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5 Signs You Need to Switch Payment Providers

Brittany Aamodt

5 Signs You Need to Switch Payment Providers

 

 

Doing the research to find a new payments processer is often overwhelming for business owners. You’re already bombarded with daily business decisions and going through the hassle of finding a different payments company is probably on the bottom of your list. After all, how do you know if you’ll even find a better option than the one you currently have? To make the process easier, here’s a list of 5 indicators that you need to make the switch.

 

1. Bad Customer Service

 Bad customer service is the achilleas heal of the payments processing industry. You may have the best deal in town, but if you can’t get a hold of customer service for unexpected problems that arise, it could be detrimental to your business. You need a team that not only answers the phone when you call but can immediately respond to issues without forcing you to listen to hold music for hours on end. Your business has to be agile and quick to respond to customer needs, and your payments processor should be the same. The last thing you need is to be constantly sent to voicemail or bear the frustration of slow response time to the emergencies that could keep your business from running smoothly.

 

2. Problems Receiving Money

Cash flow is crucial to operating a successful business venture, regardless of your industry. Problems receiving money from your payments processor is like getting a wrench stuck in a well-oiled machine. When customers run a transaction, you need money in your account right away. Taking weeks or months to transfer funds from one account to the other causes major cash flow issues and complicates accounting records. Find a processor that has a track record of smoothly transferring funds on time and bypass any unnecessary frustration.

 

3, Technical Difficulties

Chances are you either run your company online or have eCommerce aspects that bring in a lot of business. Technical difficulties running online transactions is another huge frustration and can end up costing you a lot of money. The name of the game is speed and people want the convenience of purchasing goods or services from the comfort of their home with no delay. You can easily lose a customer’s business if they encounter problems with their online transaction, and they are more likely to abandon their purchase than to wait for a solution. The best way to counter this issue is to partner with a processor that has a robust payment gateway you can rely on 24/7.

 

4. Outdated Equipment

In tandem with online technical difficulties is the frustration of being stuck with outdated equipment in your store. You need equipment that has the latest technology features and can handle the volume of business you run each day. A software crash in the middle of running a payment puts you in an uncomfortable situation with both the customer and your employees who are ill-equipped to fix the problem. In addition, having the capacity to run EMV chip and contactless payments will keep you ahead of the curve as well as maintain customer satisfaction.

 

5. Paying Excessive Fees

 The final thing you should evaluate is whether or not you’re paying excessive fees. Take a look at the payment structure of your processing company and find out if you’re on a tiered, flat rate, or interchange-plus plan. Chances are if you’re on a tiered or flat rate pricing structure, you’re paying too much. Processors do not hesitate to take advantage of their customers and will rack up fees to their own advantage. Do a little digging to find out if you are paying more than you should, and read all about the different pricing models in our recent blog article.

 

Switching processors is not a waste of time, but rather a smarter use of your time. If reading through the above list triggered any pain points with your current situation, it’s time to make a change that benefits the growth and health of your business. The right payments company will be your greatest asset, not a hindrance. Not to mention the amount of stress that will lift off your shoulders knowing your money and customers are in better hands. The best time to make smart business decisions is now, are you ready to make the switch? To get in touch with one of our team members, fill out the brief form below and you’ll hear from us soon!


CATEGORIES: BUSINESSES, Uncategorized
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