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.
Unsure what these charges mean on your own statement? Submit it for a free independent review.
Start free reviewStep 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.
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.