Signing with a payment processor is a consequential commitment. Switching later is expensive, disruptive, and time-consuming, so getting it right the first time matters. These are the 20 questions most merchants forget to ask, along with what a good answer looks like.
Questions About Pricing
1. What will appear on my monthly statement besides the transaction rate?
Why it matters: Monthly fees, batch fees, PCI fees, statement fees, and IRS reporting fees can add $50–$300+/month beyond the processing rate. Get a complete list before signing.
Good answer: A complete, itemized list of all fees. Alarm if they can’t or won’t provide this upfront.
2. Can you raise my processing rate after I sign?
Why it matters: Many contracts allow processors to change rates with 30 days’ notice. You could be locked in for years with no rate protection.
Good answer: Either a rate lock for the contract term, or a month-to-month arrangement where you can leave if rates change.
3. What is your early termination fee?
Why it matters: Multi-year contracts often carry $200–$500+ termination fees. Some use “liquidated damages” clauses that charge for estimated remaining profits.
Good answer: No early termination fee, or month-to-month terms that make it irrelevant.
4. What happens if my monthly volume falls below your minimum?
Why it matters: Monthly minimums mean you pay a floor even if your processing volume drops, common in seasonal businesses.
Good answer: No monthly minimum, or a clearly stated minimum well below your expected average monthly volume.
Questions About Authorization Rates
5. Who is the acquiring bank behind my merchant account?
Why it matters: Acquirer quality affects authorization rates. Direct acquirers like Adyen have better issuer relationships than intermediary acquirers.
Good answer: A named acquirer with direct Visa and Mastercard membership.
6. What is your average authorization rate for merchants like me?
Why it matters: A 2% higher authorization rate on $500K monthly volume is $10,000/month in recovered revenue.
Good answer: Specific data for your merchant category, not a vague assurance of “industry-leading” rates.
7. Do you support network tokenization for stored cards?
Why it matters: Network tokens auto-update when cards are reissued, preventing subscription failures and improving authorization rates on stored cards.
Good answer: Yes — Visa Token Service and Mastercard MDES, included at no additional cost.
Questions About Fraud and Risk
8. What fraud tools are included vs. extra cost?
Why it matters: Some processors charge separately for fraud screening, 3DS, or advanced rules configuration.
Good answer: Comprehensive fraud tools included in the base fee, not sold as add-ons.
9. What triggers an account hold or fund reserve on my account?
Why it matters: Many merchants discover hold policies only after a hold is placed, which can cause cash flow crises.
Good answer: Clear, documented reserve and hold policies with specific triggers and timelines.
10. What happens to my account if my chargeback rate temporarily spikes?
Why it matters: Volume spikes (promotions, seasonal), new product categories, or a single fraud wave can temporarily elevate chargeback rates.
Good answer: A documented process for account remediation rather than immediate termination.
Questions About Support
11. How do I reach someone at 11 PM on a Saturday when checkout breaks?
Why it matters: This is the real support test. Email-only support means you lose revenue while waiting for a business-hours response.
Good answer: 24/7 phone or live chat support for critical issues.
12. Will I have a named account manager?
Why it matters: Without a named contact, you’re a ticket number. An account manager who knows your business provides faster resolution and proactive support.
Good answer: A named account manager at your volume tier, with direct contact information.
Questions About Data and Switching
13. If I switch processors, can I take my stored card data with me?
Why it matters: Stored payment credentials (for subscriptions, returning customers) are one of the highest-switching-cost elements. If you can’t export tokens, customers must re-enter cards.
Good answer: Yes — stored tokens can be exported in a standard format compatible with other processors.
14. Who owns the transaction data I generate on your platform?
Why it matters: Transaction data has ongoing value, for customer analysis, fraud pattern identification, and regulatory compliance.
Good answer: You own your data, with full export rights and no data licensing clauses.
The Rest of the Essential 20
- What is your actual uptime over the past 12 months (not the SLA target)?
- Do you support 3D Secure 2 for eligible transactions?
- What is your settlement schedule, how many days from transaction to bank deposit?
- How are chargebacks notified and what is my deadline to respond?
- What PCI SAQ level would I need to complete with your integration?
- Are there any transaction categories or business types that would disqualify my account later?
ConvesioPay provides direct answers to all 20 of these questions, flat rate (2.9% + $0.30, no monthly fees), month-to-month terms, Adyen acquiring, 24/7 support, and full data portability.
Ready to get started? Learn more about ConvesioPay or view pricing.