Simple steps to switch over to effective credit card processor

If you are dissatisfied with your credit card processing provider then it is time to switch to another provider who can provide you better services at low rates. Following are the steps which will help the merchant in switching from the current merchant service provider.


1. As a first step analyse your merchant processing statement for the merchant account by a credit card processing specialist who can give you a rate comparison or a cost benefit analysis. Through this analysis you will be revealed what you are being charged with and what a new provider can charge you. The agent should be able to save you lot, by lowering the processing rates depending on what your current charges are. Make sure that you raise questions to clarify doubts about credit card processing and the associated rates and require them to explain it thoroughly. This plays a significant role in switching your Merchant Services.


2. When the terms and condition of the contract and discount rates are agreed by you, an Application for a New Merchant Account must be filled out. All the required information must be provided, which makes the approval of the merchant account application easier with in less time. Along with the information provided, you need to submit Copy of your Business License and a Voided Check on where you would like your funds deposited. It will take 1-3 days to get your application approved.


3. Once your application had been approved you will be contacted by the new merchant account executive. In most of the cases the current Point of sale equipment will be reprogrammed by your new processor which means you need not have to get the new equipment while changing your processing company. But your terminal should be reprogrammed and it can either, done by your agent or you can yourself do it. It will take only 20-30 minutes to download the equipment and in this mean time you will be unable to accept Bank cards (Credit cards, Debit or ATM). So it is essential to schedule the download time when your business is not busy.



4. Lastly you should inform your current credit card processing firm through a letter specifying the cancellation so that you will not be charged with a statement fee and the minimum monthly fee. Don’t forget to ask your agent whether he has one such pre-written cancellation letter. It should comprise of merchant number, business name, name and signature of the owner. The content of the letter should be to request the current service provider to close the account immediately to ensure that no further charges are charged to Business bank account.





The author is specialised in providing merchant processing and payment processing services. To know more aboutmerchant processing and credit card merchant services visit unibulmerchantservices.com