Like any successful business, you want to hit the ultimate goals: increasing business, cutting operational costs and developing positive, long-lasting customer relationships.
If you’re considering changing payment providers in order to achieve these, there are a number of factors you’ll need to consider.
From analysing the current customer purchasing journey, to behind-the-scenes business operations, take a look at our top seven points for consideration to help determine which provider will be best suited to your needs.
When switching providers, you want to gain a full understanding of the system you are planning to integrate. As a business owner, you want helpful, reliable information from your provider on how to make the most of your payment processes. Having this knowledge will, in turn, enable you to provide the best quality support to your customers.
In most cases, a quality payments processing system will be available with human interaction in order to find out more information, settle disputes or for any issues requiring attention. Consider the level of support you would be looking for in your payments provider – a smaller, private service will often be better equipped to support you in ways that larger banks may not.
When switching providers, a smooth integration process is essential to minimise disruption times to your business. Do your research and ensure your preferred new payments provider will work with your current management software and website. If you’re using a third-party system, they may be able to combine payments into your existing platform.
As a business owner accepting any sort of electronic payment, you are responsible for the safekeeping of all private information received from your customers. If these responsibilities are neglected, this can wreak havoc on your business.
When considering which payments provider to go with, ensure they are compliant with PCI-DSS standards. This means adhering to a set of security standards mandated by the world’s major credit card brands and administered by the Payment Card Industry Security Standards Council.
4. Costs & Fees
Finding the right payments processor for your business requires you to first consider how you are currently selling your product or service, and how a third-party provider would change your path-to-purchase.
As a third party entity, payment processors come with certain costs and fees for services provided, which may impact on your current spend. Weigh up your options when considering providers to invest in. Long-term, the right provider will be able to increase business cash flow and help grow your business.
Continue reading the entire service provider checklist in our free eBook - Exploring Fraud, Security & the Future of Payments.