Changing payment processors can be worthwhile, but the lowest advertised rate isn’t always the lowest total cost. Before you switch, ask these five questions.
1. What is my total effective processing cost?
Divide your total monthly processing fees by your card sales volume to get a useful starting point. Review the statement for transaction fees, monthly charges, and any other costs. Your actual mix of card types and payment methods matters.
2. How are transactions priced?
Interchange-plus, tiered, and other pricing arrangements work differently. Ask for a clear written explanation of how your most common transactions will be charged and what pass-through fees apply.
3. What equipment and software will I need?
Confirm whether your existing point-of-sale setup can be supported, whether a new terminal is needed, and whether equipment, gateway, reporting, invoicing, or payment-link services carry additional charges.
4. Are there contract or cancellation costs?
Ask about the contract term, any early termination fee, equipment lease, monthly minimum, PCI-related charges, and other recurring obligations. Compare the full terms—not just the headline rate.
5. How will the switch affect my business?
Discuss funding timing, online and in-person acceptance, recurring billing, support, and any transition work. Processing approval and equipment availability can depend on the business and underwriting.
Get a second look at your statement
Clear Choice Payments offers a free, no-obligation review to help businesses understand their current card-processing costs and compare available options. Savings are not guaranteed and depend on your current setup and the available program.
Request a free processing-statement analysis, or start merchant signup online. Accounts are subject to verification and underwriting.