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6 Steps to Take When Changing Credit Card Merchant Services

Are you considering changing your credit card merchant services? Maybe you aren’t happy with your current credit card merchant services provider. Or maybe you think the rates you’re getting are pretty good, but how do you know you are getting everything you could be entitled to? A good, reputable provider offers more than just reasonable rates. For example, you should also be receiving top-of-the-line fraud prevention, a necessary service in today’s risky marketplace that is rife with fraudulent activity.

Some credit card merchant services providers offer additional benefits. They include personalized support, educational resources, and access to useful business tools at a discounted rate. Overall, you want a provider that works for you and helps you to achieve your goals, not one that simply takes a cut of every credit card transaction.

Many businesses feel the same way and they have taken the necessary steps when it comes to changing their credit card merchant services. Many others don’t bother to make the change because they feel switching will be too difficult but that could not be further from the truth. There are certain steps you’ll want to take to ensure you’ve not only selected the right processor but also that you’ve made the process as easy as possible.

Here are 6 Steps to Take When Changing Credit Card Merchant Services:

1. Check for Cancellation Penalties

Every merchant services provider has different policies. However, most of them are usually quite long, and numerous business owners choose not to read through the whole thing. That means you might not be aware of all the cancelation penalties and early termination fees.

Check with your current provider about fees to ensure that there are no surprises when you decide to cancel and switch. Ask for the details in writing. Alternatively, you can ask them to point out the section in your merchant application that describes the fees and penalties.

2. See Who Owns the Equipment

If you are renting or leasing your POS system or other processing equipment, it may need to be returned when you cancel your service. Find out the correct procedure for returning the equipment or you could be charged for those items down the road after the completion of service.

3. Find Out How to Cancel

Some providers will require you to submit a written request to cancel. Others may make it easier or harder. You’ll want to find out exactly what needs to be done so you can prepare and complete all the necessary steps.

4. Research Others Before Canceling

So now you know how to cancel your current provider, but you’ve still got to select a new one. You don’t want to do this quickly — it takes time and research to find a credit card merchant service provider that will fully meet your needs and help you improve your business.

– Consider Price

Of course, fees will be a big consideration. A quality merchant services company like LOLA POS will provide a free statement review to understand the type of transactions your business has to create the optimum program for you. You’ll also want a provider that offers guaranteed rates and merchant statements that are easy to read and understand. 

Be sure to ask about other fees, such as termination fees, and if there are costs for installation and setup. Most reputable providers will not charge you anything for setup or training. You will want to ask about any additional monthly fees, though, such as monthly statement fees, monthly minimum fees, or application fees. These are some of the most common fees you will see when performing your due diligence.

– Set-Up Time

How long it will take to set up the new equipment is also an important consideration. You want to continue your daily business operations without too much of an interruption. Ideally, your new merchant services provider will install the new equipment the same day the old equipment is uninstalled. When you have this information, you can plan accordingly.

– What Payment Types are Accepted?

Offering consumers more ways to pay is important. You’ll also want to find out if the new provider’s equipment can process your gift cards or prepaid cards. Many businesses also choose to integrate their processing equipment with integrated accounting software. If you have done this, you’ll need to make sure any future providers you are considering will also be able to integrate their own equipment with your software.

5. Know What to Ask For

Aside from the above common factors that you should always research, there are other things you should ask about, especially if you are unhappy with your current service. These include:

  • A ready-to-respond personalized support team
  • Detailed analytics that provide real-time transaction history reporting
  • A partner that offers resources, tools, and best practices advice to help you grow your business and achieve success

6. Cancel Your Current Service

Once you’ve chosen a new credit card merchant services provider and have made an appointment for installation, it’s time to cancel your current provider service. Be sure to do this yourself and ask for proof of cancellation confirmation. If you don’t call to cancel or follow their cancellation procedure properly, you might still receive monthly statements with fees, even if you aren’t using their equipment anymore.

Get the Best Merchant Services with LOLA POS

As you can see, there can be many advantages and benefits to switching to a new provider, aside from the cost savings. A provider that offers additional benefits can make your daily business processes run smoother, enabling you to better serve your customer base and subsequently increase sales.

Many businesses, both large and small, spanning a wide range of industries, have joined LOLA POS. We are a merchant services provider invested in the success of each and every client. Serving independent businesses around the nation, we offer our own business expertise to provide owners with resources, products, and benefits that will enable you to do your job better.

For more information about LOLA POS and to get started with a switch to a credit card merchant services provider that does more for you, visit LOLA POS today. Once you get started processing with LOLA POS, You’ll understand the true value of membership.

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