The continuous improvement of technology also comes the rise of various payment gateway providers. These payment gateways have changed the way customers do their shopping while helping merchants make a profit. However, not all are designed to fit all types of business needs.
When you started your business, your preferred payment gateway may have been the ideal one in meeting your requirements at that time. But as your business grows, you may be faced with the challenge that your payment gateway is not fitting for your organization anymore.
There are numerous reasons why there is a need to change a payment gateway. Listed below are the most common reasons for that.
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Business Needs Are Not Met
If your payment gateway provider can no longer keep up with your business demands, it is time to consider changing. If your current processor cannot keep up with the transaction volume or cannot support the complex needs as your business expands.
No matter how good your current payment processor is, once it can no longer assist you or provide the right solution for your business, you might want to start looking for another provider.
Fraud Issues
Online and electronic transactions are prone to fraudulent activities. A payment gateway processor that fails to deliver effective fraud protection is another common reason for a merchant to change their payment gateway.
Fraudulent activities from customers can lead to your merchant account suspension which can negatively impact your business. The best payment gateway processor must provide an effective and secure solution to save you from stress and of course, money.
Terminated Merchant Account
Some merchants have no choice but to look for another payment gateway processor due to terminated merchant account. Left with no option, merchants with terminated accounts will seek help from payment gateway processors who can set up a working account to keep their business going.
Low Conversion Rates
A good payment processor should be able to come up with suggestions and solutions on how you can improve your conversion rate. Although the site structure plays a major role in conversion rate, your choice of gateway must be able to come up with a simple and less hassle check out process that is based on industry standards particularly cross sales or one-click payment.
Design
Re-direction or lengthy check out process leads to cart abandonment and is one common reason for changing a payment gateway.
System and Technology
Your payment gateway must be up and working all the time. Although downtime is inevitable, your system must be reliable and is up to work with the recent technology. A merchant changes payment gateway if unplanned outages are experienced that can cost you customers and money.
Fees
Higher transaction and monthly fees trigger merchants to change payment gateways. The best processor must be transparent of about what you are paying for with no hidden or additional charges.
Poor Support
Poor customer support is another common reason for changing a payment gateway. Insufficient or unresponsive support can lead to cart abandonment and may completely lose the customer.
Your payment gateway provider must use the latest technology and should provide fitting solutions to help your business grow.