Payment Processing Solutions – How to Know it’s Time

Maybe you’ve been using your current payment processor or wireless credit card terminal for years, and are reluctant to admit it’s time to change. Maybe your customers get frustrated because you’re limited in the types of payments you can accept. Whatever the reason you’re considering switching Payment Processing Solutions, the best thing you can do for your company and your customers is find a company that offers more of what you need.

Scenario 1: Your Customers Have Difficulty Paying You

No business wants to have this problem! If you send electronic invoices that allow customers to pay through ecommerce credit card processing, you need this service to be dead simple to use. A customer who finds that the process is burdensome and time-consuming may soon leave you in favor of a competitor who offers easier payment solutions.

Scenario 2: You’re Limited to Types of Payments You can Accept

If you can take credit card payments in your store, but not at your weekly Farmer’s Market event, you’re missing out on huge customer opportunity. Not everyone carries cash, but if your payment processor offered mobile payments, you wouldn’t have to mourn over lost income.

Scenario 3: You’re Being Charged Too Much

In any merchant account comparison, you’ll find services with all matter of pricing. If you’ve been with the same company for years, you may be paying more than you should be, as technology has driven down costs significantly. Like with car insurance, it can be a good idea to comparison shop for a better price. Just make sure you’re getting the customer service you need. Don’t short change yourself on quality customer service.

Scenario 4: The Software is a Pain to Use

Whether it’s your employees trying to figure out which button to push on the wireless credit card terminal, or the headache you get every time you log in to look at your account, some software simply isn’t user friendly. But it should be.

Taking a Test Drive

Understandably, if you’ve been with one payment processing solution for years, the idea of changing to a new provider may be daunting. Start by making a list of what your current provider is lacking, and add other features you’d like to have access to. Then, perform a merchant account comparison with a handful of the most popular providers to see who offers the most of what you are looking for.

Ask for a trial subscription to the service, so you can test drive it. Don’t cancel your old service until you’ve settled on a new one that meets your needs, and until you’ve transferred over any customer data you might need in the new system. You can even try out several platforms and compare them to see which is the easiest and most painless to use.

About Gene

Gene is a 24 year veteran of the electronic payments industry and has consulted with countless companies of all sizes. He has overseen large underwriting portfolios, directed IT staff, and currently serves as the Director of Business Development. Gene has appeared before the U.S. Congress to provide expert opinions regarding developing technology and transaction risks towards solutions for the payroll industry. You can find him on LinkedIn>.