Switching Credit Card Processors: The When, What, Who And How

Business

Your business needs the best. This means that if your credit card services are not up to par, it may be time to decide on switching credit card processors. However, this decision should not be taken lightly. If you have the idea in your head, then you should learn about all the factors involved. Here’s a brief primer on the entire process, which should make a whole lot of things easier.

The When

The first thing to know about is when it is time to start changing your credit card processors. There are four potential reasons for you to change your credit card processor:

Unhappy With The Company. Sometimes, business owners can become unhappy with their processor for a variety of reasons. If you’re not happy with your processor, then that should be the first step.

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Bad Customer Service. If the service that you get from them is unacceptable, then maybe it is time to change your processor.

High Rates. You run a business and you want the highest profit margin possible. If the rates are eating into your profits then that is reason enough to switch.

Growth. A larger business has different credit card needs than a small one. If your small shop grew into a bigger store, then it may be time to shift.

The What

If you have the reason to change, you’ll need to be aware of what to think about when shopping around for a new one. The top three factors that you should focus on when looking for a new processor are:

Fees. Credit card processors don’t do their job for free. They charge per transaction and also a yearly fee. Try to find one that you can live with.

Payment Types. There are different credit cards out there and you’ll want to be able to service most of them. At least, you should get one that accepts both Visa and Mastercard.

Technology. You want a processor that can give you the latest in security and processing technology. This ensures the safety of transactions and the satisfaction of your customers.

The Who

Now, with a criteria in mind, it’s time to pick a processor. The main thing to remember is you want to know the credit card processor you’re trusting your business to. This means doing the research on the company. Look up their reviews and certifications. Additionally, ask around for their current clients to see if they are happy with the service they provide.

Reviews are just one part of it. You want a reliable company handling your business data.

Check if they are members of local trade organizations to be sure about them. Furthermore, you can learn more about them by reading the fine print in their contracts. You want to know if they are upfront about their fees and the like. If they are, this is a good sign.

The How

When you’ve made your choice, the actual process of switching card processors is pretty easy. The first step is to have your old processor finish up their services and take away their old equipment. Once this is done, your new credit card processor should then be able to step in and install their equipment. If you’ve chosen well, you should be able to start accepting credit card payments quickly after that.

Got issue about your credit card processor and planning to switch, read more tips about this at

creditcardprocessor.company. Browse through these best practices tips that may come handy http://oregonstate.edu/dept/fa/businessaffairs/sites/default/files/eCommerce/bestpractices.pdf.
Trouble with your credit card processing partner? When do you have to make the switch to a new one and what should you do? Find the answers at creditcardprocessor.company.

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