Is recent bank consolidation impacting merchant services for your business? Whether it is reduced services, changes in customer service or increased fees, we can guide you. This is happening across the industry and there are simple updates that you can make to improve your bottom line.
Verify the Terms
When a bank or a provider makes a change to their services, you may have the option to re-negotiate or update your account. You can refuse to accept the new terms. You can also make a switch – which is not always easy, but may be necessary.
Merchant Services Standards
It is important to review the merchant services standards you need compared to those provided. Sometimes when a platform shifts, you will have access to lower standards. In other cases, the services are improved. As your business evolves, be sure to address the needs you have today. What you may have agreed to two or three years ago, under contract, may not be what you want today.
Did you know? TransAct does not require contracts which is why we perform annual reviews. We want to proactively provide you with the tools, support, training and advice you need now.
Assess Payment Processing Fees
With mergers and acquisitions fees can change. Recent conversations with new clients brought to light fees they were charged after the bank consolidation process. These are just some of the items that changed in overall payment processing fees:
- Tech Fees
- New Percentage Ranges
- Statement Fees
- Support and Training Costs
- PCI Compliance Scans or Audits
While the migration may take a little while, most transitions to a new merchant services provider are worth the effort. Overall payment processing costs are what to look for in a new company. The solutions may also offer you improved support, better training, enhanced security and access to new tools. If this can also occur with less expense it is a win-win.
Questions Worth Asking
- Inquire about new fees – can these can be waived per the prior terms?
- Request a meeting to review the changes, can it happen this week?
- Ask to terminate the contract.
- What are the security protocols to protect my business?
- Is new equipment available for an upgrade?
If you do not get satisfactory answers, you should seek additional counsel in this area. Reach out to us to review your account. We can address the most important concerns you have and guide you to possible solutions. Schedule a one on one today. You do not have to live with the impact from bank consolidation if it changes your business.