Switching merchant services

How To Switch Merchant Processing Services

Most people feel super confident when they first sign onto a merchant processing service agreement. They might feel like the person who spoke to them really drove home how secure the system is, or they may have felt like they would have gotten a lot more support than they really needed. However, there are many times in which merchant processing that you signed up for no longer fulfills your needs. When this happens, a switch is almost always necessary.

So, how do you make the switch? It’s actually rather simple.

Step #1: Find a better merchant services company first.

A good merchant services company will be able to support all the forms of payment that you want to accept without too much issue. They also will have reasonable rates, and also make it possible to make a switch without too much hassle.

Step #2: Consult with that new merchant services company about issues that could arise with the switch.

A merchant services contract can take up to a month to put into place, and that means that you will need to go through the work of getting your new equipment and installing it. So, you definitely will need to know the time frame that you are working with. This way, you won’t have to worry about having a “gap time” in which your business won’t be able to accept cards.

You should also ask your new services company about how they will make sure that you can switch. There are times in which a merchant processing company may be hard to breach a contract with. Should this happen, you may need help from the new company. 

Step #3: Once you have your bases covered, call your old merchant processing company and tell them that their services are no longer needed.

If they are very difficult with you, you may need the help of a professional at your new company to help out. More often than not, they are willing to lend a hand if things get too messy.

Step #4: Get your new equipment installed, but keep your old equipment running for a short period of time.

This is typically done because there is a usually a short pause between when you can activate the new equipment, and when you can install it. There’s also usually a certain amount of time that you are supposed to wait before your contract with the prior merchant processing service company will run its course, so be patient.

Step #5: Start using your new equipment and merchant processing service.

Once everything has been cleared up, and once your new POS has been fully activated, you can start using it. Congrats! You’ve made the switch!  


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About Capital Key

Capitalkey will help you take your business to the next level! Our expertise is business funding and merchant processing. We offer great options to businesses that need a quick and easy cash infusion (even if you may have got turned down previously!) We also offer some of the lowest rates in the merchant processing industry! If you are currently processing with another company we highly recommend taking advantage of our free statement audit, which will allow us to identify if you are getting charged higher rates and/or fees unnecessarily. Typically we can help our clients reduce their processing costs by 20-30% on average!

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