Switching payment providers is easier than you think

Many business owners stay with a payment provider they're unhappy with because switching sounds like hard work. For most businesses, it isn't.

It starts with a short online application. You provide your business details, your ABN and a bank account for settlements. Approval often takes only a few days.

Your new terminal arrives by post, usually already set up. If you use a point-of-sale system, the terminal connects through an integration your POS already supports. Most major POS systems work with terminals from several providers. Once it's connected, the sale amount goes from your POS to the terminal automatically, so staff don't need to re-key amounts. Setup often takes under an hour, and most providers will talk you through it by phone.

You can run your old and new terminals side by side while you test. You don't need to close your old account until the new one is working properly.

Before you switch, check your current agreement for notice periods, exit fees and equipment-return terms. Allow two to four weeks from application to your first transaction.

For most businesses, deciding to switch is the hardest part