Assistance in Navigating a Processor Change
Changing processors isn’t always the right approach, but sometimes it is the best solution.
We typically help our clients reduce their costs without having to change processors. But there are times when a processor change is the best solution for a business for a variety of reasons, cost savings being one of them.
The understand this, it’s important to look at why a company might be seeking a new processor in the first place.
If they’re simply aiming to achieve lower processing fees, going out to bid for a new processor can be a waste of time.
Most processors use the same tactics when signing new merchant accounts, such as misleading or opaque pricing structures, or introductory rates that quickly evaporate.
The fact is, there are often much better ways to minimize processing fees, and these can be implemented no matter which processor a company uses.
But there are some absolutely valid reasons to switch to a new processor. And when it becomes necessary, it’s important to navigate the change properly.
Here’s what you need to know.
Reasons to shop for a new processor:
First it’s important to understand when and why it may become necessary to seek a new vendor. Again, cost reduction is best handled in other ways. But here are some of the common frustrations that may spur a change:
- Lack of Personalized Support: Instead of a dedicated representative, you’re left with just an impersonal 800 number for support.
- Poor Customer Service: Long response times and ineffective resolutions make problem-solving a hassle.
- Inexperienced Representatives: Agents who lack knowledge of processing costs and solutions contribute to rising expenses.
- Unpredictable Costs: Almost every merchant account is being overcharged, but this can be fixed. However, if the processing fees seem to increase arbitrarily, including hidden charges that muddy the billing, this is symptomatic of an unreliable or disreputable processor.
- Resistance to Change: Attempts to negotiate better rates or switch providers are met with resistance.
- Opaque Statements: Inadequate or confusing billing statements hinder clarity and oversight.
- Limited Reporting: Essential details are missing, leaving you in the dark about transaction specifics.
Challenges in changing processors:
Even if becomes necessary, switching providers can be a nightmare. Here are some of the common obstacles:
- Uncooperative Transfers: Current processors may hinder the transfer of crucial account information.
- Integration Hurdles: Compatibility issues with existing payment systems lead to costly and complex integrations.
- Tech Support Woes: Slow or uninformed technical support prolongs the transition process.
- Past Disappointments: Previous attempts to change processors were marred by unfulfilled promises and unexpected fee hikes.
- Contractual Traps: Long-term contracts with hefty termination fees lock businesses into unsatisfactory relationships.
The solution:
Verisave has extensive experience in navigating processor changes, and consults clients through the transfer, or in some cases facilitates the changeover on their behalf.
The advantages of utilizing our expertise include:
- Experienced Consultants: Verisave’s consultants have years of industry experience and are dedicated to helping businesses identify the optimium processing setup for their unique payments mix.
- Worry-Free Transition: We facilitate processor changes smoothly, sparing you headaches and pitfalls.
- Vendor Selection: Through rigorous RFPs and partnerships with vetted vendors, we ensure you get the best fit for your needs.
- Cost-Free Consultation: There’s no charge for utilizing our consultancy services to guide your transition.
- Integration Experts: We excel in integrating with various systems including ERPs, accounting software, and eCommerce platforms.
- Ideal Contracts: Our partners offer agreements with no long-term commitments or termination fees.
- Ongoing Support: Enjoy top-tier customer support and optional monitoring services to keep your operations running smoothly.
How to get started:
When it becomes necessary to find a new credit card processor, choosing the right provider is crucial. And there are many pitfalls that must be avoided. Verisave can help you navigate these waters to the best results.
If you find yourself in this situation, reach out to us today.
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