Read this article before switching merchant service providers.
Switching merchant services providers may seem like a hassle if you are switching to save money it’s worth it and your new provider should make it as painless as possible. However, there a few important items to consider when making the switch. Credit card processing is a commodity, companies usually switch for a few main reasons; to get better rates, enhanced integration, superior support and/or to ensure PCI compliance.
Top 7 Considerations when Switching Merchant Service Providers
- Price should be a strong consideration. Make sure to check your current costs against future costs by submitting to a credit card processing statement review. You have the ability to get the lowest rate when you integrate your credit card processing solution with accounting software. Over 80% of the merchants today are processing credit cards at Level 1. When you use an integrated solution, you can provide the extra fields Visa and Mastercard require for Level 3 credit card processing automatically. This significantly reduces your rate. The first step to switching is analyze your current rates and compare them to what you would save using the new credit card processing solution. Look to a solution provider who can offer guaranteed rates and transparent merchant statements. Solution providers should not charge for installation, setup, training, maintenance or support in most cases.
- Read the Contract:
- Make sure to read current provider’s contract and check information regarding early termination fees and budget accordingly. Check to see if your future provider will pay your early termination fee to make it easier to switch.
- Customer Service and Technical Support:
- Merchant services support is extremely important. Make sure to find a provider that is available 24/7 to support your merchant services requirements. Choose a provider offering 100% PCI compliance customer support and a provider who can resolve support issues timely and efficiently. Every merchant accepting credit card processing transactions need to store the sensitive data in such a way that is secure within a tokenized vault. Choosing a credit card processing provider following PCI compliant best practices free of charge is critical. Any credit card data breaches can result in expensive fines. Merchant services is an extremely competitive industry. Technical support should be a critical differentiator.
- Online Management and Reporting:
- Does your new provider offer easy to access on-line self-help, reporting and customer service options?
- Streamlined Installation Process:
- Credit card processors should make it easy to make the switch:
- American Express OptBlue Program:
- The ability to fold your American Express transactions into your Visa and Mastercard account. You should have one company to call for all transactions whether it is a refund or chargeback, etc. American Express OptBlue speeds up the funding time, benefit from next day funding that comes in the same batch which helps with cash flow and also your reconciliation payments you are receiving. Fees are a lot less with typically with OptBlue compared to American Express Direct Accounts.
- Ability to Process Internationally:
- If you require international credit card processing make sure your merchant services provider is capable of processing internationally.
American Payment Solutions makes the switch easy. See our six-step process to switching below: