Is it Time to Switch to a New Payment Gateway Solution?

This question is one which arises often and the fact is, there are lots of reasons for doing so. While switching to a different payment processing platform can be a demanding task, and in some cases expensive, you’ll find that it can be the only option available. Mediators, such as payment service providers or aggregators, alongside merchants, both understand that it’s time to switch payment gateway when their day-to-day business needs aren’t being met.

The bottom line is, merchant services are continuing to develop and progress at an incredibly fast rate and so, if your current payment gateway solution just isn’t getting the job done and it isn’t able to meet your business requirements, then looking into alternate solutions is in your best interest.

This begs the question, what factors contribute to the indication that it’s time to look at an alternate payment processing solution? Some of the most common reasons for switching include:

• Transaction processing fees increasing or becoming too significant in comparison to your profit margin.
• Payment processing taking longer than it should be, resulting in delayed funds.
• Lack of currency conversion for any e-commerce transactions.
• Lack of features that have become expected of a payment processing platform.
• Problems with the platform's integration.
• Customer support not being made a priority with the current platform.

The list of reasons could go on and on, although these are some of the most common reasons to switch payment gateway.

For larger businesses, payment gateway providers will allow you to discuss the current transaction rates and such, so if that is the only issue, it may be worth getting in touch with them. However, for reasons such as lacking features, or lack of customer support, then it may be time to look at alternate solutions.

For more information regarding when you should switch to a new a new payment gateway, along with many other useful resources, click here to check out Paylosophy.

Also, visit #UniPayGateway website to find a brief summary.