Are you tired of incessant phone calls from a seemingly endless stream of merchant services providers doing their best to entice you to partner with them? After what may have been a long and smooth relationship with your current payment processor, why would you want to risk defecting? On the other hand, you just might be tired of your present vendor and more than willing to jump ship in favor of a more reliable merchant services provider. There are several good reasons that might justify making such a change.
You want better customer service.
It only takes one disaster for you to realize how vital having a high-quality merchant services provider is for your business. Anyone who has been in operation for any length of time knows that terrible sinking feeling that comes when your point of sale equipment suddenly stops working. If your provider is not there to bail you out with on-point solutions, you may not get up and running for a long time. That means disgruntled customers, frustrated staff, and lost profits.
When in doubt about whether to find a new provider, ask yourself these questions: Is my current provider responsive to my needs? Do they offer up-to-date hardware designed to minimize outages? If you can’t answer with a resounding “yes” to both of those questions, the time has come to make a change.
Your current provider is not helping you meet your business goals.
No two businesses are exactly alike, and what your nearest competitor wants for their future might vary markedly from your own aspirations. For instance, one small to mid-sized business might be looking to expand their customer base while another is instead seeking to increase the number of high-ticket items they sell. The merchant services provider you hire should be committed to helping you meet or exceed your plans, whatever they may be.
Ask yourself whether you have a constructive relationship with your current company. If, for instance, you’re paying penalties for failing to attain a minimum sales volume that you rarely surpass, know that other providers may be more affordable and in line with your business situation as it stands today.
Your provider’s available hardware and software are inadequate.
Your point of sale system includes several components, including card readers, terminals, receipt printers, and barcode scanners. When the system is optimized and working to its fullest capacity, you should have a robust toolkit at your disposal—one that serves as a vital partner in the running of your entire business. If, however, your provider fails to have the software or physical devices you need or is charging you a prohibitive price to obtain them, you are harming your business by continuing with the relationship.
Ask yourself the following questions: Does my provider give me access to popular features such as contactless terminals or the potential to accept multiple forms of payment? Are they willing and able to give me the supplies I need to grow my business at a cost that is affordable? If you answered “no” to either of the above, the need for change is probably in the air.
Fees are excessive or hidden.
Even if you are quite happy with your long-standing merchant services provider, it never hurts to spend a few hours exploring their competitors. Times change, and what may have been the best and most affordable option three years ago may no longer be your optimal choice today.
During this information-seeking phase, don’t forget to dig a little deeper than you normally do into the fees and charges you’re currently paying. Are you locked into a long-term contract that contains significant penalties for early cancelation? Are you forking over steep leasing costs for equipment that might be cheaper to buy outright? Does your research suggest that competitors might provide you with a better and fairer overall package?
While change can be frightening, it often leads to positive transformation. Although you should not jump into it for its own sake, you should also resist that all too human urge to remain with what is comfortable even when it no longer serves your needs. At this juncture when many retail operations are in flux and are embracing flexibility and nimbleness, now just might be the perfect time to set a different course by partnering with a new merchant services provider.
