Things To Consider Before Changing Merchant Service Providers

A merchant service provider serves as a partner to assist you in operating and growing your business. They enable credit card processing services for your business and also offer other important services. Some of the important services provided by the majority of merchant service providers to businesses are as follows:


  • Receiving payments from your clients through debit, credit and electronic payments
  • Offering technology to understand business information, track payments and gather outstanding invoices
  • Securely administering PCI compliance while storing and processing payment information

What is meant by merchant?

Merchants are companies that take credit card expenditures from customers over the phone, online or in person. The merchant service providers offer systems and products to assist those businesses function. 

Their services mostly incorporate with other business implements. For example, the payment provider would connect to Point of Sale system for an online or retail store or provide Quick Books Online for the settlement. They also offer payment reporting, inventory systems, and customer management. 

Payment processing

Most of the merchant service providers function as the intermediate between your business, banks and your clients. It means your clients can pay any type they wish (credit card, debit card or cash). You can receive the payment easily and get paid. The merchant service provider will transfer the funds of the customer to your business bank account when the customer pays through the card. It mostly takes around 2 days to reflect in your bank account. 

Most businesses are eligible for 1-day funding and they get payments even faster. If you wish to purchase or rent mobile swipers and credit card terminals, you need to approach your payment processor. If incase, you own online business, it will be incorporated with your online store. The merchant service providers assist you in selecting the best payment processing services suitable for your business. 

Things to consider before changing merchant service providers

Changing merchant service providers would be like a complicated task if you are changing to save cash it worth it. You should see that the new service provider make the entire task painless as possible. Remember, there are certain important things to consider while changing your service provider. Credit card processing remains as an important commodity. Several companies plan to switch for a variety of reasons like to obtain improved integration, to make sure PCI compliance, superior support and to receive better rates. 

Top things to consider when changing merchant service providers

  • Read the contract: Ensure to read the contract of the current service provider and check for details involving budget and early termination fees accordingly. It is also necessary to see whether your future service provider takes care of your early termination expenses so that it becomes easier to switch.
  • Price: One of the important considerations is price. Ensure to check current expenses against future expenses by submitting the credit card processing report review. When you incorporate credit card processing software with accounting software, you get the chance to obtain at the lowest rate. At present, more than 80% of the suppliers are handling credit cards at First Level. By utilizing an integrated solution, it is possible to offer Mastercard and Visa necessary for Third Level credit card processing inevitably. It considerably reduces your price. So, the main step to changing is analyzing your existing prices and comparing them to how you would save utilizing the latest credit card processing service. Search for a service provider who provides transparent merchant statement and guaranteed rates. The solution provider you are choosing should offer free of cost set up, installation, maintenance, training and support in the majority of cases. 
  • Technical support and customer support: It is extremely important to obtain support from the merchant service provider. Ensure to select a provider who is present round the clock to assist in your merchant service needs. Select a provider who is offering the best PCI compliance customer assistance and the provider who can solve support problems efficiently and timely. Every merchant approving credit card processing dealings should safeguard the sensitive information in a secure manner that is within the tokenized arch. Selecting the credit card processing service provider who is following PCI compliant right practices for free of cost is challenging. Remember, any credit card information breaches could end up in costly fines. One of the extremely competitive industries is merchant services. Therefore, technical assistance should be acute differentiator. 
  • Streamlined installation process: The credit card processors you are selecting should help in making the switch easily. 
  • Online reporting and management: Check whether your new provider permits easy to contact online self-support, customer service, and reporting options. 
  • Ability to process globally: If you are in need of international or global credit card processing solution, ensure that the merchant service provider has the capacity of processing internationally. 

Questions to ask your merchant service provider

Do you provide 24/7 customer assistance? 

You may think that it is a simple question. But in real-time, it has a lot of benefits. Several providers offer customer assistance only to a certain level. It is necessary to connect with a merchant service provider who offer round the clock support as you have chances to face issues any time. 

Do you provide live support?

Certain merchant account providers deliver email support round the clock. However, when an issue arises, it is important to communicate with a live person either by live chat or phone. 

What is your experience? 

It is necessary to sign up with a service provider who has a proven track record. They should have a team that has developed a solid name in the field with their years of service. It is recommended not to select newcomers though they provide attractive services.

Is it possible to process offline and online transactions?

When you expand the business, you would not keep switching service providers. It is best to stick with a company that offers comprehensive credit card processing solutions. Such companies will easily take your online business offline or your retail business online.  

What kind of fraud protection solutions do you provide?

Fraud protection solutions such as fraud management filters, encryption and tokenization help in reducing the threat of compromised information. Ensure to ask the merchant account providers what steps they take to safeguard sensitive and confidential account data. 

What is the length of the contract?

Several merchant account providers utilize contracts with prearranged lengths. If incase, you are currently starting out, it is recommended to choose shorter contract lengths. If you are feeling comfortable, you can continue to discover other policies and services with the same provider. 

Hope, you have gained a clear idea about merchant service providers, how to choose and what to ask when hiring them for your business.