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Switching Credit Card Processors? Everything You Need to Know

This shows a lightswitch

Samantha Chen

Research Lead

Switching processors doesn’t have to be a giant headache. In this guide, we’ll explore the steps required to switch credit card processors, as well as the benefits of choosing the right payment processing partner and how a credit card surcharge program works. With the right information and partner, you can confidently navigate the complexities of payment processing, ensuring your business thrives in the competitive Canadian market.

TL;DR: Guide to Switching Credit Card Processors

  1. Choose the Right Service Provider: Look for transparent pricing, comprehensive support, and future-proof technology. Consider the benefits of modern online payment solutions and weigh the pros and cons of renting vs. purchasing equipment
  2. Sign the Agreement: Review and sign the contract or agreement with your new merchant services provider, ensuring you understand all terms and conditions.
  3. Set Up Your Account: Work with your provider to set up your merchant account, including providing any necessary business and financial information.
  4. Integrate Payment Processing: Implement the payment processing system on your platforms (e.g., website, mobile app) with the help of the provider’s integration tools or API documentation.
  5. Test Transactions: Conduct test transactions to ensure the payment system works correctly across all payment methods and platforms you intend to use.
  6. Train Your Staff: Provide training for your staff on the new system, focusing on processing transactions, handling refunds, and troubleshooting common issues.

Looking For A Surcharge Program? Choose a Seamless Transition to Rescue Payments

Experience hassle-free onboarding, quick setup times, and support navigating early termination fees, making the switch to Rescue Payments straightforward

  • Step 1: Sign up with Rescue Payments (It’s Fast and Easy)
  • Step 2: Your equipment will delivery and be fully configured for your business.
  • Step 3: Review the information and items in the Rescue Kit. Connect your devices to the internet and start accepting payments.
  • Step 4: After you are comfortable using the new Rescue Terminal, call your previous provider to cancel your old (expensive) credit card processing solution.
  • Step 5: Run your new compliant surcharge program and add meaningful points back to your bottom line

And if for any reason……You no longer want to run or use a compliant surcharge program, reach out to Rescue and we will convert your account into a traditional payments platform. And the best part, we will meet or beat your previous rates. 

Understanding the Potential Savings and Benefits of Switching Credit Card Processors

The first step to making an informed decision is understanding the tangible benefits that come with switching your credit card processor. Beyond just the potential for reduced processing fees, switching can offer enhanced service quality, access to advanced technology, and flexible solutions tailored to your business needs. With the right partner, you can enjoy: a comprehensive audit of your payment systems, guiding you through the critical steps in switching your current merchant services.

  • Lower Credit Card Processing Fees: Reduce the costs associated with each transaction, potentially saving your business thousands of dollars annually by carefully selecting your payment processing services.
  • Advanced Payment Solutions: Access to state-of-the-art terminals and POS systems that support efficient business operations.
  • Improved Cash Flow: is often a direct result of optimizing your relationship with credit card processing companies and enhancing payment efficiency. Features like next business day funding can significantly improve your business’s liquidity.
  • Comprehensive Support: A partner that offers round-the-clock support can drastically reduce downtime and keep your operations running smoothly.
  • A fully compliant Surcharge Program: Go fee-free or near fee-free with a Rescue surcharge program that helps put your hard-earned dollars back in your pocket, offering an alternative to traditional credit card processing companies.

Recognizing the Signs That It’s Time to Consider a New Merchant Service Provider

Knowing when to make the switch is just as important as knowing why. Several indicators suggest it might be time to explore new merchant service providers, especially one that supports credit card surcharge programs:

  • High Processing Fees: If your current fees are cutting deeply into your profit margins, it’s time to look for a more competitive offer.
  • Lack of Support: Experiencing slow response times or inadequate support can hinder your business operations.
  • Inadequate Technology: If your current equipment doesn’t support modern payment methods like contactless payments, email and text receipts, online solutions, and omni-channel payment options, you’re likely falling behind the competition.
  • No Surcharge Option: Not having the option to implement a credit card surcharge program means you’re absorbing costs that could be passed on to customers choosing to pay with credit.

How Rescue Payments Simplifies the Transition and Enhances Business Operations

Choosing to switch to Rescue Payments as your new provider means not just addressing the above concerns but also enhancing your overall business operations. Here’s how Rescue Payments stands out:

  • Seamless Transition: Rescue Payments makes the switch effortless, with a dedicated team to guide you through every step, ensuring minimal disruption to your business. Simply complete our sign-up process and you will be well on your way to getting a Rescue Terminal.
  • Customized Solutions: Whether you need a sophisticated POS system or a simple payment terminal, Rescue Payments offers solutions tailored to your business requirements, distinguishing itself from other payment processing services.
  • Devices Configured and Shipped Right to Your Door: Once the on-boarding process is complete, we configure your devices before they leave our service department. You simply connect your units to the internet and you can start accepting payments right away.
  • Once You’re happy with your new device: Simply call into your current processor and notify them that you are cancelling. They will provide you with instructions on returning your old equipment. A cancellation fee may apply, but this is traditionally a nominal amount (Free to $500) vs the savings you would see with a new surcharge system.

