Do you plan on switching processors soon? Despite what pushy agents say, merchants have the right to change processors any time they want. The technicalities will vary based on your contract, of course. However, credit card processors cannot wholly prohibit merchants from terminating their contracts.
Before anything else, peruse your contract. Check your contract term, lock-in agreement, and early termination fee. Some processors charge a penalty for prematurely ending contracts. Finally, submit the necessary application papers to your prospective processor, qualify for an account, then terminate your contract with your current payment processor.
Do you want your POS to transact more than just card payments? Processing Card can help! Check out our in-depth guide on complete merchant solutions (CMS) to learn more about processing alternative payment methods.
Transitioning from one processor to another involves several complexities, which first-timers might find confusing. Luckily, we can help. Here is our quick guide on how to switch processors quickly and efficiently:
Peruse your current contract to avoid falling for deceptive, unfair lock-in agreements. Many brands trick their clients into thinking they cannot end their contracts, so don’t be afraid to fight for your rights. As we mentioned above, processors cannot prohibit merchants from leaving.
You’ll also gain an objective, in-depth view of the transition process by hopping on discussion forums. Consult with fellow merchants who have switched processors before. Some might even recommend a trusted specialist or agent to guide you.
Are you considering switching to direct credit card processors? Processing Card can give you a primer! Read our piece explaining the differences between third-party and direct credit card payment processors.
Wilbur Graham has been writing about mobile payments and POS systems since 2012. He got his degree in Marketing at California State University.
