules To Consider When Switching Merchant Accounts

July 3, 2019 | High Risk Merchant Account | PayKings

Swiching Merchant Accounts

To be direct, switching your payment processing company is really quite easy. Most retailers and eCommerce businesses endure unbearable service fees with their payment processors and don’t do anything about it, in fear of having to switch payment processors and that it might be a nightmare of a task.

However, if you’re unhappy with your payment processor, being slapped with heavy fees, or have been dropped all together by an aggregate payment processor (like PayPal or Stripe), here are the things you’ll want to understand:

  • Do I have my own terminals or are they leased?
  • 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 can 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?

Consider the following:

1. References — Most reviews and testimonials are meant to sell or market the company owners. Be sure 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. Are they Registered? — Is your merchant accounts payment processing provider enrolled with Visa and MasterCard? Working with a trusted partner will make certain that you’re protected against fraud, and the like. Having made a financial commitment during the listing process, enrolled companies will most likely take better care for 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 whether the rate mentioned by a merchant account payment processing provider isn’t lower than that what the major credit card companies list. 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.

Read more on the differences between high risk merchant accounts and a payment gateway by clicking here. To get started today with a quick, free quote with a reliable and reputable payment processing company, like PayKings, click here – we’ve got the lowest rates and the best payment processing solutions in the industry.

July 3, 2019 | High Risk Merchant Account | PayKings