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CrossCheck Blog

Check Processing & Payments Information

Finding a New Payment Solutions Company When Yours Closes

Posted by Joe Gargiulo | Tue, Sep 13, 2016 @ 02:23 PM

payment solutionsAt one time or another, nearly everyone needs to deal with the closing of their favorite establishment or the discontinuation of a go-to product. The local pancake house goes under; the small manufacturer of an effective cleaning agent sells to a conglomerate that jacks up the price; or the producer of a soft drink changes its age-old formula. But what if the favorite product happens to be the payment solutions company that your organization has used for a number of years?

The short answer is “don’t panic and don’t jump on the first ship that passes by.” Now is the time to act quickly, but decisively. It's very possible that your replacement check processing company will be equipped with a silver lining that can increase profits.

Apples-to-Apples Payment Solutions

First, look for several payment solutions companies offering the same services as the one that closed — a short list of approximately five will represent a fair survey and comparison. This is the tire kicking portion of your search, though the urgency is ratcheted up beyond the stereotypical approach of shopping for, but not really buying, a car.

In all probability, the first volley of search will happen online. While visiting websites, view the drop-down menus of each provider for a quick overview of all services, including new ones that may not have been available when you first signed up with a check processing company. Also, your needs may have changed, thus demanding new premium services offering greater flexibility or scope.

Shopping for Price Versus Value

Next, look at the entire package offered by each competitor and don’t just shop for price. The old adage “you get what you pay for” certainly applies to payment solutions companies. With 34 years of related experience, our Sales department has heard every horror story known to the industry. What seems like a good deal today may turn out to be a lost cause within the very first month.

payment solutionsA quick checklist of considerations:

  • Look at the entire package of each company and the fine print
  • Look for value (i.e. price compared to services offered and how those services can help increase sales)
  • Inquire about the availability of customer service (CrossCheck has qualified people behind the phones around the clock, including the Fourth of July, Christmas Day and New Years Eve. In addition to Customer Service, we also have an Account Implementation department that helps merchants set up their accounts and a Retail Systems Support department that ensures smooth merchant operations by programming their existing equipment or shipping them digital imagers)
  • Response rate — how long does it take for each provider to respond to problems, claims and hundreds of other challenges encountered by merchants?

Final Checks

Like employment resumes, anyone can talk a good game, but checking merchant testimonials and industry affiliations is a great way to confirm your own research.

Finally, think of payment solutions in a new light. We like to describe it as “check processing made profitable” where our services help make sales that would otherwise not happen.

Download our free guide, "How to Choose a Check Service for Your Business," to learn how Check Verification, Check Guarantee, Remote Deposit Capture, and a fleet of premium programs such as Multiple Check, Check on Delivery or Stop Payment can provide increased profits and peace of mind at your company.

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Written by Joe Gargiulo

Marketing Specialist Joe Gargiulo has 25-plus years in marketing, communications and copy writing. As a writer, he enjoys connecting story leads to all aspects of the human experience.