Here are some common signs it’s time to think about making a change.
- High or hidden fees. If you consistently see your rates spike, or you get confused about where your fees are coming from, it’s a sign you need to switch.
- Poor customer service. If you often find yourself caught in phone trees, waiting on hold, or completely forgotten about, consider a processor who’s easier to access.
- Expensive equipment leases. Leasing equipment sounds cheap at first, but it ends up being more costly in the long run. Always rent or purchase your equipment.
- Business growth. If your business has been steadily growing, it might be time to assess your current rates and equipment to see if your processor can grow with you — while still providing competitive rates.
- Auto-renewal contracts. It’s always good to know when your contract is about to come up for renewal. Some processors will auto-renew your contract and only give you 30 days to opt out.
- No liquidated damages clauses for early termination. Some processors, if you end your contract early, will charge you not only a cancellation fee, but also for the amount they would have made from you had the contract completed. Avoid processors with “liquidated damages” clauses.”
- No hardware flexibility. Look for a processor that can work with more than one type of point-of-sale equipment, one who wants the best fit for your business and isn’t just pushing a proprietary solution.
- No heart. We stand with independent business owners who believe in the American dream and are willing to work to chase it. Your processor should put purpose over profit.
