payment processors: 5 money-saving questions to ask before signing up

Payment Processors – 5 Indispensable Money-Saving Questions To Ask Before Signing Up

As Chiropractors, accepting credit cards is an essential component of your operation. So if you’re shopping around for a new credit card processor, or just starting out, it’s important to partner with a company that understands your business and what you need to succeed.

Although it seems counter-intuitive, the way many businesses lose money is often in their attempt to collect it. Accepting credit cards doesn’t have to break the bank, and getting started should be an easy process.


Here are five questions to ask when looking for your ideal payment partner:

  1. Is there a long-term contract?

In a perfect world your processor would never charge you for canceling your contract, but a cancellation fee is often tacked on, unexpectedly. Before signing your merchant agreement, make sure you understand the terms. Many processors require a two-year (or longer) contract term and charge a cancellation fee anywhere from $200 to $500.


  1. What happens if I close the account before the contract term expires?

If you’re currently in a processing relationship with a contract term, you’ll more than likely be charged a fee when you cancel. This fee is often charged automatically. So make sure you read your contract and speak to your processor before you cancel your account. Sometimes there may be some wiggle room within the terms of the contract.


Still searching for a new credit card processor? Choose one that doesn’t charge a cancellation fee – or lets you negotiate the price of your cancellation.  Find one that understands that in business – as in life – sometimes things change.  There are several out there.  At we have had favorable experiences with a a company called PowerPay, who have told us, “You can cancel your account at any time without penalty by giving us written notice.”    That's definitely a plus and it makes it so much easier to consider them as it will be much easier if you happen to change your mind later.


  1. How long will it take for the funds from card transactions to reach my bank account?

Time is money. A processor that understands you need immediate access to your cash is one that truly supports you.  Before signing up, ask how long it takes your processor to transfer funds to your bank account. The average time frame is typically one to two business days. Anything longer than three business days is unacceptable. Asking this question before you sign on with a processor can save you valuable time – and money. We’ve all heard the horror stories about funds being frozen for weeks (even months) without notice and explanation.  Ahem.


  1. Is there a recurring billing option (if your business bills for products or services on an ongoing basis)?

Selecting a processor that offers a recurring billing option is very important, especially if you’re selling monthly subscriptions or repeat services. It’s a great way to capture easy revenue while saving time. Recurring billing should be simple and seamless and shouldn’t cost you an arm and a leg.  To learn more about how PowerPay helps merchants accept ongoing monthly payments, give them a call or click here.


  1. Do you offer dedicated service and support?

Knowing that your processor fully understands your business can give you peace of mind. Having a dedicated account manager who knows the ins and outs of your business and sales cycles ensures you always have a single point of contact – as in any beneficial partnership. Whether you’re running an eCommerce site or using a new point-of-sale terminal, questions are bound to come up. A first-class processing company is at your side, offering knowledge and the resources to support you and your growing business.

Above all, it's important to feel comfortable with the company you’re talking to and to find out if the business provides exemplary customer service. It’s not unusual to find that merchants who switch to PowerPay were being significantly overcharged by their original processing company, were tricked into outrageous fees or told they needed to lease their terminals or worse, never getting the customer service they signed up for. The knowledgeable (and friendly – BONUS!) team at PowerPay has been helping Chiropractors grow their business through payment processing for more than 10 years.

To learn more about how PowerPay is changing the way Chiropractors accept payments, click here.


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