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How and when should you change the forex merchant account supplier?

Most business men get their merchant accounts terminated when they no longer make payments through credit card or when they have received some better offer from any of the other providers. If the new offers have much lower rates and charges, you might be tempted to terminate the current merchant account. If you decide to terminate the account because of the first reason, it is good to assume that all is going well in the firm and the firm might shut down. If the merchant is in such a situation, having a merchant account will not benefit him. If you decide to terminate the account because of the second reason, it should be given due consideration and thinking. If you did not research on the offers and make adequate comparisons, you might lose money.

Before taking the final decision on the termination, you can have a negotiation with the present provider of the merchant account. The market is experiencing great competition regarding the cards and accounts. This might be the main reason behind the approach of tempting offers. They might provide you great offers which seem better than the present one. If you find yourself in the midst of several offers, you might find yourself helpless. You cannot escape from the tempting offers. The main problem arises when the account holders transfer the present account without even having a negotiation with the present account holder.

Losing one customer will be the most embarrassing situation the provider of the merchant account can face. They will go to the extent of providing any new offers in order to avoid the loss of the customer to the rival. They might also get tempted by the basic theory that it is easier to retain the existing clients than attaining new ones. They will try to get the fee and other rates negotiated at any cost so that they will be able to retain the existing customer.

One must not dismiss the offers that a merchant gets. He should go through the offers and fees that are suggested by the new providers and can try to make a comparison between both providers. If you find that the charges you make is much higher than the fee which is offered, you can contact the customer service of your service provider. In most of the cases, negotiation with the present provider will find fruit as they will be ready to lower the charges. Even though there will be an agreement between the service provider and the customer, it will not stand as a hindrance in the reduction of the charges. The service providers lower the charges as they will always welcome a long standing customer.

If the service provider is not ready to lower the charges, you can cancel the account and move on with the new service provider. Before cancelling the account, you should thoroughly read the agreement and confirm that the charges of cancellation are not high. If the charges are much higher, you can wait till the expiry of the contract. 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.