Last year we changed our business entity and in January when we met with our business banker Ken, he informed us that we needed to get a new bank account. Being that he’s our business banker, and we tend to listen to everything he tells us, we followed through. That night, while laying in bed, I realized that I now had to change everything attached to that old bank account. Needless to say, I didn’t sleep that night.
Now as a business owner, this really shouldn’t have really peeved me for anything other than the inconvenience of updating everything, but then I sat there and thought about it. This change affects my bank account, which in turn affects my Merchant Services, which in turn affects how our clients pay us, which affects my business’s money, and as all business owners, affecting our business’s money is just a major headache.
Well, the headache only got worse! We use Chase PaymentTech to accept credit card payments. It’s wonderful because it’s tied to our bank account. However, it was tied to the old one, so Ken, our lovely business banker called them up with me one day and we had that updated. I figured life was good, I don’t have to worry about getting our money anymore and let’s just go make sure everyone else gets paid with the correct debit card, but no, I was wrong.
Apparently being able to accept American Express is even more of a pain then I thought. Granted, I love AmEx, the rewards are wonderful and I understand why lots of our clients like to pay with them. However, when I logged into our bank a week or two later, I noticed a discrepancy with our balances in the bank in comparison with our online billing manager. Needless to say, I had a heart attack at the state of our finances. I started freaking out wondering why some money seemed to be missing.
This is where I call Ken and proceed to have a heart attack over the phone with him. He checks everywhere and finds that the money was being deposited to our old bank account and I’m relieved because the money did not just decide to vanish into thin air (always a good thing!). We look into it further and realize all the American Express deposits go there and this is where I realize that apparently we (Ken, Payment Tech support guy, and I) overlooked when updating our bank accounts.
So I call up Payment Tech again and they tell me that I actually need to call American Express. I call them, and one guy tells me that I have to open a new account and he’ll start the paperwork and to wait for them to send me a confirmation in three days. I wait a week, and nothing. So I call American Express again and this time a lady tells me that I just need to give a new number to Payment Tech. I write down the number, call Payment Tech, give them new number and things seems all dandy.
Two weeks later, I log into my bank accounts and am confused. Apparently the numbers looked good but they still seemed off. Went to our old account and saw that it had more money in it than it should and see deposits from American Express. Well, clearly my triumph was short-lived and now I’m in the process of fixing this. Yay me.
The lesson of the story is, American Express is awesome for various reasons, but when wanting to change bank accounts, not so much. Changing bank accounts in general is fairly not awesome and I will refrain from doing so in the future.
Hope you learned from my experience. What are your experiences with changing Merchant Services and/or Bank Accounts?