Member Article

10 reasons to switch your payments processor

It has been well reported that businesses are very hesitant to switch banking providers, let alone their payment processor that provides online credit and debit card acceptance facilities. Given how complicated many banks make it, who can blame them?

To help businesses demystify the process of switching their payments processor, CashFlows has compiled 10 good reasons to prove why being a switcher could be good for your business.

Price can be negotiated: Even though you may think your current payments processor is offering you the best rates, January is a great time to research an alternative supplier. Many providers will be offering introductory offers to encourage you to switch. Even if you aren’t contemplating switching you should still contact your current provider to see if you can negotiate your current rates or if they can offer any additional services.

Remittance terms: Getting paid quickly is paramount to a business, therefore considering whether you are getting the best remittance terms from your current provider is a must. Remittance terms vary dramatically depending upon the provider and the type of business you are. So if your business’s current provider pays your funds daily 10 days in arrears, seek out a provider who pays 7 days in arrears, thus greatly improving your cash flow.

Integrated services: When researching into alternative providers an important factor to consider is whether they offer an integrated service. By having an integrated service it will save you valuable time when reconciling your accounts and will crucially give you more access and control over your cash flow.

Switch and Save: There are many ways you can save money by switching provider. This can be with reduced monthly fees, reduced transaction and gateway fees, reduced or waived point of sale monthly fees, or in having an integrated solution that will save you money through aggregating services.

Solutions that grow with your business: Many providers offer bundled packages that can include e-commerce payment processing services, a Virtual Terminal and e-invoicing. To ensure you are getting all the e-commerce services you need to support your business, research the providers that offer these bundled packages as they will save you time, money and hassle.

Offers galore: When looking to switch your e-commerce payments processing, most providers will be able to offer you a compelling introductory offer. Ensure that you know all the costs once the introductory offer ends and that the ongoing fees at least match your current provider.

Switching support: When you decide to switch, look out for providers with a dedicated switching team to guide you through the process and assist with any integration required.

Customer service matters: You should expect no less than first-class service and some providers excel in putting their customers first. This can include bespoke technical support, regular communication on product and service updates, listening and acting on comments on services and how it can be improved.

Reliability of service: Disruptions and gaps in your card processing service are not only very frustrating but can also lose your business vital revenue. All providers have some down time, however if your provider is notorious for intermittent service, it may be time to change.

Terms of service: The needs of a business can be complex and it is important that your e-commerce provider can accommodate them. Look around for alternative providers that offer you better terms including requiring a lower reserve amount from your business or a shorter-term contract that doesn’t have high penalties for early cancellation.

This was posted in Bdaily's Members' News section by CashFlows .