For whatever reason, you’ve decided to switch merchant providers. Maybe you’re unsatisfied due to poor customer service and high credit processing fees, or maybe you’re simply cutting back on business costs. Finding the right merchant provider is difficult as a business owner, especially in the home heating and fuels industry where transactions are a bit more complicated.
Although you may have been with the same provider for many years, it’s never too late to switch up your strategy and find a professional who has a better handle on the industry. Before you switch, though, it’s crucial to consider these three points.
Consider a cancellation penalty
Many merchant providers don’t inform you about their cancellation policy during the initial onboarding. Don’t let sneaky cancellation fees catch you off guard. Instead, verify them before you start the process. I know it’s a pain to read all of the fine print, but it’s absolutely necessary.
Additionally, when speaking with the sales representative, be sure to have them send the details of the agreement over in writing. Always avoid agreeing to anything verbally.
Invest in data portability
Data portability, or the ability to retain ownership of your data, is essential when changing payment processing companies. Without access to the right data, you’ll lose out on vital customer information that’s important to your business.
At Richmond Financial Services, we offer data portability as a service to ensure you always have access to the information that’s the lifeline of your business. The last thing you want to do when moving companies is worry about getting in touch with IT to solve problems about data usability.
Take ownership of the credit card terminal
Depending on the company you worked with, you may or may not own your credit card terminal/POS system. Be sure to double-check your ownership rights because some companies use equipment that’s leased or rented. These companies use the equipment as long as they do business with specific credit card companies. If you don’t want to rely on another company for equipment, it’s crucial to buy the rights or purchase your own.
I hope these tips help! To gain additional business information like this, please visit my website: Richmond Financial Services. I can help you create the right payment processing strategy for your company that saves you time and money! Thanks for reading. I look forward to hearing from you.
