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WHEN IS THE TIME TO CHANGE YOUR HIGH RISK MERCHANT ACCOUNT PROVIDER AND HOW?

Business owners mostly terminate their merchant accounts as they no longer accept payments through credit card or they have received a much better offer from another account provider with much lower fees and rates. Of course, if it is the first reason then it is safe to assume that the business is not doing well and it is going to be shut down. Therefore, a merchant account will no longer be useful for the owner. However, the second reason needs some thinking and a few smart actions otherwise you will loss more money than you have gained.

First thing you have to do is try to re – negotiate your deal with the existing provider.

The “Cut Throat” competition that exists in this industry is the reason for you being approached by several salespeople, each offering you a better deal than the previous one. When you have several offers in hand then you can’t help but look into those offers. The problem occurs when the owners of the business switch their account providers without first trying to negotiate with their existing account provider.

One of the most hated things by any “Merchant Service Provider” is: losing out a customer to their competitor. They want to retain their clients, no matter how. This may also be due to the fact that keeping existing clients is much easier than getting new ones. The logic applies to a merchant also, which means that, for the merchant it is much, much easier to re – negotiate the fees and rates with your existing provider than to terminate this account and get another one.

Do not think that those new offers for merchant accounts are just garbage. Look at the rates and fees offered by other providers and if you find them to be lower than what you are paying then it is time you made a call to the customer service centre of your merchant account provider. Even though you are bound in an agreement or contract, most of the providers are prepared to lower their fees and rates so that they can have you as a long term customer and not the one who will terminate the account as soon as the contract expires.

If your existing provider, himself, reduces the fees and rates then you will not have to go through the pain and frustration of terminating your existing account and then getting another one.

Cancellation Fees and how to avoid it

So you gave a chance for your existing provider and he is not willing to match the fees of the competitor. Now What? Don’t just cancel the account on impulse with out seeing your agreement.

First, you have to read your contract document again and find out whether you still have to pay the cancellation fees. These fees will be very high. If yes then you have to sit down and calculate whether you will make a profit or loss more money by cancelling the account. If you are making a profit then do it otherwise wait till the point of your contract expiring.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.