What is a good reason to switch credit card processors?

Posted by Jesse on Feb 26, 2013 in Payment Processing

Everyone who owns a business and accepts credit cards has heard it “I am going to lower your processing rates.”  But is that a good reason to switch?  What are good reasons to switch your credit card processor?

In the past few years the credit card industry has changed dramatically.  It used to be hard to find a processor that accepted all forms of cards.  Getting a machine used to be even harder.  Leases were very expensive and you couldn’t sign up without one.  Things have changed dramatically.  Unfortunately though, many business owners have changed their processors and gotten burned.  Either the rate wasn’t what it claimed to be or cost more or the saving wasn’t worth the hassle.  So why even try?

We think these are the strongest reasons to switch:

1)      You aren’t happy with your current processor.  If you have any issue at all with your processor you should look into switching.  Credit card processing is very common and if your processor can’t meet your needs something is wrong.  Accepting payments should be a non-event in the life of your business.

2)      The way you accept payments doesn’t make sense.  If processing a credit card payment is harder than accepting cash something is wrong.  The technology your processor offers should match your business.  Accepting payments should always take a very short amount of time.

3)      You aren’t receiving great customer service.  As the price of accepting payment gets lower and lower the biggest difference between processors is customer service.  Unfortunately, most very large processors and banks a terrible at customer service.  Your account is just one is a vast sea of daily processing volume.  Most businesses prefer a processor where they have a single point of contact that manages everything they need.

4)      You’ve out grown your processor.  Many businesses start out with a group that has a “simple startup” or “one low great rate.”  As a business grows these processors are not the best choices for businesses.  A processor that provides sensible processing based of the type of business and volume processed is the best choice.

5)      Your rates are that high.  At the end of the day if you are paying more than a few percent something is wrong.  Your rates are that high.  You can potentially reduce your final processing cost by up to 25%.  For any business this is an absolute must.

If any of these reasons apply to your company it’s time to switch processors.

Besides servicing our partners with care and diligence no other processor can match; our average savings are 10-25% for our clients, but if the very few instances we feel you have rock solid pricing, we’ll share that fact with you.  No tricks, no hidden fees, just transparent fair pricing with service & solutions beyond transactions.