Switching card processing can lower what you pay, or it can lock you into a contract you regret. The difference usually comes down to what you asked before you signed.
Whether you run a restaurant in Brooklyn, an auto body shop in Queens or a retail store in South Florida, here are nine questions to ask any merchant services provider, including us.
1. "What will my effective rate be, based on my actual statement?"
A quoted rate may apply to only some of your transactions. Ask the provider to estimate your effective rate (total fees divided by total card sales) using a real statement from your business. If they won't look at your statement, that tells you something.
2. "Which pricing model is this, and why does it fit me?"
Tiered, flat rate, interchange-plus, cash discount and credit surcharge all work differently. A good provider should be able to explain in plain English why they're recommending one for your business, and what the trade-offs are.
If credit surcharging comes up, ask how it follows the rules. A surcharge is subject to card network rules and state law, it's capped, it isn't allowed in every state, and it can never be applied to debit or prepaid cards, even when they're run as credit. For more, see our guide to cash discount vs. credit surcharge.
3. "Can I see every fee in writing?"
Ask for a full list of every fee: per-transaction, monthly, annual, PCI, statement, batch, chargeback, and minimum monthly. Get it in writing before you sign. If a fee isn't written down, it's hard to hold anyone to it.
4. "How long is the contract, and what does it cost to leave?"
Check the term length, whether it renews automatically, and the early termination fee. Ask how much notice you need to give to cancel, and whether rates can change during the contract and with how much notice.
5. "Is the equipment leased, rented, or purchased?"
This one matters a lot. Some equipment leases are separate, non-cancellable contracts that can last years, even after you leave the processor. Ask:
- Who owns the equipment?
- What is the total cost over the life of the agreement?
- Can my current equipment be reprogrammed instead?
6. "When will my money hit my account?"
Deposit timing affects cash flow, especially for restaurants and retailers paying suppliers weekly, and for auto body shops covering parts on big jobs. Ask about the funding schedule, the batch cutoff time, and whether next-business-day deposits are available. Timing usually depends on approval and your account setup.
7. "How will this work for my type of business?"
Every industry has its own details:
- Restaurants: tips, tableside or handheld checkout, and online ordering.
- Auto body shops: large tickets, payments by phone, and invoices or text-to-pay for customers who aren't on site.
- Retail: fast checkout lines, inventory features in your POS, and accepting mobile wallets like Apple Pay and Google Pay.
A provider should ask about how you actually operate before recommending anything.
8. "Who do I call when something goes wrong?"
A terminal that goes down on a Friday night costs real money. Ask whether you'll have a direct contact or a general call center, what hours support is available, and how problems get escalated.
9. "Who actually provides my merchant account?"
Many companies that sell card processing, including Keepwell, are independent payments agencies, not banks or processors. That's normal. But you should know who the processor and sponsor bank are, because they appear in your agreement and on your statements.
A simple checklist for the meeting
Bring:
- Your last three processing statements
- Your current merchant agreement and any equipment lease
- A rough idea of your monthly card sales and average ticket size
- A list of the payment types you take (in-person, online, phone, invoice)
Curious what you pay now? Our savings calculator shows what card fees may be costing you, based on numbers you enter. It's free and takes a few minutes.
Open the savings calculator →How we approach it at Keepwell
We built Keepwell around these questions. Every fee and contract term is explained in writing before you sign. Most plans have no upfront setup cost. And you get one direct contact to call or email. We find the setup that fits your business. If your current setup is already a good deal, we'll tell you.
Want us to look at your statement? Upload it at keepwellpayments.com/upload for a free, no-obligation review, or call (347) 219-0212 (Mon–Fri, 9am–6pm ET).
Keepwell Payments, LLC is an independent payments agency, not a bank or payment processor. Each merchant account is set up with a payment processor we partner with and its sponsor bank, named in writing before you sign. Merchant accounts are subject to approval. Results vary by business. Programs must follow card network rules and applicable state law, and your pricing and every fee are confirmed in writing before you sign. This article is general information, not financial or legal advice.