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Industry News

Clues that you may need to switch merchant accounts

By Pivotal Payments

12/08/2009 - When choosing a merchant account provider, or in re-evaluating a pre-existing relationship, there are a number of things a small business should consider.

Firstly, businesses should examine their per transaction fees and compare those with competitors. Different merchant accounts have different fees amounts and schedules, and the wrong fit can significantly impact a business' bottom line.

Also, businesses should find out if their merchant account provides point-of-sale (POS) equipment. If not, it may be time to switch to a provider that does. If so, does the provider allow clients to purchase the equipment, or does it have to be rented or leased? Even if businesses do not necessarily want to purchase the equipment immediately - though it could save a substantial amount of money due to monthly rental fees - the option should be available.

Also regarding equipment, does the merchant account provider offer a variety of POS terminal options and technologies? The industry is constantly evolving, and innovations such as wireless payment processing and chip technology are becoming increasingly popular. Businesses should make sure that their providers are staying on top of developing trends, and offering those options to their clients.

If it becomes apparent that it is time to switch merchant accounts, many providers will offer free statement analyses and even cash back options to businesses who are considering switching to their company.
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