Your business is booming, and the integration decisions you made when you were just getting started have been struggling to keep up. With additional human resources, you can probably make it work, but at your next business milestone, it might break down again at a peak moment of success. Wouldn’t it be easier to have a payments provider who can support your growing business?
As you continue to expand your operations, partnering with a payment provider that can scale with you is a top priority, but knowing the right choice to make isn’t as simple. You know you need a new provider, but which one is the best fit? And what impact will it have on your business and to your customers?
Choosing a payment partner is no easy task, and at Bambora we know it takes considerable time and effort to come to a conclusion. To help you make a decision, we have put together a checklist. If you find your provider is not meeting these requirements, it might be time for you to consider switching providers.
- Are your customers comfortable with their fees?
Your partner should provide you with a transparent pricing strategy, with all charges clearly explained. Competitive pricing can keep your customers happy.
- Does your payment partner offer the leading payment types?
Your payment provider should provide the payment types that matter to your customer, such as digital wallets. They should also be investing in new payment types, making sure you stay current in an ever-changing market.
- Can your customers showcase the option to accept local currency?
Giving your customers the option to accept payments in their local currency helps increases conversions. Your provider should be able to support different currencies.
- Do you feel protected?
To keep your payment data safe, your processors should be PCI-Level 1 Compliant, allowing you to minimize your PCI scope while preserving your brand and experience. They should provide you with additional fraud tools such as 3D Secure 2.0 and tokenization.
- Can you easily integrate new features?
What SDKs and APIs are offered? Make sure the coding language is something your developers are familiar with, and that will be current two to five years from now.
- How long does settlement take for your customers?
Settlement varies across payment providers. The settlement time shouldn’t put a strain on your customers cash flow.
- Do they offer additional ways to earn revenue?
Some payment processors offer revenue sharing programs, where you have a chance to earn additional revenue by referring customers to the payment processor.
- Are you happy with the support?
A well-seasoned support team should be available whenever your clients have an issue, and should be reachable by phone or email.
9. Is your payment processor as ambitious as you are?
You want to work with a payment processor with similar values to your company. As your business continues to expand, your processor must be able to work with you and provide flexible solutions you need to reach that next level.
You shouldn’t have to worry that your payment services aren’t going to keep up as you continue to grow.
Come to the conclusion that your payment provider is not living up to your expectations? Our payments experts are always ready to chat.