After an initial set up many businesses need make system changes. Of course, after the decision is made, the goal is a smooth transition. Here are some steps to switch merchant services without downtime. We offer these quick tips and tricks to making the changes and not affect business operations.
Do Merchant Services Research
You may want to refer back to this post on a new system set up as many of these will still apply.
We have a wide variety of systems that serve retail, service and restaurant businesses. These can be used for transactions in-person, online or scheduled in advance.
Get Approvals Well In Advance
As a project team leader, your merchant services research helps guide your decision. Then, management or business owners also need to agree on the solution. After that…the provider(s) typically need to approve the new account.
We recommend having a written approval letter in hand before making the switch. This typically takes 2 to 3 days after the application. Things that can speed up the process is a complete application with all information the first time. Underwriting is a part of the process for approvals and will be a factor to consider.
Equipment and POS Upgrades
Consider the new equipment you may need and order this well in advance. This could include card readers, terminals, keypads and customer review screens. Supplies like receipt paper, order cards or tickets may also be needed, and can vary from one system to another.
Decide if you want to upgrade the capabilities of the system. For example, add integrations, incorporate inventory management and/or business intelligence reporting with a customizable dashboard.
Most equipment can be ordered and delivered in 3 to 7 business days. Set up, connections, software updates can be seamless or take a few more days. Training is also part of the process. Every team member should be trained in advance so there are no hiccups the day you decide to go live.
Best Timing to Change Merchant Services
If you set up your merchant services account with a bank, you may have a contract in place. These can be two to three years long and may seem difficult to cancel. Planning ahead and being ready to transition is in your best interests and can reduce the stress from making a change.
Typically, a merchant services account runs on a monthly basis. This can be from the 1st of the month to the last day, or on a recurring cycle from the date started. Knowing this date is important, as you may want to test the system in advance. Then, you can make the change over on the day you prefer, saving fees, and ensuring batch deposits and bank connectivity is working.
Collect Data and Communicate the Change
Gather all of your old statements, reports and account information. Download the history for your records. Inquire as to when you will receive annual reports and statements. Get everything in writing first. Then, you need to sign off and close out the old account. Until this is done, there may be ongoing fees assessed to your account even if there is no payment processing activity.
Get Merchant Services Questions Answered
Set up a one on one call with TransAct to go through your specific questions. You can plan ahead and be ready to transition when your old contract expires. It does not have to be complicated and simple solutions are available. Trust the process and lean on us to help.