If you’re like most business owners, switching payment processing is a headache for you. In fact, you probably have told people, “I’m only switching if you can save me a bunch of money!”. While saving money is important, there are a few reasons I’ve seen business owners switch, even when there wasn’t much money left to save.
Relationship
This is one of the most common reasons I see businesses switching payment processing providers. Having a positive relationship with the account manager is critical when trying to get things done and can save you a great deal of time. It’s also critical when it comes to making sure your rates remain competitive. If you don’t have a quality relationship, there’s no one there to update your pricing as your business grows. There’s also no one there to helping you implement new systems as your needs change.
Technology
The second reason we see business owners switching payment processing providers is to update the technology they are using in their business. This might be adding new ways for customers to pay, whether that be online, gift cards, or even via ACH. We are also seeing businesses switch to speed up their deposits, enabling them to shorten the time it takes to fund their payroll account.
Security
One of the final reasons we see business owners switching payment processing providers is to make sure they have the best security to prevent a data breach in their business. This involves making sure their PCI Compliance requirements remain current, while also implementing EMV chip technology and PCI Validated data encryption on their transactions. Having a strong data security plan in place is critical for businesses wanting to steer clear of the high costs associated with enduring a credit card data breach.
If you’re considering the idea of switching payment processing providers, but you’re not sure where to start; start with downloading our free mini-book on the credit card processing industry or request a quote from us on our website.
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