It is coming up to the time of year when I require a large glass of wine before starting the unenviable process of reviewing the monthly credit card statements from the Christmas haul. Alongside the constant muttering of ‘how much’ underneath my breath, it shocks me (although it never really surprises me) how many hidden charges there are and the rates I am being charged. The frustration is often high, and that’s even before I get started on customer service; if God forbid, I need to speak to a real person.
As much as this is a painful experience, luckily, it is straightforward to process as it is my spending habits, and ultimately, if the credit card company infuriates me that much, it is quick and easy enough to head on over to a comparison website to find myself a new supplier.
So, when I speak to small business owners who have similar issues with their statements and payment provider, they have my total empathy, and I always remind them the same principle applies with switching merchants, you’re not tied down, and it’s quite a simple process.
But before you start furiously Googling to find the best deals, ask yourself if the following points apply to your business:
- You have a growing business, more transactions, higher bills
- You think you are paying more than you should
- You find the fees, charges statements challenging to understand
- Need to reduce costs to improve profit
- Your needs are changing & your current provider can’t keep up with you
- Your current provider is trying to lock you into a long-term contract
- You don’t feel supported or valued by your current provider
- Your current providers after-sales care are poor
- You are concerned about PCI compliance
If you answered ‘yes’ to most of the above, you would likely find a better deal. In addition, since the pandemic, consumer spending methods are much higher on cards than cash these days and because of this, there’s now a sizeable market for payments providers vying for business owners’ custom, meaning you could find yourself in a much more favourable deal.
On the one hand, this is excellent because you’ve got tons of options when searching for a new provider, which can mean you can (sometimes) negotiate more competitive prices. On the other hand, though, it can make it harder to know whom to choose when trying to make the best decisions for your future.
So, to switch providers for the betterment of your profits, you will need to watch out for these mistakes:
- Don’t ignore anything you might not understand
- Don’t rush to sign anything
- Don’t skim read the contract
- Don’t sign anything until you know timelines etc
- Make sure you know whom to call with questions etc. before signing
- Make sure you know of any exit fees from your current provider
Once you are happy with all this, you may obtain savings and have a payment solution that works for you and your business.
However, if this all feels confusing and is not your strong point, you can always engage my services to help support you through the process. I pride myself on finding the best possible deals for my clients, and all my 5-star reviews will confirm that I succeed in achieving savings.
I am happy to review your current merchant package and offer a viable cost-saving alternative with no obligations. It’s as simple as contacting me and providing copies of your most recent account statement to: carl@eabsolutions.co.uk
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