As businesses grow, the partners and solutions they need to keep their business operating can change too. For some business owners, this could mean transitioning to a new payment processing company that can meet their needs better and offers solutions that their previous company did not. No matter the reason, making the transition from one processor to another doesn’t need to be a source of stress if it’s taken on correctly.
If you’re looking into moving to a new payment processing company, or want some tips for a transition you’ve already settled on, consider the following tips that could make it easier!
Pay Any Remaining Fees
As you begin the transition to the new payment processing company, it’s important to make sure that any loose ends and final fees are paid with your current payment processor. Depending on the payment processor, you may have to pay fees to break an old contract, pay off the lease on an old terminal, or may have to finish paying for the last month of service even if you cut the contract mid-month. It’s important to make sure that any and all fees are paid to your old processor on-time, so you can end the partnership smoothly and don’t end up with another bill in the mail.
Download and Save Historical Data
Once your relationship with your old payment processor comes to an end, you will likely have a hard time gaining access to dated monthly statements, merchant information, and other important details. To ensure that you have all the documentation you need going forward, make sure to download and save any historical reports and bills you may need access to. Not only will this help you at the end of the year and during tax season, it will help you continue to look at monthly and yearly processing and payment numbers.
Plan For the Transition Day
The day that the transition to your new payment processor takes place, you should have a plan for just how you want it to happen. If it’s possible, you may want to have the new terminal installation happen on a day your business is regularly closed, so that it doesn’t interfere with paying customers. This would also let you get comfortable with the new terminal, and train staff on any new procedures they need to know before they start using the device. If you’re more likely to have the transition of terminals happen when your business is open, try to schedule an installation time during a typically slow period or before opening your doors. The more prepared you are for the actual terminal swap, the easier that transition should go.
Interested in learning more about switching payment processing companies? If so, make sure to take a look at our articles 3 Things You Should Consider When Choosing a Payment Processor and 5 Reasons Why Merchants Choose Moneris.
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.