Switching processors comes down to five checks before you move: your contract, your equipment, your software, your stored cards and online checkout, and your timing.
1. Read your current contract
- Term and auto-renewal. Many agreements renew automatically unless you cancel in a set window.
- Early termination fee. Find out what leaving costs before you decide, so it can be weighed against what you'd save. Some contracts charge "liquidated damages" instead, meaning the estimated fees for the rest of the term, which can cost far more than a flat fee.
- Notice. Most agreements require cancellation in writing.
2. Check your equipment
Do you own your terminals, or are they leased? An equipment lease is often a separate agreement with a leasing company, and canceling your processing does not cancel the lease. If you own the hardware, ask whether it can be reprogrammed for a new processor.
3. Check your software
Some POS systems bundle the register with the processing, so the software only works with their own processor. If your system is locked, the switch includes a replacement, and that should be planned before anything changes. If it isn't locked, you may be able to keep the register your staff already knows.
4. Check recurring payments and online checkout
If you keep cards on file for memberships or payment plans, ask how those stored cards move. Some processors will transfer them securely to the new account and some won't, in which case customers re-enter their card. Online checkout and invoicing also need to point at the new account.
5. Pick a date and overlap
- Get the new account approved and the equipment set up first.
- Run a test sale and confirm the deposit reaches your bank.
- Switch on a set date, then close the old account in writing once your final deposits have landed. Refunds and chargebacks on older sales still go through the old account, so plan for them before you close it.
- Watch the next statement or two from the old processor for final fees.
What to have ready
Your last 2 full monthly statements, every page, from every location, plus a list of your current equipment and your contract if you have one.
Who does what
When you move to ClearCost Payments, the work splits like this.
What you handle
- Your current contract and any early termination fee.
- Any equipment lease you signed.
- Closing the old account, in writing, once the new one is running.
What we handle
- Your Free Rate Analysis.
- The new merchant account.
- Equipment matched to how you sell.
- Setup and training.
We don't cancel your old account or deal with your old processor for you. That part stays with you.
How we handle it
At ClearCost Payments the processing agreement we set up is month-to-month, with no cancellation fee. We sort out hardware and payout timing first, so the switch happens on a set date and you keep selling. Start with a Free Rate Analysis to see whether a switch is worth it. Leaving a flat-rate provider? See how to switch from Square or Stripe.
This guide is general information, not legal or financial advice. Card-brand rules and state laws change, so check the current rules for your business.