When is it time to change your merchant account services provider?

As a business owner, you understand how crucial it is to have an efficient merchant services provider. If you find that the merchant services provider is not meeting your needs or helping you grow your business, it could be time to switch.

But how do you know when it’s time to research and make the move to a new merchant account services provider?

• Your business is forced to pay hidden fees.
• Your provider doesn’t offer the solutions you need. 
• You’re frustrated with slow customer representatives. 

Don’t worry, there are plenty of options available. Here’s a closer look at how to change your Merchant Services Provider.

Review the current contract with your Merchant Services Provider.

Going through your contract can help you know where you stand with the provider. If you realize that the contract has ended, you can tell the provider to discontinue the services.

Keep in mind that regardless of the status of your contract,  your current provider may make offers to keep you as a client. If your contract has not ended, you may have to wait or may be forced to pay early termination fees.

Also, it is important to know whether you own or lease your payment terminals. If leased, they may have to be returned when you are released from the contract. 

Choose a new provider.

There is an abundance of prospect providers in the industry, so don’t worry about not having enough options. As you search for new providers, be sure to ask about their rates and fees, the installation processes, and their available customer service and technical support. 

Once you have selected your provider, be sure to review your provider’s merchant services agreement thoroughly to make sure that the new rates and special deals have been applied to the agreement.

Rental Equipment.

If you terminate your contract, a technician will be sent to remove the specific hardware and sales equipment to return it to your previous provider. After the equipment has been removed, your new service provider will send a technician to install and train you on how to use the new equipment. 

Following these steps can ease the process of changing merchant services provider. The process can be extensive, but these steps can smooth the transition, resulting in an easier experience. This will allow you to focus more on your business with the best tools in place.

If you are interested in learning more about how Fee Navigator can help you understand your pricing, click here.