Switching Payment Providers: Why and When You Should Do It

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2021 09 09 switch provider

[3-minute read]

By guest writer, Marlene Bramley

So you’ve gone through the whole wooing process, accepted the ring and the flowers and the bungalow in the countryside, and pledged your loyalty forever. Except… a year down the line things ain’t so peachy any longer. Do you run away or stay? 

Yes, we’re talking about a partnership, but not the kind you might be thinking of. Many ecommerce companies start off with one payment provider and then move to another. Such a move is not done lightly – much the same as with a divorce. But sometimes you need to decide to part ways to enable you to grow, provide a better product and service, or a more seamless customer experience. These are just some of the reasons why companies switch payment providers for their ecommerce businesses. Let’s take a look at them in more depth. 

Read the writing on the wall 

When do you know it’s time to switch payment providers? In any relationship, there is a written or silent contract between the parties. Although your merchant contract is a legal document that goes into every detail you can imagine, other unwritten signs will tell you it’s time to hit the road. Read on for five signs that will help you decide.

Your payments provider doesn’t support your preferred payment types

You can do all the research you want before you launch your online store, but nothing comes close to the real data you will get from trading. Check Google Analytics and look for the exit rates on your payment pages and shopping cart. See if they increase or decrease dramatically over time. If users drop off during the checkout process and you think they will convert more if you offer different payment options, you’re on the right track to switch providers. 

You are processing more transactions and paying higher fees 

Some payment providers structure their fees to be deliberately confusing. They might offer reduced introductory rates just to hike them after a certain period of time or tiered pricing plans that work when you’re not doing many transactions and skyrocket when your business takes off. Some of the tiered rates are complicated further by fluctuating foreign exchange rates. Hopefully, you are in the lucky position that your site went bonkers… but this might also mean your processing fees have gone through the roof. If they are constantly increasing, you know it’s time to look elsewhere.

They want to lock you into a long contract 

Whoever you choose as your payment provider should always give you flexibility. It makes no sense to be painted into a corner with agreements that don’t allow for growth or business model changes. The more flexible your contract is the better. The same applies to any plans your provider offers; you should be able to adapt your contract to your needs as they change over time. Inflexible contracts also imply that your payment provider won’t have to work to keep you as a customer – if you’re locked in, there’s no recourse for you to take when you’re dissatisfied. They might be all gung-ho on service delivery at the beginning of your term and slack off completely once you’re in the bag. 

You’re not getting the support you need

We’ve all been there: Wooed into signing a contract, and when the ink is not dry, the other party abandons you – never to be seen again. That’s how it goes with some payment providers. They take their fees pronto but when answering a query or being there when transaction problems arise, they dilly-dally. Even worse, some of them can’t be reached at all. You’re in the business of making money. If shoppers can’t transact on your ecommerce store, you won’t make any money. Think of all the time, effort, and budget you’ve put into acquiring that customer, only to lose them at checkout. It’s not worth it. 

So, if your payment provider does not offer 24/7 support on multiple channels, don’t even consider staying. At the very least, your business deserves the same kind of support you offer your clients. 

Your customers are asking for more payment options 

Sometimes things aren’t rocket science. If you conduct surveys or have customer feedback forms on your site, customers will tell you what they want. If there is high demand for a particular payment type, offer it. And if your current payment provider does not offer the option you’re looking for, find one that does. 

Wake up before you go-go 

Before you do anything radical, think about the implications of a switch. Will there be a lot of downtime in between, losing you sales? Does your new payment provider fit in with your store’s general look and feel? If it doesn’t, do you have an option to change its theme? Do you have a staging server where you can test your new payment plugin and, if you don’t, what will it cost to get one? Make sure you go live with your new payment page when traffic is at its slowest so that you don’t lose any customers or transactions. 

Are you thinking about changing your store’s payment provider? Speak with us about the Truevo Account, our flagship solution for ecommerce. We offer the best processing rates in the UK and are known for our excellent customer service. Truevo is compatible with WooCommerce, Magento, Odoo, and PrestaShop. Get in touch with us here. We can’t wait to work with you. And if we’re not doing something we should be doing, let us know! We are working on lots of new things and a solution to something you’re looking for might be on its way soon.

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P.S. Want a payment solution that does what it says it will do? Get Truevo. We can’t wait to connect with you.

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