Merchant services

How to Change Your Merchant Services Provider

Merchant services form an undeniably important part of your business. But like any relationship in life, your relationship with your provider might have soured for a variety of reasons.

 

Download our free merchant services survival handbook.

 

If you’ve been feeling dissatisfied with your current provider, it could be time to find a new one. Whether you’re seeking better rates with no hidden fees, craving timely and effective technical support, or looking for an improved customer service experience, the timing might be right.

 

If you want out, then knowing how to make that exit can ease the transition and make it seamless for you. Here’s how.

Take a Look at Your Current Contract

Knowing where you stand with your current provider is important in order to confirm when you can end your contract. If it just so happens your contract has ended, you can inform your provider you want to terminate your services and when this should occur.

 

If you’ve had a chance to find a new provider, that’s great! You can start to plan for the transition. However, bear in mind that regardless of where you’re at, your current provider may make offers to tempt you to remain a client.

 

Another important aspect to keep in mind? If your contract still hasn’t ended, then you might have to wait until it reaches its end date or you might face early termination fees. (Some providers of high-risk merchant services are known to charge such fees).

 

As well, when it comes to the status of your point of sale or credit card terminal, be certain as to whether you own or lease it. 

Choose Your New Provider

There’s obviously no shortage of choice when it comes to this highly competitive industry, so as you explore your options, be sure to ask prospective providers about their rates and fees, the installation process, and the processes they have in place insofar as customer service and technical support are concerned.

 

In addition, once you’ve made your choice, be sure to lock in any current rates, incentives, or discounts that are being offered to you. Similarly, review your new merchant services agreement carefully to ensure that any special deals and rates have indeed been correctly applied to your new account.

Rental Equipment

Naturally, if equipment needs to be returned to your previous provider, then a technician might be sent to pick up specific hardware, point of sale system(s), and credit card terminals.

 

Once all this equipment has been collected, your new merchant services provider will move in, so to speak, and equip you with the latest technology.

 

Moreover, a specialist from your new provider will also train you on how to use your new equipment, in addition to how to troubleshoot.

 

Knowing how to change your merchant services provider is essential. It can ease a multifaceted process and make the transition smoother, resulting in a better experience overall. You can then get back to managing your business in the most effective way possible, and with the right tools in place.

 

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Lisa Gibson

Lisa is the Credit Manager of BNA Smart Payment Systems and has over 18 years of experience in diverse roles of credit and credit risk management. She graduated from the financial program at Boreal College and is an expert in personal loans and line of credit, mortgage underwriting, private label commercial credit cards, small business loans, and merchant account underwriting. Lisa is also an avid railfan and HO scale train modeler, and enjoys curling.

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