Switching your credit card processor to one that better meets your business’s needs can be a transformative decision. With Rescue Payments, you’re not just choosing a service provider; you’re choosing a partner committed to your success.

Choosing the Right Service Provider for Your Business

In the sea of credit card processors, finding the one that fits your business like a glove can be challenging. However, the effort is worth it. The right processor not only handles transactions but also propels your business forward by enhancing operational efficiency and customer satisfaction. Let’s break down the key considerations to help you navigate this decision.

Online Payment Solutions and New Equipment that support Surcharge

The shift towards digital commerce is undeniable. To stay competitive and meet your customers where they are, consider these factors:

  • Robust Online Payment Gateway: A seamless, secure online payment experience is crucial for capturing and retaining e-commerce sales. Ensure the processor offers an integrated solution that fits your website or platform.
  • Modern, Versatile Equipment: Today’s POS systems do more than process payments—they manage inventory, track sales, and even support loyalty programs. Upgrading to new equipment can significantly enhance your in-store and online customer experience.

Rent vs. Purchase: Making the Right Decision for New Equipment

Deciding whether to rent or purchase your payment processing equipment is a significant decision. Here are some pros and cons to consider:

  • Renting:
    • Pros: Lower upfront costs, regular updates and FREE replacements, and includes maintenance and support.
    • Cons: Higher long-term costs.
  • Purchasing:
    • Pros: Full ownership, no ongoing rental fees, and typically more cost-effective over time.
    • Cons: Higher initial investment and responsibility for maintenance and updates. Devices manufactures only provide 12 month warranties. If it breaks after 12 months, you have to repurchase.

Your choice will depend on your business’s financial situation, growth stage, and how quickly you anticipate your needs evolving. For many small and medium-sized businesses, renting can be a way to access the latest technology without a hefty upfront investment. However, purchasing can be more economical in the long run for established businesses with stable needs

A common concern for businesses considering a switch is the potential cost of early termination fees (ETFs) associated with leaving their current provider. Rescue Payments offers strategies and support to help mitigate these concerns:

  • Contract Review and Advice: Our team can help review your current contract to understand any obligations or ETFs that may exist, offering advice on the best strategies to minimize these costs.
  • Negotiation Support: In some cases, we can offer support and advice on negotiating with your current provider, potentially reducing or waiving ETFs.
  • Cost-Benefit Analysis: We’ll help you perform a detailed cost-benefit analysis, demonstrating how the savings and benefits of switching to Rescue Payments can outweigh any initial costs associated with ETFs.

Switching to Rescue Payments is designed to be a positive step forward for your business, with minimal disruption and maximum benefit. Our goal is to make the transition as smooth and beneficial as possible, allowing you to enjoy lower fees, better service, and a partner that truly supports your business growth.

Lower Credit Card Processing Fees with Surcharge and Transparent Pricing on Traditional Payments

Rescue Payments is dedicated to providing competitive rates that make financial sense for your business. Here’s how we stand out:

  • Surcharge Program: Our compliant surcharge program allows businesses to pass the cost of credit card transactions directly to customers who choose to pay with credit, potentially reducing your processing fees to zero for those transactions.
  • Transparent Pricing: We believe in transparency, which means you’ll always know exactly what you’re paying for. Our pricing structure for traditional payments is straightforward, with no hidden fees, ensuring you can budget and plan with accuracy. If for any reason you want to switch your surcharge account to a traditional one, we will meet or beat your previous rates! WIN-WIN!

24/7 Support and White Glove Service

At Rescue Payments, we’re not just a service provider; we’re a partner in your business’s success:

  • Round-the-Clock Support: Our dedicated support team is available 24/7 to ensure your operations run smoothly at all times. Whether you have a question or need assistance, we’re here to help.
  • White Glove Service: We go above and beyond to ensure your satisfaction, offering personalized service and attention to detail at every step. From onboarding to daily operations, we’re committed to providing an exceptional experience.

Switching to Rescue Payments means more than just changing your payment processor. It’s about upgrading to a partner that supports your growth, understands your needs, and offers a suite of services designed to make your business thrive. With competitive rates, improved cash flow, comprehensive payment solutions, and unparalleled support, Rescue Payments is the smart choice for Canadian small and medium-sized businesses looking to excel.

Want advice on setting up a surcharge program?

We host weekly live trainings teaching you how to get the most out of your surcharge program, and if you want to get learning right now, you can download our Surcharge Canada Guide.

Download the Surcharge Canada Guide
Surcharge Canada Guide