Valentine’s Day is a time for love, connection, and appreciating the important relationships in your life – and that includes your business relationships! While it might not be a romantic connection, a strong partnership with your payment processor is crucial to your business’s health. It’s not just about accepting cards; it’s about a partnership that should be easy, supportive, and help your business thrive. But sometimes, the connection just isn’t quite right, and it might be time to explore other options.
With Valentine’s Day approaching, ask yourself this important question: Does your payment processor love you? Or is it time to move on? In this article, we’ll explore some telltale signs that your payment processor might not be “the one” anymore.
The Silent Treatment: Is Your Processor Ghosting You?
Effective communication is the cornerstone of any good relationship, including the one with your payment processor. Are you getting the silent treatment when you need them most?
- Ghosting: Imagine this: it’s a busy Saturday and the POS system at your restaurant goes down. You try to contact your payment processor, but all you get is endless hold music or unanswered messages. There is nothing more frustrating than having an urgent question or concern about a transaction and being unable to reach anyone. If you frequently experience long wait times, automated menus that lead nowhere, and unanswered emails, your relationship is likely not in a good place. You deserve a payment partner that provides reliable, personal support – not a never-ending game of phone tag.
- Stranger Danger: When you are finally able to connect with a real person, do they have any idea who you are or what your business does? A good payment partner knows you, understands the specific needs of your business, and can quickly address your concerns. You should feel like a valued partner, not just a faceless account number. They should know how to best serve you – whether it’s quick problem-solving, proactive advice, or personalized attention.
- Radio Silence on Security and Savings: A loving payment processor proactively communicates with you. They offer tips on improving security, staying ahead of fraud trends, and strategies for reducing processing fees. If you’re not hearing from your payment processor about these important topics, it’s a major red flag. Your payment partner should be invested in your success and security, not just their own. They should be sharing their love by helping you protect your business.
Red Flags: The Warning Signs of a Bad Relationship
Beyond communication issues, there are other warning signs that your payment processor might not be the right fit.
- Mysterious Statements: Your credit card processing statement should be clear, concise, and easy to understand. If it is impossible to interpret or if you’re not receiving a statement at all, that is a red flag. You need to understand where your money is going, and a confusing processing statement makes that impossible.
- Sneaky Fees: Have you noticed new, unexplained fees popping up on your statements? Non-EMV Risk Assessment fees, PCI Non-Compliance fees, CE Suite, and other jargon-filled charges can be a sign of your processor trying to squeeze more money out of you without being transparent. You should question your processor about the fees. A loving payment partner will be upfront and honest about all of the fees that appear on your statement.
- PCI Compliance Paralysis: PCI compliance is essential for protecting your business and your customers. If your processor is not helping you navigate this complex landscape or, worse, isn’t even mentioning it, they’re not looking out for your best interests. A good partner supports your growth and protects you from risk.
- Mergers and Acquisitions: Has your processor been involved in a recent industry merger or acquisition? If so, you may have noticed a decline in customer service, changes in pricing, and a general sense of instability. Keep a close eye on how these changes may negatively affect your relationship with your payment processor.
Is it Time to Re-evaluate Your Relationship?
If any of these red flags resonate with you, it might be time to explore your options. You should be in a partnership that best serves you and your business. This Valentine’s Day don’t settle for a payment processor that doesn’t show you the love you deserve. A better partnership could be just around the corner – maybe even your perfect match!
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