Switching Credit Card Payment Processors? Read This First
Many health, medical, and wellness businesses process credit card payments. Not all of them, however, end up satisfied with the way those payments are handled. If your organization is struggling with sluggish service, inefficient payment processes, or unbearable service fees, it may be time to consider switching credit card payment processors.
Plan for Success When Switching Service Providers
Contrary to what some service providers would have you believe, swapping out your current credit card processing solution for one that’s a better fit for your business is typically a straightforward practice. The key is to avoid unnecessary costs and mitigate business interruptions by following a simple plan.
Re-Read Your Contracts
The first step in switching credit card payment processors is to refamiliarize yourself with your merchant account contract. Specifically, you should comb through it for any:
- fees related to terminating your service,
- rules governing how much notice you must give, or
- exclusivity clauses that may prohibit you from working with a different service provider simultaneously
To avoid potential penalties, you should also check the fine print of any separate point-of-sale equipment lease agreements you may have.
Find the Right Credit Card Processing Business
Ideally when you make the decision to switch providers, you’ll have done your homework to determine whether your credit card processor of choice can meet your specific payment needs.
Start by speaking directly with their customer service team to clarify rates, fees, and installation processes. Then make sure you understand where your new payment processor stands in terms of their capacity to:
- accept all major credit cards and provide next-day funding at rates that work with your budget,
- deliver credit card processing solutions that fully protect customer data through EMV compatibility,
- offer the latest technology for syncing credit card payments directly with software like QuickBooks,
- provide round-the-clock support and advice from seasoned payment processing experts
Your new service provider should also be ready, willing, and able to help you transition away from your current credit card processing business.
Swap Out Your Equipment
Once you’ve found the best payment system for your small business, the next step is to cancel your existing service. Because this may involve having a technician come in and physically remove old equipment, it’s important to coordinate events with your new credit card processor.
In most cases, it will take your new service provider only a few hours to:
- get any updated equipment installed,
- get your payment processing services online, and
- get your business back up and running
In practice, however, it’s best to err on the side of caution when switching out your credit card processing system.
Try to schedule the changeover to coincide with your company’s slow season, or for a day when you’re not normally servicing clients. That way, should an unexpected issue arise, business disruption will be kept to a minimum.
Tips for a Successful Changeover
When it comes to streamlining the switch between healthcare payment processing companies, here are a couple of additional tips to keep in mind:
- Your new service provider may work with credit card processing gear that’s different to what you’ve used in the past. It’s best to have your employees on hand during the installation process to ensure all their questions are answered.
- This is the ideal opportunity to change out the system user names or passwords connected to your credit card processing tasks. You should also take steps to train staff on any new administrative procedures they may need to follow.
It can be all too easy for busy health, medical, and wellness businesses to overlook the odd detail when swapping out service providers. One common example is forgetting to also switch out the payment gateway for your online credit card processing. The best way to avoid hiccups like these is to take your time, work through the changeover process methodically, and seek help from your new credit card processing partner.