Learning • 5 min read

Questions To Ask Before Switching Provider

Ten questions every UK business should ask any new merchant services provider before signing.

The ten questions

1. Pricing model

Blended or Interchange Plus? What's the margin?

2. Contract length

How long, and what is the notice period?

3. Terminal hire

Is it separate? How long? What hardware?

4. Settlement timing

What's standard? Is faster available, and at what cost?

5. PCI compliance

What's the fee, and what's the non-compliance fee?

6. Authorisation fees

Per-transaction cost?

7. Monthly minimum

Is there one? At what level?

8. Auto-renewal

What happens at end of term if no action is taken?

9. Support

Phone hours, replacement terminal SLA?

10. Exit fees

Quantified, in writing, both contracts.

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Key takeaways

  • ●Always get pricing and exit terms in writing.
  • ●Don't sign on the day of the meeting. Sleep on it.

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