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POKER Merchant services – four simple steps to move from one POKER credit card processing provider to another

If you are dissatisfied with your current credit card processing provider, then it is about time you consider to switch to another provider. Following are the steps which will aid a trader in switching from the current merchant service provider:

  1. The first thing to be done is to have the merchant processing statement for the merchant account analysed by a credit-card processing specialist. These specialists will give a rate comparison or a cost-benefit analysis. This analysis will reveal what you are being charged with and what a new provider can charge you. The agent approached to change the provider should help you save money by lowering the rates, based on what the current rates are. If you, as a trader, have any doubts about credit card processing and the associated rates, it is best to clarify any such questions. Ask for through explanations before proceeding. This plays an important role and is the vital step to switch from the current merchant service provider.
  2. When the terms of the contract and the discount rates meet your requirements, you need to fill a form in order to get a new merchant account. All necessary information should be provided in the application form so that you are approved for a new merchant account. In addition to the essential information, you are also required to provide a voided check which indicates where your funds should be deposited and one copy of the business license. To get approval, it may take anywhere between 1 to 3 days.
  3. After a new merchant account has been approved, the trader will be contacted by the account executive. In almost all the cases, the current POS (Point of Sale Equipment) or the credit card machine is recommended to the new processor. This clearly implies that you need not get additional or new equipment in order to change the current processing company. The only thing to be done is to get the terminal re-programmed. The re-programming will usually be done by the agent, but in certain cases you may have to do the re-programming yourself. Downloading the equipment will only take 20 or 30 minutes. During this time, you will not be in a position to accept ATM, debit or credit cards. Hence, it is essential to schedule the download time when it isn’t the peak business hour.
  4. Finally, a letter should be written to the current credit-card processing firm specifying the cancellation. This will ensure that you will not be charged with a statement fee and the minimum monthly fee. Also, enquire with your agent whether he/she has one such pre-written cancellation letter. The cancellation letter should include details such as merchant number, business name, name and the signature of the owner. The letter should simply state that the account should be closed immediately in order to ensure that you will not be charged with monthly fees or statement fees in the future. 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.