The fear of a messy switch keeps many businesses on an expensive processor for years. With a little preparation, changing providers is something you approve, not something you manage.
Before you switch
- Pull your last one to three processing statements.
- Read your current agreement for the term, renewal date and any early termination fee.
- List every way you take payments: counter, mobile, online, invoices, recurring billing, phone orders.
- Note any integrations: POS software, ecommerce platform, QuickBooks or other accounting.
- Find out whether your terminals are owned or leased.
Questions to ask a new provider
- Will you show me, using my statement, what I would have paid last month?
- Is the rate guaranteed in writing?
- Can I keep my current equipment? If not, what does new equipment cost?
- How are recurring billing customers and stored cards moved over?
- Who handles the integration, and who do I call when something goes wrong?
During the switch
- Run new and old systems side by side for a day if possible.
- Test a sale, a refund and a void on every device before going live.
- Confirm the first deposits land in the right account on the expected schedule.
- Update your online store and any saved payment links.
After the switch
- Compare the first full month's statement to the proposal.
- Close the old account in writing once everything is running.
- Keep copies of the final statements from the old provider.
Published · BrightStar Merchant Services
