Are you happy with your current credit card merchantA business that accepts credit cards for goods or services. services provider? Maybe you think the rates you’re getting are pretty good, but how do you know you are getting everything you could be entitled to? A good, reputable provider offers more than just reasonable rates. For example, you should also be receiving top-of-the-line fraud prevention, a necessary service in today’s risky marketplace that is rife with fraudulent activity.
Some credit card merchantA business that accepts credit cards for goods or services. services providers offer additional benefits. They include personalized support, educational resources, and access to useful business tools at a discounted rate. Overall, you want a provider that works for you and helps you to achieve your goals, not one that simply takes a cut of every credit card transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.....
Many businesses feel the same way and they have taken the necessary steps to update their credit card merchantA business that accepts credit cards for goods or services. services. Many others don’t bother to make the change because they feel switching will be too difficult but that could not be further from the truth. There are certain steps you’ll want to take to ensure you’ve not only selected the right processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... but also that you’ve made the process as easy as possible.
1. Check for Cancellation Penalties
Every merchantA business that accepts credit cards for goods or services. services provider has different policies. However, most of them are usually quite long, and numerous business owners choose not to read through the whole thing. That means you might not be aware of all the cancelation penalties and early termination fees.
Check with your current provider about fees to ensure that there are no surprises when you decide to cancel and switch. Ask for the details in writing. Alternatively, you can ask them to point out the section in your merchantA business that accepts credit cards for goods or services. application that describes the fees and penalties.
2. See Who Owns the Equipment
If you are renting or leasing your POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. system or other processing equipment, it may need to be returned when you cancel your service. Find out the correct procedure for returning the equipment or you could be charged for those items down the road after the completion of service.
3. Find Out How to Cancel
Some providers will require you to submit a written request to cancel. Others may make it easier or harder. You’ll want to find out exactly what needs to be done so you can prepare and complete all the necessary steps.
4. Research Others Before Canceling
So now you know how to cancel your current provider, but you’ve still got to select a new one. You don’t want to do this quickly — it takes time and research to find a credit card merchantA business that accepts credit cards for goods or services. service provider that will fully meet your needs and help you improve your business.
Consider Price
Of course, fees will be a big consideration. A quality merchantA business that accepts credit cards for goods or services. services company like NMA will provide a free statement review to understand the type of transactions your business has to create the optimum program for you. You’ll also want a provider that offers guaranteed rates and merchantA business that accepts credit cards for goods or services. statements that are easy to read and understand.
Be sure to ask about other fees, such as termination fees, and if there are costs for installation and setup. Most reputable providers will not charge you anything for setup or training. You will want to ask about any additional monthly fees, though, such as monthly statement fees, monthly minimum fees, or application fees. These are some of the most common fees you will see when performing your due diligence.
Set-Up Time
How long it will take to set up the new equipment is also an important consideration. You want to continue your daily business operations without too much of an interruption. Ideally, your new merchantA business that accepts credit cards for goods or services. services provider will install the new equipment the same day the old equipment is uninstalled. When you have this information, you can plan accordingly.
What Payment Types are Accepted?
Offering consumers more ways to pay is important. You’ll also want to find out if the new provider’s equipment can process your gift cards or prepaid cards. Many businesses also choose to integrate their processing equipment with integrated accounting software. If you have done this, you’ll need to make sure any future providers you are considering will also be able to integrate their own equipment with your software.
5. Know What to Ask For
Aside from the above common factors that you should always research, there are other things you should ask about, especially if you are unhappy with your current service. These include:
- A ready-to-respond personalized support team
- Detailed analytics that provide real-time transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... history reporting
- A partner that offers resources, tools, and best practices advice to help you grow your business and achieve success
6. Cancel Your Current Service
Once you’ve chosen a new credit card merchantA business that accepts credit cards for goods or services. services provider and have made an appointment for installation, it’s time to cancel your current provider service. Be sure to do this yourself and ask for proof of cancellation confirmation. If you don’t call to cancel or follow their cancellation procedure properly, you might still receive monthly statements with fees, even if you aren’t using their equipment anymore.
Get the Best MerchantA business that accepts credit cards for goods or services. Services with NMA
As you can see, there can be many advantages and benefits to switching to a new provider, aside from the cost savings. A provider that offers additional benefits can make your daily business processes run smoother, enabling you to better serve your customer base and subsequently increase sales.
Many businesses, both large and small, spanning a wide range of industries, have joined NMA. We are a merchantA business that accepts credit cards for goods or services. services provider invested in the success of each and every client. Serving independent businesses around the nation, we offer our own business expertise to provide owners with resources, products, and benefits that will enable you to do your job better.
For more information about NMA and to get started with a switch to a credit card merchantA business that accepts credit cards for goods or services. services provider that does more for you, visit NMA today. Once you get started processing with NMA, You’ll understand the true value of membership.