Credit card processing: How to switch processors

Your business already accepts credit cards but for any number of reasons you may be interested in switching credit card processing services.  Considering the importance of this decision, you must take the time to ensure your next credit card processor is the right fit for your business.  Making the switch must be seamless to guarantee your business is not losing sales during the process.  Here we look at several tips to make the change as smooth and efficient as possible.

Pinpoint why you are changing credit card processors

What is it about your current processor that you do not like?  By getting to the root of your current issue, you can make it a point to look for a new credit card processing service that addresses this concern.  Perhaps you are satisfied with the service but are looking for more affordable fees.  Or, you may be satisfied with the cost but experience other problems.  Whatever the reason, you want to make sure you pick a company that is able to provide the services you need at a price you can afford.

Do your homework

Before you jump ship from your current processor, find out if there are any fees or penalties for terminating services before a specific period of time has passed.  If this is the case, you will have to carefully consider if the cost of switching processors before that time period has passed is worth any savings or benefits gained.  Keep in mind also that there are many companies out there offering credit card processing services.  Avoid picking the first company that looks appealing without first researching several of their competitors.  Switching credit card processors is not something you want to do every year, therefore finding the perfect match for your company and business needs is vital.

What you’ll need

If you have been following the tips listed here, you will already have some of the information needed when the time comes to make the switch.  You will need the terms of your current credit card processing provider, current processing statements and the type of equipment including model numbers that you are using.  Your new provider will also need general information about your business and processing needs.

What you should look for in your new provider

Since you are already dealing with a credit card processor and have made the decision to change, you probably already know what not to look for in a new provider.  It is helpful to remember what benefits can be gained with the right credit card processor.  Look for a provider that customizes a service plan for your business based on your unique needs.  They should provide accurate transaction processing that is safe, fast and reliable.  Make sure the new processor is capable of processing all of the credit cards you accept and back up any services provided with round the clock customer service.  Finally, carefully read the terms and conditions of your service agreement to ensure you are teaming up with the best possible credit card processing service provider.

Photo via matthewSBOC

Posted on Wednesday, September 15th, 2010