5 Rules to Consider When Switching Merchant Account Services

person using merchant account services

Are you considering a switch in your payment processing company? It’s rather simple, but there are a few things you should consider before jumping to new merchant account services. 

First Direct Financial is one of the nation’s top merchant account companies because of our strong dedication to our clients’ needs and comprehensive services. When you partner with us, you’re not just getting our payment services, you’re building a worthwhile partnership. Read our blog post below to learn what you need to know before switching merchant account services.

Does Your Merchant Account Services Include a Penalty to Cancel?

Many merchant services providers have a unique agreement when you sign on to their services. Many of these agreements are lengthy and it’s easy to miss all the details. While you may think you’re safe from any penalties, it’s important that you make sure you’re safe.

Some penalties can be rather large to terminate services only. Additionally, some providers state that if you don’t notify them in writing within 60-90 days of your signing anniversary. Your contract will automatically renew. 

However, when you enroll into First Direct Finanical’s service you don’t have to worry about early termination fees. We want what’s best for you and if that means we have to separate that’s perfectly okay!

Who Owns the Credit Card Terminal or Point-of-Sale System?

POS systems are essential when accepting card payments. The big question is, who owns it? Some businesses are set up through a lease or rental agreement, while some are given equipment for free as long as you process credit cards through that payment processor. To figure out who owns what, it’s good to contact your merchant account services provider to make sure what needs to be done with this equipment.

Handle The Cancellation of Your Merchant Account Services Yourself

When you’ve decided to leave your provider, you need to contact them yourself. It’s typically rather simple, just call and go over the cancellation procedure. You’ll likely just have to confirm your identity, why you’re leaving, and send them a written email or fax with your merchant account information to them addressing your desire to part ways.

If you fail to do this, you will likely continue receiving monthly fees even if you don’t process payments with them.

Inquire Prospective Merchant Account Services on Customer Care

It’s always important in figuring out if your business will be well taken care of when processing money. But, it is also vital to know if your business will be given the attention it deserves.

According to PayKings, you should ask if the provider will assign a specific account manager to watch over your business and track its monthly progress. Additionally, you should figure out if they have a variety of payment processing options and if they construct long-term business relationships with their clients. 

 Confirm Your Payment Processing Rates

While you probably will be looking at a variety of low fees from different companies, remember that these fees could change. It’s ideal for you to verify on Visa and MasterCard to see the exact fee mentioned on your account. Then, you should make sure the payment processing provider is lower in comparison. 

The payment processor should mention all the rates and fees associated with your account at the beginning and give you updates on applicable changes each quarter. 

Looking for a New Partner in Merchant Account Services?

First Direct Financial maintains a large network of representatives nationwide. We keep strict guidelines on all staff to ensure our clients receive the best merchant services possible. From data protection and credit card processing to depositing, we’re there for you every step of the way. Contact us today and learn how we can help your business make transactions easier.