Credit card processors have a lot of tricks to get you in the door. Unfortunately, there are also a whole lot of tricks that will keep you paying over and above what you could be getting from a more honest and aboveboard company. When you are brand-new in business, it’s very easy to get roped in, but if processing company that you use now is doing any of these, you need to look somewhere else.
- They can’t tell you what security standards they follow. Credit card processors should be adhering to PCI DSS standards to protect payment card information and customer data. If they can’t tell you that they follow these standards, then look elsewhere.
- You signed a contract at the beginning of your business relationship. However, renewing that contract is entirely up to you unless you signed up for automatic renewal. Find your original paperwork and dig out the contract term, and the start date. If you decide to terminate the contract you may be liable for a termination fee. If your contract is no longer valid you should be able to terminate the business relationship free and clear. If the company that you’re dealing with is unwilling to verify that you are no longer under contract or tries to say that you will still owe termination fees, you may need to reread that contract very carefully.
- If a processor that you are prospecting urges you to cancel your current account before contracting with them, they should be a huge red flag. Leaving you without processor you will have no choice but to do business with them. Keep your options open and cancel only when you have a firm replacement. Moreover, you will need to verify that your previous processor has actually canceled your account.
Go with the Higher Standard
When you are looking for a better partner in credit card processing companies, it pays to go with an open and transparent company. Look for one with a web presence, good reviews, and few complaints. The cost of doing business shouldn’t be cutting into your profits and hindering your growth. Choose a credit card processing company that treat you like a partner instead of a pocket.