Merchant Services - How To Switch Providers

Merchant services are really very important for a business

. A business without a credit card processing system is considered to be less credible by the consumers compared to one which has a card processing facility. Thus, as a business, you will need to set up a card processing service. There are hundreds of these service providers present in the market and it can be a daunting task to choose the right one. Even if you choose one, you may later find that there are better alternatives and you may want to change the service provider. How can you make a switch is the major question that comes to the forefront. Let us find out how you can switch a provider.

Get hold of a credit card processing specialist and get you Merchant Processing Statement analyzed by the specialist. Ask the analyst to do a cost-benefit analysis. This is nothing of a rocket science. It actually means rate comparison. The specialist will actually do a comparative study of what you are currently being charged for a given set of benefits and services and what you will be charged by another provider for the same set of benefits and service. The agent or the specialist must be able to lower the amount of money that you are paying now by making a switch to the new provider. It is very important on your part to ask as many questions as you can for clarification about rates and card processing before you make a decision to switch.

Fill up the application for a new merchant account only after you agree with the terms and conditions of the contract and the discount rates which are offered to you. Make sure that you fill up all the crucial fields properly so that the application gets approved. It is necessary for you to give accurate information and along with the information that you furnish, you will also have to give a copy of the License for your business as well as a voided check where you want your funds to be deposited. The whole application approval process will then take 2-3 days to complete.

Once your application is approve, the account executive for your merchant account will get in touch with you. In general, it is found that the Point of Sale device that you already have is reprogrammed by the new processor. This means that there will be no need for changing the old equipment and get a new one. Even though you do away with the old one, it is essential that you must get the terminal reprogrammed. Here, ether the agent will do it for you or he will guide you through the process and you will have to do it on your own. The equipment must not take more than 20-30 minutes to download. During this period, you will fail to accept any cards. It is therefore, suggested that you must schedule the download during the time when the business is idle for some time.

Finally, once everything is set up, send a cancellation letter to the present merchant service provider. This will ensure that you are not charged by the company. The agent from the new company can have a pre-written cancellation letter. You can always ask you agent for the same. The letter that you send must include the following: Your Merchant Number (this is generally found at the top right hand corner of the statement that you receive), business name, name of the business owner and the signature of the business owner. The letter must clearly ask for cancellation with immediate effect.

Copyright (c) 2011 Joe Maldonado

by: Joe Maldonado

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