So you want to switch payment provider? You need to know this

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.

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So you want to switch payment provider? You need to know this

27 October 2021

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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.  

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The 10 most common reasons for small businesses to switch merchant accounts

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.

  • You have a growing business with more transactions than previously, and fees are getting too high
  • You are paying more than you expected to be paying to transact
  • You find the fees, charges, and bills difficult to understand
  • You need to reduce your costs and improve profitability
  • Your needs are changing, and your current merchant account is no longer suitable
  • Your current provider is trying to lock you into a longer contract
  • Your current provider doesn’t support the payment methods your customer demands
  • You don’t feel supported or valued by your current provider
  • Your current merchant account provider cannot be relied upon when there is a problem
  • You are concerned about PCI compliance


Switching merchant accounts is not as difficult as you think

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.


  • Your business information
    1. Name
    2. Website
    3. Type of business
    4. Length of time in business (at least 6 months trading is required)
    5. Turnover – Past, Present, and Projected
    6. Clarity around which payment methods your customers expect
    7. Products and services that you need, e.g. same-day settlement
    8. Future plans, including forecasted growth


  • Your current merchant account information
    1. Your current contract
    2. Up to three recent statements from your current provider
    3. Current fees, rates and terms
    4. Products and services provided under your current contract
    5. Equipment terms
    6. PCI provision

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.

Avoid these 7 mistakes when switching payment provider


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.

  • DON’T ignore anything you don’t understand
  • DON’T rush the process because you don’t have time
  • DON’T skim-read the new contract
  • DON’T sign a new contract without understanding the switching process and timeline
  • DON’T sign a new contract without knowing who you can call with questions
  • DON’T assume your new provider will settle the exit fees of your current provider
  • DON’T switch without speaking to your current provider


What are the benefits of switching payment providers?


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;

  • Save between 20% to 40% on rates and fees
  • Product and services tailored for you and your business
  • Happier customers who can pay in more ways
  • PCI Compliance and regulatory aspects of payments taken care of
  • Get out of a contract that no longer works for you
  • Understand how your merchant account works


Information you need to switch payment provider


Once you have made the decision to switch, you will need the following documents;

  • Proof of banking
  • Photo ID
  • Proof of home address
  • Business details – Director's contact name and address details
  • x2 merchant statements from your previous provider

If you need assistance, we can arrange for our representative to help you to complete the application and walk you through the switching process.

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