Did you know that a staggering 20% of small businesses fail every single year? And due to the impact of Covid, lockdowns and the pandemic, that number is expected to rise. The idea of small businesses closing is one that keeps their owners up at night, but if you want to avoid this fate, then you need to ensure you're keeping up with your competitors at every turn.
Running a business means you need to be able to accept card payments in a streamlined and secure manner. Unfortunately, if your merchant services provider isn't providing you with the services your business needs to survive, then it might be time to take a look at what else is available on the merchant services account market. After all, wouldn't you prefer to shop at the store that makes shopping quick and easy?
Let's explore some tell-tale signs that it's time to switch your merchant services provider.
You're Telling Customers You Can't Accept Their Payments
If you're having to turn customers away or break the news that you can't accept the type of payment they're trying to give you, then it might be time to update your merchant provider. If you're able to accept a variety of payments including debit and credit cards, gift cards and device payments such as Apple Pay and Samsung Pay, then the happier your customers will be and the more accessible your products will become to a wider audience.
Their Customer Service Leaves A Lot To Be Desired
If there's an issue with your system and you reach out to their customer service team, is your problem resolved as quickly as possible? Or are you blocked at every turn? Is it easy for you to have your questions answered and how simple is it for you to talk to a real person? If the idea of reaching out to the customer services team fills you with dread, then it's time to look elsewhere for a merchant services provider who wants to work with you and is happy to resolve any issues you have.
Payment Processing is Unreliable
If payment processing is slow and then unreliable then your merchant services provider is essentially holding you back. If your authorisation network has a habit of going down at regular intervals, then you're already losing revenue due to something that you can rectify by switching providers. Of course, all providers falter occasionally, however it's how your merchant services provider responds to these outages that matters the most.
You're Paying Over The Odds
Are you paying too much for your merchant services? Rates should either be flexible or share a low, standard rate that is easy to manage. Your merchant services provider should be working hard to keep your transaction costs as low as possible and to keep your business in profit. If you're paying over the odds for your current merchant services provider, it's time to look elsewhere.
Do any of these scenarios sound familiar? Start your search for a supportive and pragmatic merchant services provider as soon as possible.