How to Know You’ve Outgrown Your Payment Provider

Signs that you have outgrown and need to change payment providers

1. Difficult to monetize existing customer base

Money and payment processors may seem like an obvious combination, but you’d be surprised.

2. No regular updates/innovation from your current provider

This is one sign that can be dangerous to ignore. The payments industry is changing often, and with new regulations, FinTech’s growth, and other advancements, you may think of updates and innovations as an afterthought, not as something that would be good to have.

3. Difficult to expand cross border

Another important clue that you have in all likelihood outgrown and need to change payment providers is a lack of ability to expand into other markets.

  • Does my payment provider comply local commerce and taxation regulations?
  • Do they offer flexible business models to work with?
  • Do they work with local acquirers?

4. Poor integration

This is yet another crucial component of your payment provider’s service. When running your business, you need things to be as smooth as possible, not all over the place and very confusing. Specifically, if your provider uses a tech stack from multiple providers, this can make the integration process a bit more confusing, and this may be a sign that you’ve outgrown your payment provider, or at least need to find a more organized one.

5. Low or limited support from existing provider

There is nothing that the average consumer hates more than poor customer service.

  • Difficulties getting a human on the phone, instead of a computer
  • Unqualified staff answering your questions
  • Long wait times on ticket resolution, and several escalations
  • Generic feedback, not tailored to your own inquiry
  • Many lost chargeback disputes and refund requests, without you being consulted

What to look for in a payment and eCommerce provider to maximize growth

So now that we have gone over the telltale signs that you have outgrown your current payment provider, let’s go over what they should offer you before making the switch and committing to their business.

  • Global payment processing, with good coverage
  • Periodic platform updates
  • Multiple business models supported
  • Easy integration with your tech-stack
  • Round the clock merchant and shopper support

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2Checkout (now Verifone)

2Checkout (now Verifone)

2Checkout (now Verifone) is the leading all-in-one monetization platform for global businesses built to help clients drive sales growth across channels.