Credit card processing companies are the bread and butter of any business that accepts credit card payments. They streamline the transfer of funds between a customer’s credit card account and the merchant’s bank account while offering various services to their clients, including payment gateway services, point-of-sale systems, fraud prevention measures, chargeback management, and more. It’s common for businesses to switch credit card processing companies for various reasons. Below we will explore why businesses change and what factors they should consider when switching.
Reasons for Switching Credit Card Processing Companies
A common reason businesses may switch credit card processing companies is to access new features or services. As technology evolves, credit card processing companies are introducing new features, processing equipment, and benefits to help businesses streamline their payment processing, lessen the cash gap with faster funding times, and improve their customer experience. By switching to a new provider, companies can take advantage of these new features and stay competitive.
Businesses may also switch merchant services companies due to poor customer service or support. Suppose you are experiencing issues with your current provider’s customer service, such as long wait times or unresponsive representatives. In that case, you may switch to a company with much better support – and rightfully so. The best agents in the industry offer escalated support to their clients so that business owners get the answers they need.
Businesses may switch credit card processing companies due to security concerns. Credit card fraud and data breaches are serious threats, and companies should take the necessary steps to protect their customers’ data. If a business has concerns about its current credit card processing provider’s security measures, it may switch to a company with more robust security features.
Finally, businesses switch merchant services companies to save money. Credit card processing fees can add up quickly while eroding a business’s profits. By switching to a new credit card processing company, businesses can obtain lower fees, resulting in significant cost savings over time, or even implement a two-price model to eliminate processing fees.
Factors to Consider When Switching Credit Card Processing Companies
While there are many reasons why a business may decide to switch credit card processing companies, it’s essential to consider several important factors before making the switch. Here are some things to keep in mind:
- Integration: Switching to a new credit card processing company can be a complex process, and it’s essential to consider how the new provider will integrate with the business’s existing systems. Companies should ensure that the new provider’s payment gateway can integrate with their e-commerce platform, point-of-sale system, and other software. Integration should be well-supported by your new credit card processing company – a service the team at Total Merchant Services commits to. We can make your integration happen, or find the best solution for your needs, with access to three payment platforms and nine gateways.
- Customer Service: Good customer service is essential for any company, and credit card processing companies are no exception. Businesses should research the new provider’s customer service and support options, including phone, email support, and online resources or documentation. Total Merchant Services takes customer support seriously, offering multiple simple means of communication and an extensive database of terminal and quick reference guides, as seen on our support page.
- Security: Security should be a top priority when selecting a new credit card processing company. The new company should be able to provide the latest security protections and measures for services, terminals, or devices. Businesses should ensure that the new provider offers robust security measures, such as data encryption and tokenization, to protect their customer’s sensitive data.
- Fees and Rates: Before switching to a new credit card processing company, businesses should thoroughly research the fees and rates they’ll get charged. At Total Merchant Services, we offer a free quote and comprehensive side-by-side credit card statement analysis to improve transparency when prospecting our services and a Merchant Services Rate Guarantee. While lower fees may be attractive, businesses should ensure they’re not sacrificing quality for cost savings. With our EDGE program, you can use a combination of technology to offer a two-price model to offset processing costs altogether while not punishing your cash-paying customers with higher prices.
Switching Merchant Services is Easy!
Switching merchant services should be straightforward, depending on the business’s circumstances and the new provider’s policies and procedures. Planning and preparing for the switch is necessary to minimize any disruptions to the payment processing systems currently in place. While switching companies can be complex, it’s relatively easy, and a company like ours at Total Merchant Services will work with you to ensure a smooth transition. In that transition, we can upgrade your systems to enhance customer experience while giving the owner a better overview of their operations.
By planning and preparing in advance, you can minimize disruptions and enjoy the benefits of a new provider that better meets your needs while saving money, accessing new features, improving customer service, and enhancing security. Carefully consider the factors and select a new credit card processing company that meets your needs and helps you stay competitive. Total Merchant Services provides a free quote or credit card statement analysis.