Tips for switching merchant account providers

How to switch merchant accounts

Considering switching your merchant services provider but not sure where to start? You’re in the right place. Mainstream providers may seem like a simple solution, and sometimes are very suitable, but they have their disadvantages. High rates and fees – especially for businesses with a low turnover – and mid-contract price hikes mean businesses are often left paying over the odds.

Shopping around is worthwhile, but understanding which payment provider will best meet the needs of your business can be a daunting, complex and lengthy process.

There are a number of factors to consider before switching provider including any legal or contractual obligations, early exit fees as well as managing any disruption to your business during the changeover. You will also encounter a range of payment processing options, price structures, rates, fees and fraud screening tests. It can feel like a minefield, but all you really want to know is which service will offer the best value for your business and best experience for your customers.

At Merchant Advice Service we appreciate there isn’t a one size fits all solution and each business is unique. We work with you find the most suitable merchant payment plan – not just for now, but long term.

Our team of experts have detailed knowledge of the market and will be able to answer any questions you may have about switching. Whether your company is big or small or you’re looking for integrated payment solutions, virtual terminals, online payments, chip and pin, telephone payments, or a combination, we can help find the right deal for you.

Our mission is as straightforward as our approach: to provide payment solutions to suit your business – not the banks – in simple, no nonsense terms. Our advice is completely free of charge with absolutely no obligation.

Alongside our Brokers and Banks we will review your current merchant package and offer a viable alternative. It’s as simple as contacting us and providing copies of your most recent merchant account statement. We’ll do a free analysis of your current plan to see if we can save you money.

To benefit from our advice and to obtain quote simply submit a contact us form or give us a call.


How long will the process of changing my merchant account provider take?

Once you’ve filled out the form on our website we will be in touch within 24 hours (Mon-Fri) to discuss your requirements in more details. If you decide to make the switch the date you change is completely down to what suits you and your business – but we can work with you to determine this if you need some advice.


How much paperwork will I be required to complete?

We try to make the comparison process as simple as possible. There are a few things we require from you in the first instance, such as:

  1. Details and terms of your existing provider
  2. Type of business, length of time in operation and current turnover
  3. One month transactional statement
  4. Website address
  5. Monthly transaction rate

Once we have this we can deal with the paperwork on your behalf.

Am I eligible to switch?

Providing you have been trading online consistently for at least 6 months, incorporated in the UK and do not provide a prohibited product or service then you should be able to switch your current provider.

Call us if you have concerns about your eligibility to switch.


Will my credit score affect my eligibility to switch account?

Some providers may want to check your personal and business credit scores, if so, we will let you know before any credit checks are carried out. We would recommend that you check your current Experian credit report, you can download your 30 free day trial HERE.

What are the benefits of changing providers?

Merchant Advice Service aims to find the best deal for your business. You could save between 20%-40% on monthly card and online transactions if your payment provider is right for you. Some providers can tailor services to meet the needs of certain businesses or industry types and have auxiliary products that may be more suitable for your requirements.


Can I set the date to change over providers?

Yes. You are able to choose the date you would like change providers. We will work with you to make sure your end date with the current provider and your start date line up ensure there are no gaps in taking payments and disruption to your business is minimal.


Tips for switching providers following terminated contract

Sometimes changing merchant services provider isn’t your choice. If you have had your contract terminated then finding an alternative can seem stressful and overwhelming. Merchant Advice Service suggests using a Broker to assist in finding a solid payment solution. A good Broker will be able to understand the reason behind notice being served and the Banks who will accept your application following termination.


How can Merchant Advice Service help me?

With detailed knowledge of the whole market our fully impartial team of experts will review your current provider, compare services, then negotiate the most competitive merchant account and or gateway payment options for your business. 

We will explain the options, check the small print, identify any hidden fees and provide you with a breakdown of any charges, key rates and services all in simple, no nonsense terms.

The service is free of charge with no obligation.


Make a quick enquiry

Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.


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