There are many reasons why it may be time for you to start looking for a new merchant services provider. Accepting credit and debit cards no longer means excepting the status quo. As a business owner, it is important to maintain relationships, and maintaining your relationship with a merchant services provider that manages your hard earned money is a very important one.
With that being said, it is not all about give and no take when it comes to maintaining that must needed relationship accepting credit cards. Take the time to understand what your needs are when accepting credit and debit cards, and figure out which merchant services provider is right for you. If you are currently in a contract, and are wondering if it is time for you to move on to another merchant services provider, I have outlined the top 5 reasons to leave your current merchant services provider that should give you a hand in making that decision.
1. Poor Customer Service
Customer service and customer support is one of the best value adds you can receive from your relationship with your merchant services provider. Without the proper customer service and support, not only are your payment-processing needs being ignored, but this directly affects your customers.
If for whatever reason, you are having transaction issue, or your network goes down, and the service and support from your current merchant services provider is not up to par, that means big problems for your customers. Not being able to receive the support that you require should be the first step in looking for a new merchant services provider.
2. Outdated Terminals
With the new PCI and EMV certification that are required by merchants, having outdated payment processing terminals could mean the different in the amount of chargebacks that you receive, how susceptible your business is to fraud, and how efficient your business is with accepting payment as well as reconciliation and monitoring your transactions.
Your merchant services provider should be providing you with EMV certified and PCI compliant terminals that are top of the line and will make your payment processing easier and much more efficient. If this is not the case, or you are being charged a barrage of extra fees for changing equipment – it’s time to move on.
3. Hidden Fees
This one is a no brainer. There should never be hidden fees on your monthly statement. This is one of the first red lights that should go off telling you it’s time to move onto a different merchant services provider. Not only should there be no hidden fees on your monthly statement, but when you are speaking with you merchant services provider, they should have outlined all possible fees, and broken them down for you prior to you signing any contract.
Take a look at your monthly statement and ensure that what you are being charged for is what you had agreed too, or was outlined to you from the beginning. Trust should be a priority, and hidden fees are nothing but dishonest business.
4. No Industry Specific Solutions
It is important that your merchant services provider has industry specific solutions. Understanding your business needs is important, but understanding the needs of your industry is imperative.
A merchant services provider that does not have industry specific needs, simply does not have the resources to actively manage your business needs, and will not be supplying you the tools your business requires to success.
5. Lack of Personalized Service
It is very easy to get into a merchant services contract with one of the larger payment processors. It always seems like when you are about to sign a contract with them, you are the first priority, correspondence is immediate, your business success is the most important, but after that paperwork gets signed, your needs fall by the waist side. You are stuck waiting on hold, unable to get your problems resolved, unable to get a hold of the rep that contracted you in the first place.
That lack of personalized service will not change. Get into a program with a merchant services provider that has the reputation of personalized service. Do your research and look for client testimonials. This will be the difference between a good experience and a poor experience.
Take the five examples of why you should leave your current merchant services provider and apply them to your current provider. It may be time for you to move on to a merchant services provider that is best suited for your business. Having a relationship with the right merchant services provider will benefit your customers and your bottom line. Make the right choice.