Questions To Ask When Changing Credit Card Processor

Florence Carpenter

It’s not uncommon for budding entrepreneurs to need a new payment processor. Expanding enterprises often switch processors to accommodate higher order volumes, while SMBs typically focus on better rates. Luckily, most processors allow clients to terminate their contracts. Use this opportunity to explore the credit card processing companies you overlooked before.

Knowing the right questions to ask prospective payment processors makes comparison shopping substantially easier. After all, businesses have different processing needs. However, you should always ask questions about the company’s processing rates, miscellaneous fees, customer support team, contract termination policies, and fraud prevention systems.

5 Questions To Ask When Shopping for a New Credit Card Processor

Here are a few questions to ask.

Question 1: What are your payment processing rates?

Ask them how much they charge for in-store, card-not-present, keyed-in, and online payments. Most processors have varying rates for these transactions.

Question 2: How long do payouts often take?

Knowing the exact time frame to withdraw payments is crucial to your business’s cash flow. For instance, Nation Merchant Solutions takes only around three days.

Question 3: What miscellaneous fees should I expect?

Make sure you ask about the fees to transfer payments, cancel or refund transactions, set up payment gateways, and withdraw funds.

Question 4: Does your company have an anti-fraud system in place?

With 300,000 to 400,000 reports of credit card fraud per annum, your business would substantially benefit from an effective anti-fraud system.

Question 5: What are your policies on early contract termination?

It would be in your best interest to find a process that does not lock in clients or charge steep early termination fees.

Research plays a crucial role in comparison shopping. Engage in forums that discuss payment processing, read online reviews, and consult fellow merchants to gain invaluable insights into the most lucrative options for your business. Do not rush the process. Your business will never benefit from rushed, haphazard decisions.

Are you unsure if your business can afford payment processing fees? Processing Card can help! Read our quick guide to payment processing to better grasp how much processors charge per transaction.

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