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: Identify every agreement
Processing, terminal hire and software may have separate agreements. Identify the contracting parties, minimum periods, notice requirements and any cost of leaving. Include a planned overlap in the comparison if it is needed for testing.
Step 3: Give correct notice
Check the notice deadline and method for each agreement, then request written acknowledgement and a closure date. Terms vary, including fixed and rolling arrangements; do not assume that every missed deadline starts a new long contract.
Step 4: Onboard cleanly
Confirm approval, delivery, installation and integration steps with the new provider. Test payments, refunds, receipts and settlement before retiring the old setup. Agree a changeover time and fallback plan suitable for your trading hours; no switch should be presented as guaranteed downtime-free.
Step 5: Close down the old account
Ask each old provider for written confirmation of closure, any final bill and any obligations that continue, including refunds or disputes relating to earlier transactions. Reconcile old and new settlements and check for unexpected continuing charges.
Follow the equipment supplier's return instructions and deadline. Keep proof of dispatch and receipt, and confirm whether anything else is needed to close the equipment agreement.
Build the timeline around confirmed dates
| Stage | What to confirm |
|---|---|
| Review and written quote | Information needed, quote validity and complete charges |
| Application and agreement | Approval conditions and when commitments begin |
| Account setup | Provider-confirmed readiness and settlement destination |
| Equipment and integration | Delivery, installation, staff training and successful tests |
| Old-service notice | Acknowledged closure dates for every agreement |
| Changeover and follow-up | Fallback plan, settlement checks and final bills |
Key takeaways
- Compare total monthly cost, not headline rates.
- Check the merchant AND terminal contracts.
- Give notice in the exact format the contract specifies.
- Agree testing and a fallback plan, and reconcile settlements after switching.
- Return old hardware promptly to avoid replacement fees.
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