Important Steps for Merchants in Dealing with Unexpected Card Scheme Closure

May 17, 2023

Ori Levy

Head of Business Development

As a merchant, encountering unexpected closures of activities with your payment service provider (PSP) can be a challenging situation. However, it is crucial to take immediate action to minimize disruptions to your business operations and maintain a seamless payment experience for your customers. In this blog post, we will outline the necessary steps you should follow if you find yourself in such a predicament.

1. Contact Your PSP

The first step is to reach out to your PSP without delay. Establish clear communication to understand the situation and gather all relevant information. This step will help you gauge the impact on your payment processing capabilities and determine the necessary course of action.

2. Assess Alternative Solutions

While dealing with the closure of your current PSP, it’s important to research and identify alternative providers that align with your business requirements. Look for reliable PSPs that offer robust security measures, strong support, and efficient payment processing services. This careful assessment will help you make an informed decision and choose a PSP that best suits your needs.

3. Transition Smoothly

Once you have selected a new PSP, it is crucial to work closely with them to ensure a seamless transition. This involves setting up new accounts, integrating payment gateways, and updating your website or platform. By taking these steps, you can ensure uninterrupted payment processing and minimize any inconvenience caused to your customers.

4. Notify Customers

Transparent and timely communication with your customers is essential during this transition period. Notify them about the situation, emphasizing that the change will not affect their ability to make purchases. Provide clear instructions on any necessary changes they may need to make, such as updating saved payment methods. Keeping your customers informed will help maintain their trust and confidence in your business.

5. Review Contracts and Agreements

Take the time to review the termination clauses and legal aspects of your agreement with the previous PSP. If needed, seek legal counsel to protect your rights and mitigate potential losses. Understanding your rights and obligations will enable you to navigate the situation effectively and safeguard your business interests.

Conclusion

Encountering unexpected closures with your PSP can be a daunting experience for any merchant. However, by acting swiftly and proactively, you can minimize disruptions and ensure a seamless payment experience for your customers. Remember to reach out to your PSP, assess alternative solutions, transition smoothly, notify customers, and review contracts and agreements. By following these steps, you will be better equipped to navigate such challenges and safeguard your business.

If you have any additional questions or concerns, or if you would like to take advantage of our consultation services, please don’t hesitate to reach out to us using the contact form below. We are here to assist you.