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Choosing a payment gateway shouldn’t be a set-it-and-forget-it decision. As your company grows and evolves, your needs change. Reviewing your payment provider options annually could save you money, protect you against fraud, help you more seamlessly connect with your customers and support your business as it expands.
Ready to review your current payment gateway provider? Here are 5 strong signs it’s time to make the switch:
1. Your store has grown
Companies often start out with one business model, then transition as they grow or learn more about their customer base. If you’ve quickly grown and are now bringing in more revenue, you’re probably overpaying processing fees. By discussing your current business model and sharing updated statements, there may be an opportunity to remove funding reserves or even lower your processing fees.
2. You pay extra for important features that should be included
As you process credit cards, there are many features that are key to helping reduce risk and fraudulent activity. Whether its fraud protection, automatically updating customer credit cards, recurring billing, securely vaulting customer information for future payments, among others, you should be able to take advantage of these features without incurring an additional cost. Many providers will upcharge these features, but they should be provided within the standard rates.
3. You can’t take payments your customers use
Does your current provider enable you to offer different forms of payments so your customers can pay how they want to pay? Whether its credit, debit, PayPal, Apple Pay, bitcoin or a future form of payment that becomes relevant, it’s important that you can offer all the relevant forms of payments for your customers to increase conversions and impact your bottom line.
4. You have to use two payment providers for your business
Are you currently working with more than one provider—one for your gateway and another for your merchant processing? There are benefits to having one consolidated partner as your payment platform. Not only can you receive additional benefits by working with one provider, but you’ll likely remove some headaches by having only one point of contact. You’ll also have one place to see everything related to your processing.
5. You sell to a global market
Does your current partner support global expansion? It’s key to have a partner that can grow and scale with you, especially as you expand internationally. The ability to present and accept foreign currencies is key to international expansion. While you might not be international today, you should think to the future and make sure your payments partner is ready to quickly grow with you.
While switching providers might seem like a big undertaking, it can be a fairly easy process that may give you access to more features, flexibility and benefits while saving your company money. Not quite sure how? Learn how to accept credit cards online to find out how they work and what you should consider before making a choice.
Graphic by Recrea HQ used under Creative Commons
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