Updating Your Checking Account with Merchant Services
If you have recently opened a new checking account and you want to update your merchant services provider, simply follow these easy steps:
1) Contact your processor and tell them you need to update your checking account information. If you don’t remember the processor’s name or phone number, it’s not a problem. You should be receiving a statement each month via mail or email that lists all of the transactions you processed and fees you paid for the previous month. The name and phone number of your merchant services provider should be on that statement.
2) Your processor will probably send you a form that you need to sign requesting the checking account change. You’ll most likely be required to fax or email back a copy of a voided check from your new account along with the signed request form.
3) In order to update your checking account with your processor, you’re going to need a copy of a new check, with your business name printed on it. Most processors will not accept starter checks but will accept a letter from your bank as a substitute. If you can’t wait for your printed checks to arrive, get a letter from your bank. The letter should be typed on bank letterhead, signed by a bank representative, and confirm the following information: business name on account, account and routing numbers. Most processors will tell you the update will take 3-4 business days. If you don’t see funds settling into the new account within a week, give them a follow up call.
4) If you’re an ecommerce merchant or if you use a payment gateway as part of your credit card processing solution, be sure to update your payment gateway as well. Most processors will not do this for you as the gateway is usually provided by a third party like Authorize Net. Most payment gateways will allow you to update the gateway billing information yourself just by logging into your account. Contact your specific gateway provider for more information.
