7 Undeniable Signs Your Business Needs a New Payment Processor

7 Undeniable Signs Your Business Needs a New Payment Processor

when to switch a payment processor

Lifestyle changes and the recent pandemic have transformed the way people shop. The vast majority have gone online, and there’s no indication this trend will change any time soon. That’s why your checkout page needs to shine. Let’s look at seven telltale signs that indicate you need a new payment provider.

Companies that do business online must therefore adapt to the rapidly growing needs of customers – which means providing them with the best possible online payment experience. How can you tell if the payment processor you work with is stifling your business growth?

1. Slow payment system

slow payments

Payments are the core of online business, and checkout is the most important part of your sales process, so you need a system that won’t let you down. Every second counts in payments, so double-check how your payment flow is designed to allow customers to pay directly via your website or app without being redirected to an external service. Also, make sure that it doesn’t take too long for customers to enter all the required information.

What can you do?

A payment flow designed with customers’ needs in mind will help prevent checkout abandonment risk. So, test your checkout from the customer’s perspective to ensure the system you use meets their evolving preferences.

Ask the payment processor you’re considering working with about the integrations they offer. How complicated it is to put a payment gateway in place? How well will it work on your website? Check the provider’s customer reviews online to make sure they offer solutions that increase conversions.

2. Lack of flexibility

Merchants need flexibility and full control over the payment process from the start. You should be able to easily create a payment flow tailored to your business based on your use case, business logic, and programming language.

Not all businesses are the same, so you need to be certain that your unique needs will be met and, by extension, your customers’ needs. What’s also important is the ability to control your data, which helps you optimize your processes and understand whether your system is effective. Access to insights gives you a huge dose of information about how a particular platform impacts your business and helps you mitigate risk.

What can you do?

Look for scalability and technology that will give you more control over your payments, without creating additional complexity. Ask your developers to verify the payment processor’s APIs to make sure you can integrate them with no hassle using the programming language of your choice. Also, check the dashboard and available data you’ll have access to.

3. Frequent downtime

payment gateway downtime

If your payment provider reports frequent downtime, it’s time to switch to another solution. Unplanned server outages cost you money and frustrate customers. Every second without the possibility to end the checkout process without failure counts against your business.

What can you do?

Find a payment provider that allows you to explore its test environment. A test drive of the system will help you decide whether it’s worth signing a contract with the company. Make sure the processor reports no or close to zero downtime and provides operating technology that meets the needs of demanding customers and a backup server that’s ready to take up the slack.

4. Ineffective fraud protection

fraud protection

Whether we like it or not, fraud is a reality in the online payment world, so you need a reliable payment solution with a multilayered approach to fraud protection. Without effective fraud prevention tools, PCI level 1 certification, encryption, and tokenization services, you’ll waste too much time and money trying to prevent fraud.

Keep in mind that data security has a significant impact on your bottom line and your business’s reputation, especially when it comes to payments. Every $1 in fraud costs US retailers $3.60, and the number of fraud attacks is on the rise. If you’re stuck with an outdated payment system, it’s time to switch.

What can you do?

Make sure that the payment platform you’d like to use is compliant with the latest security requirements. You need solid protection against the creative extortion methods that fraudsters come up with. You also need a top-notch chargeback protection system to minimize the cost of fraud.

5. Unclear fee structure

There’s no question that payment providers should be transparent (it’s also required by regulators). Still, some companies don’t provide their clients with crystal-clear information about charges. You’ve signed a contract and started accepting payments, and suddenly… surprise! You’re paying more than you expected. Those extra charges add up over time.

What can you do?

Always compare plans and pricing, double-check how much you’re going to pay, and make sure the payment processor’s website shows all the fees they charge. Remember that even though some providers seem to be cheaper than others, they may prove to be more expensive than they initially appeared. It can cost much more to pay a large amount of money every month or year than paying a percentage of each transaction.

Also, remember that cutting-edge technology costs money, so if you want better value and higher quality, you’ll pay a higher price. Make calculations and look for the added value you can get.

6. Difficulty expanding to other markets

It’s impossible to grow globally if your current payment processor doesn’t provide tools and solutions for payment processing in various currencies. You need to provide your customers with a localized experience, so they can pay without friction and frustration.

What can you do?

To avoid cross-border friction, work with payment providers that have years of expertise and relationships with multiple banks that operate in your industry. Make sure you can accept payments in multiple currencies and operate in the markets of your choice. Ask the payment provider for details before signing a contract.

7. Poor support

Companies looking for a new payment process often forget to check the quality of a processor’s customer support service. Merchants often don’t recognize its importance until they need it. Super-responsive customer service is a major factor in running an online business and processing payments. Every unaddressed problem can cost you customers.

What can you do?

Find out whether the payment platform of your choice is ready to share their knowledge and experience to help you grow your business. Make sure there’s a dedicated account manager who will be your point of contact for support issues and is available whenever you need them. You need reassurance that you’ll get a prompt response when something goes wrong with your account or payments. is the payment provider willing to answer integration and maintenance questions?

Is it time to change your current payment provider?

Do regular monthly health checks to make sure your business is properly taken care of. If it isn’t, maybe it’s time to look elsewhere. If you choose the right payment provider, the benefits will far outweigh any unexpected issues.

Building a payment system in-house is expensive and time-consuming. That’s why you need industry experts with years of experience. Their know-how and expertise, combined with top-notch technology, will streamline your business performance. So do careful research on the payment processors you’re considering before hiring one.

Looking for a payment platform that will meet all your business needs and empower you to create payment scenarios for demanding markets? Switch to SecurionPay and watch your business flourish!

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Sandra Wróbel-Konior

A well-established Content Marketing Specialist with a tech-savvy personality, experience in writing, and a passion for reading. Staying up to date with the latest technology and social media trends, in love with GIFs and craft chocolate.

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