Have your Merchant Processing Statement Analyzed by using a Credit Card Processing Specialist, to give you a Cost- Benefit Analysis (Rate Comparison) on what your presently getting charged Verses what the New company will price you. The Agent must be able how much does it cost to start a credit card company to save you cash by way of decreasing your rates depending on what your present day charges are. Make sure that when you have any questions about your costs and the first-class way to manner cards, that it’s far explained to you thoroughly. This is the maximum crucial step of switching your Merchant Services.
Once you accept as true with the Discount Rates so that it will be charged to you and the Terms of the Contract, an Application for a New Merchant Account ought to be filled out. You have to provide the essential information of the Application so as on the way to be authorized. Along with the facts which you furnished for the Merchant Application, you need to offer: Copy of your Business License and a Voided Check on wherein you would like your finances deposited. It takes about 1-3 days to be accredited.
Now that your Account has been authorized, your Account Executive will contact you. In most instances your present day Point of Sale Equipment (Credit Card Machine) may be reprogrammed by using your New processor. Which way you DON’T have to get new device to trade your Processing Company. However, you have to have your terminal reprogrammed. At this factor both your agent will do the reprogram for you or stroll you via doing it your self. To download your equipment have to most effective take 20-30 minutes. This is the best time that you’ll no longer be capable of be given Bank Cards (Credit Cards, Debit,or ATM). So time table your down load at a time whilst your business is not busy.
Lastly, write a short letter of Cancellation for your current Credit Card Processing Company to make certain you do not get charged a month-to-month minimum and assertion charge. Ask your Agent if he/she has a pre-written one. The letter must include: Business Name, Merchant Number (Found in top nook of service provider statement), Name, and Signature of Owner. It need to really say to close account at once, to ensure no in addition prices are charged to Business Bank Account. AND THAT IS IT…
Note: Make certain you settle or batch your terminal prior to download. This will make certain that all the transactions up to the factor of down load are deposited into your Bank Account.