From guest writer Megan Levy, Transaction Resources
There are several key indicators that can signal the need to change providers, such as poor customer service, deceptive pricing practices, and confusing merchant statements.
The ability to reliably accept credit card payments is crucial in today’s digital age, where the majority of transactions are cashless. That’s why working with the right credit card processing provider is not just a convenience, it’s vital to your financial success.
You may feel unsatisfied with your current provider’s services or level of support. Alternatively, you might be overwhelmed by the numerous options available, or perhaps you’re simply in the market for something better. Finding the perfect fit for your company can be challenging, but making the right choice can offer significant benefits for both your long-term business growth and bottom line.
Identifying when it’s time to make the switch from your current provider is essential. Here are some credit card processing red flags that could indicate that it’s time for a change:
Complex Merchant Statements
Your merchant statements should ideally serve as a clear and straightforward guide to understanding what you’re being charged by your credit card processing partner. However, some companies can make these statements intentionally opaque in order to levy hidden fees under labels like “service packages” or “breach insurance.” These can be challenging to identify on your own.
To counteract these tactics, consider consulting other providers for quotes that transparently list all charges upfront. This doesn’t require a commitment and often offers a fresh perspective, helping you discern whether your current provider is giving you a fair deal.
Payment processing technology is constantly evolving, especially when it comes to security requirements and procedures. As such, keeping your equipment up-to-date is essential.
Whether you’re looking to maintain compliance with current or upcoming regulations, or simply want to remain competitive, upgrading your equipment improves operations and ensures seamless transactions for customers and employees.
Your credit card processing provider should help you stay ahead of the curve by actively keeping you informed about the latest developments in payment technology and software, while expanding their offerings with cutting-edge products and solutions.
Deceptive Rate Increases
On the topic of hidden fees and confusing statements, have you taken the time to review and verify that the information is accurate?
Some credit card processing companies are notorious for quietly increasing rates without notifying you. Others might lure you in with low rates in one tier, fully aware that most of your transactions will ultimately end up in more expensive tiers.
At Transaction Resources, Inc. (TRI), we prioritize 100 percent transparency, so you’ll always receive the fairest rates for your business without any surprise rate hikes!
The quality of customer service and ongoing support from your payment processing partner will significantly influence your decision on whether to continue with them or seek alternatives. It’s normal to have questions about things like onboarding, security, integration and more, and often merchant service providers can seem dispassionate and robotic when handling customer queries, making the process even harder.
Their availability and personalized services make all the difference, and can lead to better communications and improved outcomes.
Lack of Scalable Options
Credit card processing fees depend on various factors, such as the number of transactions, purchase amounts, and online sales.
If your business has grown or changed significantly since you first signed up with your provider, it might be time to reevaluate the partnership. Check if there are better options on the market, especially if you start to feel like your rates and available services aren’t keeping up with your business.
Transaction Resources boasts an impressive stack of advanced payment technology and industry-leading merchant services. Additionally, our knowledgeable service team is available 24/7 to provide personalized support when you need it—keeping your business primed for success.
To learn more about our comprehensive payment offerings or to get started making the switch, visit www.TransactionResources.com today!