While many credit unions consider changing their merchant account provider, confusion over how to go about it can delay them from making the switch. Hidden charges, high fees, lack of customer support, and processing difficulties are all reasons cited by credit unions for wanting to make a change in provider. But, they also worry about how to guarantee they are not making another costly mistake. This, therefore, can result in a lack of action. There are many providers of card services for credit union clients these days, and the marketplace is very competitive. However, caution is key when changing providers and there are a number of details to check before switching.
Check for A Renewed Contract First
When your credit union registered with your merchant account provider, you may well have signed a contract. This could have been for a set time period, and, once that period is up, the contract then rolls onto a monthly structure. Alternatively, the contract could be automatically renewed, and, therefore, failure to contact the current service provider within a set timeframe to tell it you no longer require its services means that a fee could be incurred for terminating the contract early.
Do You Own the Credit Card or POS Terminal?
Before making the switch to a new provider, you must determine whether your credit union owns or only leases the credit card terminal and POS equipment that you have been using. If it was provided by the company free of charge, it is likely that it will need to be returned and, if it is not, the processing company probably will charge a higher price for the terminal than it is worth.
Verify the New Provider’s Rates
A key step to take before switching is to call your chosen provider to ask it about its service, including the installation process, rates, and fees. There may be new equipment to learn how to use and it is important to know how it can be used properly.
Check That the New Provider Offers A Higher Level of Service
You shouldn’t just switch your credit union merchant account services without being certain that you’ll be getting a better deal. Make sure that your chosen provider has something unique, different, and better to offer that makes it worth your while. A high-quality payment processor for a credit union will always offer cost-effective rates, as well as fully secure and compliant systems. It will also ensure that the relationship between the credit union and its members is effectively strengthened through a service that is reliable and user-friendly.
BillingTree’s payment processing systems for credit unions are designed to accommodate the needs of financial providers with real-time authorizations, flexible capabilities, and mobile and online processing that facilitates the receipt of payments. Fully QA and functionality tested and entirely complaint with all the current regulations, BillingTree’s solution for credit unions provides outstanding value.
Make the Change
Once you have determined that your chosen provider of card services offers a significantly better deal and level of service than your existing provider, you can go right ahead and make the change. The process is quick and simple and will make sure you get better value while boosting your member relations.
Because BillingTree has been in the industry for more than a decade, we have extensive experience in providing card services for credit union clients and have deployed our payment solutions successfully thousands of times for your peace of mind. When your credit union needs a reliable card service provider, you do not need to look any further.