Many businesses work with their merchant services providers to maintain a good working relationship. However, there are instances when changing a merchant provider may be necessary. Here are the top reasons why you should terminate your current contract with your merchant provider and move on to a new one.
Misrepresented / High Rates and Fees
The advantage of a merchant contract is that you know the terms of your service and you have a schedule of fees to reference. Some credit processing companies charge low rates but high fees or vice versa. These high rates / fees can affect your annual profits leaving you with no option but to switch to a new credit card processor. Most times, the new processor will eat the penalties from the other processor, locking you into a new contract where rates and fees are more reasonable.
Good customer service is very important. Your merchant provider should provide 24/7 technical customer support for emergencies like a down network or to help you troubleshoot faulty equipment. Problem resolution teams and ticketing systems are an indication of a merchant provider / ISO that has experience and strong internal systems / processes.
Today, credit card processors offer payment-processing software solutions that help integrate both credit and debit card transactions. While many software solutions such as Square and Braintree provide convenient ways to accept payments, they usually have a fixed rate that is higher and expensive.
Switching from one these softwares to a more practical software like Zoho.com that lets you attach any merchant provider to it like Painless Processing can help save on rates.
High Risk Merchant
Depending on your business model and decades of credit card processing data, your business might be considered as a high-risk or low-risk. For example, models such as such restaurants are considered low risk while others such as adult entertainment, firearms, and research drugs are considered high-risk.
If your merchant provider considers your business as high risk, the odds are high that you are paying higher rates and fees. Its a good idea to possible save by switching providers saving you thousands per month depending on what your processing.
With the new PCI and EMV regulations, having an obsolete payment-processing terminal could impact on how vulnerable your industry is to fraud, the amount of charge backs you receive, and how your processing bank treats you. Your merchant provider should provide you with EMV and PCI terminals without extra charges in most cases.
If you are using a credit card processing terminal or software such as Zoho as part of your business operations, keeping your merchant account in good status is very important. However, high rates and fees, horrible customer service and support, and lack of up to date terminals may mean it is time to switch to a new credit card processor.
At Painless Processing, we offer secure credit card processing technology, locked rates and fees, and an efficient and knowledgeable customer service and support staff. Contact us today for more information.