When Should Your Business Switch Merchant Providers?
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Merchant providers are responsible for providing services and the tools needed for electronic payment transactions, which are often referred to as credit card processing for businesses. Every business owner knows that their services are significant to boosting sales and profitability with the use of a credit card.
It’s common for merchant providers to reach out to businesses in need of their services to support them. Some businesses often drop their present provider to choose new ones. It can be very tempting to change your provider since others present some cheap offers that are hard to resist. These offers are mostly real, but there’re more reasons why you need to search for new merchant providers.
Here are three signs that prove it is time for your business to switch merchant providers:
- Exorbitant Processing Charges
Paying for credit card processing is one of the expenses vital to the growth of your business, but you shouldn’t be paying ridiculous fees for enjoying the services. The signs include constant increment on processing rates, costly equipment leasing fees, hidden charges, and other unnecessary costs that come with maintaining a merchant account. All these can reduce your rate of profit and can frustrate you especially if your business is just growing.
This is one of the primary reasons you need to drop your current merchant providers for a new one. There’re various trusted merchant providers, such as the Cardswitcher, which is primarily created to reduce the cost of credit card maintenance while offering better features at an affordable rate. With the right merchant providers, processing charges should be the least of your worries.
Most times, when business owners complain about exorbitant processing charges for their credit card processing, it’s mostly because their providers present a pricing structure that’s often confusing and not straightforward. Hence, ensure your new provider must be open about all the expenses that will be incurred, so you’ll know what you’re getting into. Managing your credit cards processing charges gets easier with this.
- Poor Business Growth
If the services provided by your merchant providers limit the growth of your business, then you need to consider switching your merchant providers. The services rendered by your provider must align with your business goals and not undermine or go against them. For instance, if your merchant providers aren’t ready to provide your preferred payment method for you and your clients, specific transactions, trending payment methods among other payment processing needs, your business will be impacted negatively.
If you aren’t satisfied with your current provider, availing of another credit card processing services may be for the best. Look for merchant providers with better features that will help you achieve business growth. Such merchant providers will offer automated solutions that will improve sales, offer faster transaction rate, and increase customer satisfaction, among other factors essential to the growth of your business.
Moreover, your merchant provider must be ready to introduce better and updated payment means. They should support your business with unique ideas that will be worth the expenses you’re being charged. All these will help you expand your business and achieve your goals.
- Poor Customer Service Support
It can be upsetting for business owners when they experience technical issues in their merchant technology that can’t be resolved in a timely and efficient manner. Every business owner tends to lose a lot in this situation. It affects not only you as the business owner but also your customers who are in need of your services or products. And since it’s a technical issue, it’ll be difficult for you to resolve it personally.
Unfortunately, most merchant providers are notable for providing poor support services to businesses when the need arises. Even the ones that do will end up rendering unhelpful assistance or fail to attend to the complaints on time. If this is what you’re experiencing from your merchant providers, switching to a new provider will be the most sensible thing to do.
Getting the right support from your merchant account providers at the right time is crucial. Although poor customer support services are a common problem in the payment processors, you and your clients deserve to get an effective 24/7 customer support through multiple communication channels. These channels include different social media platforms, live chats, direct lines, and more easily accessed channels.
Conclusion
It’s high time you switch your business merchant providers if the services provided aren’t in your best interests. The longer you tolerate your current merchant provider’s shortcomings, the bigger your losses. And your business may have to pay for it in the long run.
