6 Signs You Need to Break Up With Your Payment Provider
The beginning of a relationship is fun and exciting. You’re still getting to know each other, and you haven’t found out that they’re a terrible communicator who leaves crumbs everywhere, yet.
Your relationship with your payment processor is no different. Early on, you’re excited to build your business, and they seem like a great partner to support your business’ growth and dreams. But, sometimes people outgrow their relationships and need to move on.
Here are 6 signs you’re ready to move on:
1. They’re terrible at communicating.
Communication is the foundation of a strong relationship. When your payment processor isn’t transparent, it can leave you wondering about hidden fees and whether they’re actually doing what’s best for you.
You want a payment processing partner who understands you and your needs. You want a payment processor who doesn’t leave you confused after reading every statement. You want a payment processor who gets you.
We know that the payments world is confusing to navigate, so we do our best to provide the right solution for your business stage and industry and give you the tools you need to understand your bill and grow your business.
2. They aren’t there for you when you need support.
When you’re committing to a payment processor, it’s easy to focus on the shiny new payment terminals (I mean, have you seen the Poynt smart terminal?). But, few merchants think about customer service and support until they actually need it. If you’ve ever had a bad experience with customer support, you know this is a deal breaker for your future relationships.
It’s easy for a payment processor to say that they’ll be there for you. But, do their actions match their words? Do they have multiple levels of customer support? Excellent Google Business reviews? 24/7 customer service? PCI and chargeback support? Dedicated activation specialists and designated account managers? We do.
3. They’re costing you more than they should.
Is your processing rate too high? Do you have expensive leasing fees? Extra setup fees? Application fees? Batch settlement fees? Fees for your fees? All these fees can be confusing to understand and add up over time.
While it might be tempting to go with the company that offers the lowest rates, you should also consider possible longterm savings. For instance, choosing a company with a high service uptime and good customer service means that if you have an issue, it can be resolved faster, and you can get back to making sales.
Here's another example (and some shameless product placement): take the Poynt smart terminal — it's more expensive than traditional legacy terminals, but it has the potential to save your business some serious operating costs. After all, time is money, right?
- Ensure you’re not overpaying employees who are late or absent with the Timeclock feature (it snaps a photo when your employees clock in)
- Save time on counting with inventory management tools - this means you won’t be paying for extra hours of work
- Create employee schedules in seconds with just a few taps
- Eliminate some of the tedious bookkeeping tasks with accounting integrations that let you sync your daily transactions with your accounting software
Learn more about Poynt’s versatile features to help run your business.
4. You’ve outgrown each other.
Maybe you signed up with a payment processor when you were in the early stages of your business. While this may have been a great way to start selling fast with low startup costs, you might be expanding your shop online or to a brick and mortar location. And, you might be looking products or solutions that make your business appear more legitimate. If your current payment processor doesn’t offer the solutions you need, it might be time to move on.
Read how Sweet as Sugar made their home-based business more professional with a terminal upgrade.
5. You’re just not compatible anymore.
Along with outgrowing your payment solution, you might be dealing with software and hardware compatibility issues.
You’ll have to think about what’s important for your business’s needs. Are you a restaurant that needs to be able to integrate with specific restaurant management systems? Is your new online shop compatible with the payment gateway? Does everything sync to your accounting software?
If you’re not compatible anymore, it’s time to find a new solution and a new partner in payments.
6. They don’t care about loyalty.
Did you know the cost of attracting a new customer is 5x more than the cost of bringing back an existing one? Or that using customer relationship management (CRM) software improves customer retention by 27%? There’s plenty of payments companies that just focus on the payments side of things.
But, we know that it’s important to help you manage your customer relationships and grow their loyalty. Some of our terminals have loyalty apps, which makes it easier to collect customer feedback, send email offers and promos, and offer special discounts.
Want to learn more about loyalty? Check out our post on the cost of acquiring a new customer and how to build brand loyalty.
Are you thinking it’s time to break up with your payment processing partner? Choose Paystone instead.