With recent mergers and consolidations taking place, do you feel like you have freedom of choice in financial transactions for your business? We understand that the landscape is changing – whether it is a bank, provider or a software – you have options.
Recent conversations with clients have brought up two main concerns:
- the mergers of banks and providers
and
- consolidation of software platforms
These changes have resulted in less options, higher costs and new policies. All in all, they reduce your options and choice in financial transactions.
Mergers of Banks and Providers
When you choose a bank or technology provider for one reason or another, especially over another option, you made that decision based on certain factors. It could have been the support team, the location, services available, hours of operations, training resources or costs associated with your account. Perhaps it was because you were able to use equipment of your own choosing, rather than being required to lease or buy it from them.
Now that has changed.
What is your bank’s policy if there is a merger or an acquisition? Do you have options to cancel your account or agreements in place? What happens to the equipment that was required? Who will provide support and what is the timing on resolution of technical issues?
If anything has changed, you should be informed or able to easily find out.
Consolidation of Software Platforms
We have all been there. Software is rolled into another platform, or a larger app acquires a smaller one. Sometimes, they completely discontinue the services and you are forced to make a change with little to no notice. In other cases, the new terms and conditions will apply and you must accept or make a change.
If you were not planning on making a move, this is a disruption to you, your business, your team and potentially, your clients. You need to know what you can do with the current software. The features and services are what you wanted.
Are you able to continue to use it without ongoing support? Will it stop working altogether? When will these changes go into effect? What is the timing for a transition?
If you are looking to evaluate a choice in financial transactions and what options you have, please reach out. We offer a no obligation conversation – whether you are a client now, or just learning more. Schedule here today.
PS Here are just a few of the “news” headlines that are concerning our clients.
- Quakertown National Bank moves to Global Payment Systems
- Intuit raises fees on electronic payments from 1% to 1.75% with no cap
- Stripe seeks to acquire Paypal
- Global Payment Systems acquires Heartland
- Fiserv creates partnership for Clover and Tabit