Step 1: Confirm the case for switching
Never switch on headline rate alone. Confirm the total monthly cost difference across transaction fees, terminal rental, PCI, minimums and gateway fees, using a like-for-like statement comparison.
Step 2: Check both contracts
Most UK merchants have two contracts: the merchant agreement and a separate terminal hire agreement. Both need to end (or overlap cleanly) or you'll pay double.
Step 3: Give correct notice
Most contracts require 30 to 90 days' written notice, sent via the format specified in the agreement. Missing the notice window auto-renews the contract.
Step 4: Onboard cleanly
Order the new terminal in advance, run parallel for a day if possible, then switch over out of hours. Watch settlement for the first two weeks to confirm nothing is being paid to the old account.
Step 5: Close down the old account
Confirm in writing that the old merchant account is closed, PCI fees are cancelled, and terminal hire has ended. Ask for a final statement.
Return old hardware within the timeframe stated in the contract; failure to return can trigger a hardware replacement fee of £150-£300.
Typical timeline
| Stage | Duration |
|---|---|
| Statement review and quotes | 1-2 weeks |
| Contract signed with new provider | Same day |
| Underwriting and account setup | 3-10 working days |
| Terminal delivery and configuration | 3-5 working days |
| Notice period on old contract | 30-90 days |
| Final switch-over and monitoring | 2 weeks post go-live |
Key takeaways
- Compare total monthly cost, not headline rates.
- Check the merchant AND terminal contracts.
- Give notice in the exact format the contract specifies.
- Run parallel briefly and monitor settlement after switching.
- Return old hardware promptly to avoid replacement fees.
Want to understand what you are actually paying?
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