If you have a merchant account with a payment provider that no longer meets your needs, here is what you need to know about switching.Read more
27 October 2021
If you are reading this article, the chances are that you currently have a merchant account that no longer meets your needs or a contract that is about to expire. You may also have realised that the payments industry is highly competitive and can be difficult to navigate as a business owner. So how do you know if you are being offered a more suitable or better deal from a new payment provider who is insistent on signing you up and convincing you to switch your merchant account to them?
In this post, we look at the 10 most common reasons for small businesses to switch merchant accounts, list the information you need to maximise your chances of getting the best deal before you speak to alternative suppliers, highlight the most common mistakes associated with switching and how to avoid them, and finally outline the benefits you could gain by switching.
Switching payment providers is very common and easier than you might realise. A highly competitive market is positive for small business owners, as every payment provider is continually developing new products and services to remain competitive and win your business. It doesn’t matter if you are switching from another payment provider, or if you are an old customer wanting to return to a previous supplier, you are in the driving seat. We have outlined some of the most common reasons that you might consider switching payment providers.
If you have decided that your current payment provider is no longer meeting your needs and it is time to switch, there are several factors you need to consider to get the best deal. It can be confusing and difficult to make like for like comparisons but armed with the correct information, you can improve your chances of a successful switch.
Having this information to hand will not only improve your chances of getting the best deal possible but will enable you to ask the right questions and make direct comparisons between suppliers. Remember, payment providers are as keen as you are to ensure that the fit between your business and theirs is a good one.
Once you sign up with a new payment provider, it is difficult to change your mind or cancel the contract, so make sure you are certain that they are a good fit before you sign up. Avoiding these mistakes during the switching process will make the transition to a new payment provider simple, and improve your chances of success when switching.
Switching payment providers can feel overwhelming and onerous, but the potential benefits are well worth the effort if you get it right. A bit like a mobile phone provider, a new payment provider will be able to offer you the best product and service deals available to them at the point of joining. As a small business, you could benefit from any or all of the following;
Once you have made the decision to switch, you will need the following documents;
If you need assistance, we can arrange for our representative to help you to complete the application and walk you through the switching process.