Thinking of Switching Your Payment Processors? These Steps Can Help

April 26, 2017

Do you find yourself staring at your statement and wondering if you’re over-paying in hidden costs? Or you’re just curious to know what other payment processors have to offer? The reasons for switching providers are many. 

Yet you hesitate—many questions swirl around in your head: Does switching involve a large cost? How do I know another solution will be better than what I already have? These are all valid concerns. The following steps will help you become more confident in choosing and switching to a new payment processing provider.

1. Why switch?

First, consider why you want to switch your payment provider—this is important as it will guide you in choosing a solution that is compatible with your business needs for years to come.

Your reasons can include one or more of the following:

  • Cost: You realize your transaction fees include hidden costs you weren’t aware of when you initially signed up with your current provider.
  • Business needs: Your business has evolved—you’re selling more, or your offering is more complex, or you’re adding new locations—and your current solution is no longer sufficient.
  • User-friendly: Your current provider overpromised and under-delivered so you’re not able to process payments with your POS solution as fast as you had hoped.
  • Up-to-date: You want a more advanced solution but your current provider does not offer the latest payment technology.
  • Contract: Your current contract is coming to a close and you can’t help but wonder that something better is out there.

2. Before you switch

Before you make the move, make sure you take these precautions when ending your agreement with your current provider:

  • Understand your business needs, the barriers you are facing with your current provider, and the benefits a new solution will bring.
  • Know your agreement: what are terms and conditions around canceling with your current provider and the cost it will entail.
  • Agree on a cancellation date with your current provider and keep an eye on their reporting to make sure you are paid any outstanding funds.

3. Vetting your next provider

When talking to prospective providers, these key questions will help you better evaluate and choose one that best meets your business needs:

  • Growth: Will the provider have solutions for you as you grow?
  • Credibility: Is the provider reliable and compliant with regulations, such as PCI compliance?
  • Suitable: Is the provider willing to listen to your business needs and concerns, and walk you through the complexities of transaction fees?
  • The agreement: What do settlement terms and cancellation fees look like? Will you be able to access a demo and a free trial period to minimize risk?
  • Support: Will there be support for the integration and will you get to test transactions and reporting? Also, what does customer support look like?
  • Experience: Is their solution easy for your customers and your employees to use?
  • Switching process: How long it will take to switch over to the new provider?

No doubt the decision to switch your payment processor is a big one. Stacking the benefits a more suitable solution can bring to your business against any challenges switching entails will make the decision to move an easier one.

Does your payment processor provide you with consumer spending reports? Check out our latest report to understand how POS technology has transformed and can be cost-effective too. Read now.

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

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