Maybe you need to see other processors.
It happens. We fall out of love. There can be many reasons for this, especially in the case of payment processors.
Maybe you don't like the rates you are paying. Or you think you can get better service. Or you want more advanced features. But whatever it is, you aren't wrong to feel like you need a change.
Breaking up doesn't have to be hard to do—three steps to a successful separation.
Some say breaking up is hard, but it doesn't have to be when it comes to your payment processing provider. It can be as seamless and hassle-free as you hope it will be.
The first step is knowing exactly why you want to leave your current provider. This starts with an honest assessment of where you are and where you want to go.
Ask yourself: Are you truly happy with the way things are? Are you experiencing pain points? For example, are you dissatisfied with the support you recieve? Or maybe you find that the reporting tools you use do not match your accounting needs.
Here is the moment when you should make a list of features you must have as well those you wish to have. Don't deny yourself the things that will make you feel better about your payments system. Maybe it's more efficient support. Or better integrated reporting. Remember, this is the time to put your needs first.
Also, take a close look at how your current contract is structured. If you haven't done it before, now is the time to become familiar with things in your payments provider relationship that you never paid much attention to, like termination fees, the length of your contract, and notice periods. These will all be crucial as you move forward.
Step 2—What to look for in a new partner.
When it comes to payment providers, there are many suitors to choose from. They all make promises, but who can deliver what you specifically require from a new partner?
Before you make any new commitments, look as closely as possible at what you are getting into. That means getting straight answers to important questions. Does the provider offer transparent pricing with no hidden fees? Does the provider provide excellent customer service with onboarding assistance? Does the provider offer a simplified and fully integrated reporting? And does the provider support seamless integration with your existing business systems?
And don't lose focus on why you first decided to leave your current provider. Will the new provider help you save money? Will checkouts be easier for your customers? Will you have access to better features, especially as technology changes and advances? Security is essential too. Does the new provider offer the latest protection against fraud and data breaches as well as features like tonkenization?
Due diligence is necessary here. This is a new chapter in your business life that will greatly impact your company's long-term success. You want to give it all the careful consideration it deserves.
Taking the final leap doesn't have to be scary.
Step three in moving on to a new payments provider relationship involves maintaining your business continuity and customer satisfaction. It begins with setting up your new system with your new provider. Your new provider should have a dedicated support team to make this process as easy for you as possible and with minimal disruptions to your operations.
During the setup process, you will need to provide your business details for underwriting and approval. The provider will assist you in facilitating the token transfer to ensure that the migration goes smoothly. Once the new payment solutions are integrated into all your payment acceptance methods, a test run must be done to verify that everything is working properly.
Once you are ready to go, you will want to notify your old provider. You'll also need to update all the payment information involving your payment gateway or processor regarding your e-commerce platform, your point-of-sale capabilities and your accounting software.
Of course, you will want to notify your customers about this change, particularly how it might affect subscriptions or recurring billing.
Then, for the first few days, you will want to monitor live transactions to catch any early issues.
Listen to your heart, listen to your gut, listen to your new provider's support team.
With the right support, you should be able to switch providers with little to no downtime. The important thing is for you to be comfortable doing what you believe is best for your business. Does it feel like further success is in the air? Then go for it—with a new payments provider.
Learn more about switching payment providers, or take our Savings Challenge to get started.
