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Don’t Hesitate to Switch Your Payments Platform Provider.

by uma
Editorial & Advertiser disclosure

 

You have a business to run. And nothing is more important than ensuring you do all you can to keep that business growing and operating as best as possible.

So if you are having issues with your payments provider—or you think you are not getting the optimum service you desire—you should not wait to look for another provider.

And here’s the good news: changing providers is not as complicated as you think. It takes just a couple of simple steps, which means there is no reason to wait.

 

There are good reasons to switch payments processing vendors, beginning with new technologies.

Let’s start with payment processing technology, including credit card and ACH (Automated Clearing House) payments. It has never been simpler, and more secure to process payments, thanks to all the innovations that have come on the market in recent years. Even better, the costs associated with these newer technologies are usually made up by the long-term savings and other efficiencies they create.

Simply put, if you rely on older technology, you are not doing yourself any favors. There are better alternatives out there, and you should look for them. When you do, look for solutions that provide an integrated platform that reduces the number of vendors you use today.

Consolidated reporting leads to better cash flow management.

Anyone with experience in accepting payments knows it generates a lot of bookkeeping. That’s because of all the checking and double-checking that goes on to make sure purchases match payments and payments match deposits. Unfortunately, all this accounting takes time—time that could be spent doing other things like concentrating on your growing business.

There’s an answer to this—cut down on all the paperwork by selecting a solution with a fully-integrated payments processing platform. That’s a platform that combines the payment gateway with the payment processor in one seamless solution. In such a platform, there are fewer touchpoints requiring less or just one vendor to process a payment from beginning to end. Fewer vendors mean fewer statements that need to be reconciled and fewer failure points.

An integrated platform can also support all sales channels you sell your products or services. The advantage to this is there is now no need for multiple merchant accounts. A single merchant account means you no longer receive multiple sales reports from all the various ways you accept payments.

Generally speaking, a fully-integrated payments platform can provide all the reconciliation data you need in one single robust report. Thanks to such consolidated reporting, you don’t need to mix and match sales to deposits. All your reports can now be in one place, making it simple to follow a sale from when payment is made to the exact point where a deposit lands in your account.

You deserve the very best support.

Sadly the processing industry is notorious for poor customer service and support. Too many providers seem to lose interest in their customers once a client has signed up for an account. If you’ve had a bad experience getting help from your processor or payments platform, then it is time to look for another solution.

Every business should expect the same support from their payments solution providers that you provide your very own customers. That starts with a dedicated service staff ready to answer any questions you have.

The important thing is to ensure the new payments platform you choose has your back long after the ink is dry on your new contract. This means selecting a solution who is committed to helping you in any way possible for the life of that contract.

Switching providers is easier than you might have thought.

Switching to a payments platform is a three-step process. Fortunately, all three steps happen simultaneously, so it’s much faster than you might have imagined.

The first step is an account review and anunderwriting process. During the underwriting process, a company will be asked about its business practices and an assessment is made to determine whether you are complying with card brand rules,state, and federal regulators.

The second step, is a review of how payments are processed today and which products and solutions will be used on the new payments platform is documented, along with any integration required. During this step, any stored information will be assessed, and a plan is built out to migrate the data to the new platform. Then a timetable is created for migration.

The third step is the start of the actual migration from an existing provider to the new platform. Once complete, training is provided, and you are on your way to experiencing a fully integrated-payments platform.

Pick a Payments Platform Partner that cares about your success as much as you do.

No doubt your business is important to you. You not only deserve a processor that cares about your success as much as you do, but you need a partner that provides the technology and expertise your business needs to efficiently and effortlessly grow.

About the author:

Penny Townsend serves as Chief Product Officer at Qualpay, a company which she Co-founded in 2014. With over twenty years of executive experience in the payments industry, Penny leads Qualpay’s business, marketing, product and operations strategies. A frequent speaker at industry events, Penny is passionate about empowering women and minorities, particularly in the payments industry and product management roles. Penny holds an MBA in E-Commerce and Telecommunications from the University of San Francisco.

 

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