How to switch your online payment provider

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Alannah Hampton
8 years ago
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1 How to switch your online payment provider An easy guide to more reliable payment processing SALE

2 Switching your online payment provider The success of your online business depends on more than just inspiration and perspiration it depends on getting paid. You don t want anything standing in the way of you making sales and the bottom line is, if you can t take payments through your website, you aren t in business. So if you have any concerns about your payment service provider s (PSP) reliability, maybe it s time to make a change. Switching payment providers is a big decision, but if it is done properly it shouldn t have a major impact on your day-to-day business. Here are some easy to follow tips that will help you to make the switch smoothly. 1. Do your research Search through online business forums, talk to peers, and build a shortlist of payment providers that you feel are right for you. Do the providers on your list work with businesses like yours? What can you find out online about their uptime and customer service? Do they offer any value-added services you may need in the future? And don t forget to look for: How to switch your online payment provider A reliable track record Okay, it s not a car, but the principle is the same. You wouldn t buy a vehicle without proof that it s reliable and the same goes for your PSP-to-be. Losing a sale is bad enough, but losing a sale because your PSP is down or unavailable is a disaster that affects both your revenue and your reputation. So before committing to a PSP, ask for evidence of a healthy uptime record and check that the organisation actively mitigates the risk of downtime with ongoing investment in infrastructure and capacity. A quick search on Google will often highlight any issues a PSP has experienced. Adherence to industry standards Online, the difference between a prospect and a customer is trust. People have to feel that they can trust you with their card details. If it all goes wrong and your customers card details are compromised, then your reputation is at stake. In fact, with PCI DSS compliance now mandated by Visa and Master- Card, it could be more than your reputation at stake, with huge fines levied for non compliance. PCI compliance can be very complex and costly in more ways than one for your business - particularly if you have limited resources or lack the in-house experience associated with fraud and security. To remove the compliance headache, look for a PSP that will take care of the PCI compliance for you and can prove it. The latest fraud protection When accepting card payments online, fraud is potentially the biggest threat to your profits and that threat is mounting every day. You can t safely grow your business if your PSP isn t ready to ensure that fraud does not grow too. So look for a PSP that provides a suite of comprehensive fraud solutions that not only helps to eliminate the risks involved but also allows you to safely maximise acceptance rates. If a PSP does not have its own fraud solution, then the chances are that it hasn t fully understood the risks that you face. Any PSP worth a second glance will offer configurable fraud-screening solutions and authentication mechanisms, such as 3D Secure, at a minimum. Excellent technical support In business there is no such thing as an ordinary day and all too often the unexpected does happen. That s why you need to know that the help you may need is always at hand when you need it. Make sure that your prospective PSP is ready, able and willing to provide assistance whenever it is needed.

3 Reporting and administration facilities Accepting online payments is just one part of the ecommerce equation. As an online merchant you need to make sure you can also manage them as efficiently as possible, which is why an effective PSP should provide you with the right reporting and administration tools to manage your merchant services. Will you have access to real-time transaction statements? Can you export valuable customer data? Is the reporting sophisticated enough to allow you to answer questions that can better target future sales? In order to manage your business you need to be able to quickly and easily access the information necessary to make management decisions at the time they need to be made. A good PSP should have those tools. Genuinely competitive rates The real costs associated with accepting online payments do not start and end at the rate quote. Look beyond the headline figures and consider the overall long-term operational cost of partnering with each PSP. For example, does the PSP have fee-based support (rather than free) or limited fraud management? As a business, your partnership with your PSP is about the long game, and the cost of flimsy security or lack of support could do much more damage to your bottom line than any fractional difference in rates. Try before you buy Any good PSP will be happy to provide you with access to a test system free of charge. This will allow you to review the product in detail, ensuring that it meets your specific needs. 2. Register with your new provider Check the fine print Before you take the step of committing to a new PSP, make sure you check the fine print. Review the terms and conditions for any hidden costs: for example some PSPs will charge you extra to store card data, so if you want to process repeat or recurring payments, you will be hit with a fee each time which can really add up! Also, make sure that they have a clear and up-to-date refund policy. Cover off any bespoke requirements If your business needs to do more than accept run of the mill payments, make sure that you speak to prospective PSPs about your individual requirements to ensure that they have a product that supports your needs. Also, be clear on any additional costs that may be levied for this bespoke service. Signing up Now that the hard work has been done and you have found the PSP that is right for your business all that is left is signing on the dotted line. Registering with them should be a quick and easy process - in most cases you simply sign up online with a few business particulars and a credit card.

4 3. Update your banking details Review your banking arrangement As you are changing PSP, maybe now is the time to also review the rates on your current Internet Merchant Account to make sure you are getting the best deal on all fronts. Some PSPs have the facility to provide you with both the payment service and the Internet Merchant Account - in short, a one-stop-shop for online payments. You may well find this preferable, especially given the competitive rates and specialised account management a good PSP can offer. Tell your bank If you have decided to stay with your current banking partner for your Internet Merchant Account, make sure you let them know about the switch in plenty of time for everything to run smoothly (depending on your bank it can take up to 3 weeks to make the necessary changes). 4. Switchover time Break it off Don t forget to let your current PSP know that you are moving on. They may offer you a discount or a free upgrade, which of course you ll want to consider. Remember though, payments are the lifeblood of your business. If you have doubts over your current provider s ability to guarantee the flow of cash then you need to make the switch. Integrating the new solution Your new PSP should provide you with a means of integrating the payment solution with your website, or in the case of mail and telephone payments, with your operations and processes. If this all seems too technical for you, a good PSP should have a technical support team on hand who can implement the integration for you, making the change over quick and painless. Testing, testing, testing So, now you re all set up. The site looks great and everything s where it should be, but does it actually work? Well, there s only one way to find out. Once your website has been integrated with your payment processing service, you ll be able to conduct test transactions using test credit card details. You can (and should) perform as many test transactions as you want so that any hiccups are spotted and glitches ironed out.

5 5. Going live Now that you ve tested your integrated payment services and are happy to take payments online, all you need to do is provide your PSP with the details they require to activate your account. This can differ from provider to provider, but will generally include banking details, a signed contract and written confirmation that you want your account activated. That s it. They flick the switch and you re ready to start accepting card payments online. Checklist for switching payment service providers Research payment service providers Register with a new provider Update your banking details End the contract with your current provider Integrate and test the new solution Activate Need help switching? If you need help with any part of the switching process, feel free to contact one of our payment specialists who will be more than happy to talk you through how we can support your business. Contact us now switch@paypoint.net

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