7 Undeniable Signs Your Business Needs a New Payment Processor

People's shopping habits have shifted as a result of lifestyle changes and the recent pandemic. The vast majority have gone online, and there's no sign of that changing anytime soon. That is why your checkout page must stand out. Let's take a look at seven telltale signs that you need to switch online payment gateway providers.

Companies that conduct business online must therefore adapt to the rapidly changing needs of their customers, which includes providing them with the best online payment experience possible. How can you tell if your payment processor is stifling your company's growth?

1. Slow payment system

Payments are at the heart of the online business, and checkout is the most important part of your sales process, so you need a reliable system. In payments, every second counts, so double-check your payment flow to ensure that customers can pay directly through your website or app without being redirected to an external service. Also, make sure that customers don't have to wait too long to enter all of the required information.

What can you do?

A payment flow that is designed with the needs of the customer in mind will help to reduce the risk of checkout abandonment. So, test your checkout from the customer's point of view to ensure that the system you're using meets their changing preferences.

Inquire with the payment processor you're thinking about using about the integrations they provide. How difficult is it to set up a payment gateway? How well will it function on your site? Check the provider's online customer reviews to ensure that they provide solutions that increase conversions.

2. Lack of flexibility

From the start, merchants require flexibility and complete control over the payment process. Based on your use case, business logic, and programming language, you should be able to easily create a payment flow tailored to your business.

Because no two businesses are the same, you must ensure that your specific requirements, as well as those of your customers, are met. Controlling your data is also important because it allows you to optimize your processes and determine whether your system is effective. Access to insights provides you with a wealth of information about how a specific platform affects your business and assists you in risk mitigation.

What can you do?

Look for scalability and technology that will give you more control over your payments while minimising complexity. Request that your developers validate the payment processor's APIs to ensure that you can easily integrate them using the programming language of your choice. Check out the dashboard and data that you'll have access to as well.

3. Frequent downtime

If your best online payment gateway provider reports frequent outages, it's time to find a different solution. Unexpected server outages cost you money and annoy your customers. Every second spent without the ability to complete the checkout process without error costs your company money.

What can you do?

Find a payment provider that allows you to test its environment. A test drive of the system will assist you in determining whether it is worthwhile to sign a contract with the company. Check that the processor reports no or near-zero downtime and that it offers operating technology that meets the needs of demanding customers as well as a backup server that is ready to pick up the slack.

4. Ineffective fraud protection

Fraud is a reality in the online payment world, whether we like it or not, so you need a dependable payment solution with a multilayered approach to fraud protection. You'll waste too much time and money trying to prevent fraud if you don't have effective fraud prevention tools, PCI level 1 certification, encryption, and tokenization services.

Keep in mind that data security has a significant impact on your bottom line and the reputation of your business, particularly when it comes to payments. Every dollar lost to fraud costs US retailers $3.60, and the number of fraud attacks is increasing. If you're still using an out-of-date payment system, it's time to upgrade.

What can you do?

Check that the payment platform you want to use complies with the most recent security requirements. You require strong defence against the ingenious extortion methods devised by fraudsters. To reduce the cost of fraud, you also need a high-quality chargeback protection system.

5. Unclear fee structure

There is no doubt that payment providers must be transparent (this is also mandated by regulators). Nonetheless, some businesses do not provide their customers with crystal-clear information about charges. You've signed a contract and begun accepting payments when... surprise! You are paying more than you anticipated. These additional fees add up over time.

What can you do?

Always compare plans and pricing, double-check how much you're going to pay, and ensure that the payment processor's website displays all fees. Remember that even if some providers appear to be less expensive than others, they may end up being more expensive than they appeared to be. Paying a large sum of money every month or year can be much more expensive than paying a percentage of each transaction.

Also, keep in mind that cutting-edge technology is expensive, so if you want better value and higher quality, you'll have to pay more. Make calculations and look for areas where you can add value.

6. Difficulty expanding to other markets

It is impossible to expand globally if your current payment processor does not provide payment processing tools and solutions in multiple currencies. You must provide a localised experience for your customers in order for them to pay without friction and frustration.

What can you do?

Work with payment providers who have years of experience and relationships with multiple banks in your industry to avoid cross-border friction. Make certain that you can accept payments in multiple currencies through an online payment gateway and that you can operate in the markets of your choice. Before signing a contract, inquire about the payment provider's policies.

7. Poor support

Companies looking for a new payment method frequently overlook the quality of a processor's customer service. Merchants frequently fail to recognise its significance until they require it. Customer service that is extremely responsive is critical when running an online business and processing payments. Every unresolved issue can cost you customers.

What can you do?

Determine whether the payment platform of your choice is willing to share their knowledge and experience in order to assist you in growing your business. Make certain that you have a dedicated account manager who will be your point of contact for support issues and is available whenever you require them. You need assurance that if something goes wrong with your account or payments, you will receive a prompt response. Is the payment provider willing to answer questions about integration and maintenance?

Is it time to change your current payment provider?

Conduct regular monthly health checks to ensure that your business is in good working order. If it isn't, it might be time to look elsewhere. The benefits of selecting the right payment provider will far outweigh any unexpected issues.

Developing a payment system in-house is costly and time-consuming. That is why you require industry experts with extensive experience. Their knowledge and expertise, combined with cutting-edge technology, will improve the efficiency of your business. So, before hiring a payment processor, conduct thorough research on the companies you're considering.