In order to run your business, you probably need to process credit cards. But in some cases, you may wish to move from one merchant processor to another. The process can be quite complex if you had not done it before. In this episode, Bernard Roesch explains the complex process to switch from one merchant processor to another without disrupting your business.
For more information, visit www.MissionBusinessPodcast.com.
If you have any questions about this podcast episode, please feel free to contact us.
Why Move Merchant Processors?
Theres a range of reasons why you may want to move from one merchant processor to another. First, you may see cost savings by moving to a new merchant processor. The merchant processing industry is quite competitive so its possible that you could find a better rate from another provider. Second, you may be unhappy with the level of customer service from your current merchant processor. Different merchant processing companies conduct their business differently and customer service is often vastly different between merchant processors. If you need a deeper relationship with your merchant processor, that may be a reason to move. Last are technical issues regarding your merchant processor. Depending on the technical infrastructure of your company such as your use of QuickBooks or other software, you may decide to move merchant processors for the sake of making the technical integration easier.
Setup the New Merchant Account First
The first step of switching merchant processors is to complete the sign up and setup of the new merchant account first. Once the account is setup, make sure it is fully functional while still keeping the old account active. Although you wont be able to connect two merchant processors to your payment software at once, its still important that you have both merchant accounts available in case there are issues with the new account after the switch.
Do You Have Recurring Transactions?
If your business has recurring transactions such as monthly subscriptions with your customers, its important that you move those to a new merchant processor successfully. The specific process varies depending on your merchant processor that you’re moving from as well as the merchant processor you’re moving to. Take the time to work with your merchant processors or a consultant to make sure this part of the transition goes smoothly.
Making the Switch
Once you are ready to move your main payment processing to the new merchant account, there are few steps that you should do. The specific steps vary depending on the merchant processors involved and the payment software involved but typically it involves disconnecting the old merchant processor in your payment software and connecting the new one. At that point, its important that you monitor your payment processing carefully. There could be errors with the new merchant account and its important that you realize those quickly. Once you’re confident that the new merchant processing account is working as intended, you can close down the old merchant account.
Need Help Moving Merchant Processors?
If you need guidance moving between merchant processors, contact Bernard today. The process is quite complex and being able to process payments for your business is absolutely critical.