The 7 R’s to Consider When Switching Merchant Account Providers
Changing credit card processors can be scary and intimidating… but it doesn’t have to be. eMerchant has created a simple formula that many merchants like yourself have followed through the years:
1) References – When you consider someone who is going to handle most of your company’s revenue you need to have independent references about that business and their CEO or owner. We know this is easier said than done. Don’t check their website or their blogs. There are many Forums that discuss Merchant Accounts from the Merchants point-of-view. Actually call one of their customers who is in a similar industry as you. You will learn valuable information about a very important vendor for you.
5) Reliability – Credit card processing can be an unscrupulous business. How often does the Processor raise rates? Do they ever bill you for additional services or enroll you for automatic free trials and then make the merchant opt out? Does the processor bill you for the fees in the month they occurred or do they “back-bill”? Avoid these costly tricks at all costs.
6) Rates – Yes having great rates matter! However, look out for the deal that seems too good to be true. Costs from Master Card and Visa are listed on their respective websites. If someone promises a rate less than what Visa and MasterCard publish, you can bet they are making their money on another line item. See published rates below. All rates should be revealed upfront and then verified once the first statement is received and then every quarter thereafter.
7) Ready to go – When you switch from one processor to another there can be pitfalls along the way. How are returns handled on the old account? How about the gateway, will they help with integration? What happens to your terminal(s)? An experience team will outline a specific protocol and execution plan to make switching a breeze.