switching merchant processors

How Difficult Is It To Switch Merchant Processors?

Running a business is more competitive today than ever before. Clients have high expectations when purchasing goods or a service, making it essential to place an emphasis on all aspects of the business and provide a high level of customer service. Offering credit card processing either in-person or as an e-commerce business is almost essential if you want to survive. Payment processing is at the forefront of business management and getting it right could make or break your ability to turn a profit.

One such aspect of payment processing is finding the right merchant services for your business. Many business owners dive into the first merchant processing account they can find when starting a business. However, often the rates, service, and other factors are not up to standards and they want to consider switching merchant services. While the fear of mountains of paperwork and hassle usually put off business owners from switching merchant processors, the reality is that the process is quite easy as shown below.

Why Switch Merchant Processors?

There are many reasons to switch merchant service providers. Perhaps they don’t offer the suite of services you expect for your business or you have had an unpleasant experience with them in the past. Some of the most common reasons for switching include:

  • Cost. The most obvious and common reason for switching merchant processors is to save money. If you find a better deal with lower fees and charges to save your business money, switching is a straight-forward decision.
  • Technology. Not all merchant services are created equally. Some merchant processors offer access to better technology that could benefit your clients and your business.
  • Service. Customer service is an important part of merchant processing. If your provider is responsive or lacks customer care it could hurt your business. The responsiveness of a merchant service provider can make a big difference between profit and loss.

When to Switch Merchant Service Providers

There are a number of different circumstances or reasons which lead to the desire to switch merchant account providers. Making the correct decision for your business is the most important aspect of making the switch and being able to reduce costs, increase productivity, or gain access to better technologies are all good reasons to look into changing merchant accounts.

Businesses who have been the victims of fraud or chargebacks are likely to find other merchant providers who will help them prevent and combat such devastating occurrences. Similarly, businesses who have encountered issues with their credit card terminal or payment gateways are very likely to find other merchant account services with better technology and services. It is essential to check what a potential new merchant account provider can offer and if their services fit your business requirements.

Businesses who have been the victims of fraud or chargebacks are likely to find other merchant providers who will help them prevent and combat such devastating occurrences. Similarly, businesses who have encountered issues with their credit card terminal or payment gateways are very likely to find other merchant account services with better technology and services. It is essential to check what a potential new merchant account provider can offer and if their services fit your business requirements.

How to Switch Merchant Accounts

Once you have made the decision to switch, the actual process of changing merchant account providers is very simple. Just follow these three simple steps:

1. Contact Your Chosen Merchant Account Provider

The first step is to contact your chosen merchant service provider and make the application for a merchant account. Depending on which provider you select, processing can take between 72 hours and a few weeks. Once you have gained approval from your new merchant account provider, you can move on to step 2.

2. Cancel Your Old Contract & Return Any Equipment

Now you have a new account, it is time to cancel your old merchant account. Some services will do this on your behalf, however, ensure you are fully aware of all cancellation and termination fees. Once your contract is canceled, return any equipment that may have been supplied to you from your old merchant provider and prepare for installation of the new equipment. E-Commerce businesses simply need to start using the new payment gateway for transactions.

3. Start Using Your New Merchant Account Services

If you take in-person credit card payments, ensure you have installed the new credit card terminal provided by your merchant service. Now you can begin accepting credit card payments with a new, more suitable merchant account provider. The process of switching is extremely easy and the best merchant services will have you up and running within 72 hours.

At EthosPay, our specialists ensure that switching merchant processors is as simple and painless as possible. We can have your new merchant services up and running within 72 hours with a wide range of protection, security, and convenient services. Get Pre-Approved without any commitment today!

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