Has your payment provider increased their fees again? Need additional features that are not being offered? Or are you unhappy with the service they are providing you or your customers?
Sometimes the service providers we choose at the beginning of our business journey are the perfect fit at the time, however, as the business grows and your needs change, checking in on whether these needs are being met by your chosen supplier is crucial.
Whilst moving to a new provider might seem daunting at first, it could be far easier than you imagine, and the benefits you receive from making the switch may be well worth your while.
If you are in the market for a new recurring payments provider, here are some points worth considering:
What features do you need a provider to offer?
Not all providers are made the same. Whilst they will all offer similar core features, it’s the additional features that can really help your business thrive.
To determine which features you will need, here are a few questions that you can ask yourself and what you should look out for:
- Do you want to maximize your payment collection rate? Some payment providers have established great relationships with banks who will allow exemptions to credit card expiry dates, pending your customer is in good standing with their bank. This means you no longer have to chase up customers to update their card details and can effectively eliminate one cause of failed payments.
- Do you want your provider to automate failed payment collection for you? Chasing up failed payments is time consuming and can cause a strain on your relationship with customers. Some payment providers will offer options such as automatic rebilling, continued billing, or halting billing altogether, to give you control over how your failed payments are handled.
- Are there any management practices that require extra reporting? Reporting can be a time-consuming task if done manually. The right mix of reports will allow you to better understand your business position and guide your executive decisions in the future. Some providers offer automated report generation that can help you with your management activities and requirements.
- Do you want billing support to be handled by your business or managed by your provider? Managing your customer queries can be a huge task. If you’re a small business, you may not have the time or capacity to offer billing support to your customers. Luckily there are providers, like Ezypay, who offer direct billing support to your customers. This takes the pressure off your business and ensures billing queries are handled quickly.
How does the provider’s pricing model compare to your current provider?
Pricing plays a large role in choosing which provider is best for your business. Every provider has a different fee structure, and it’s important to find a provider that will give you transparent pricing so you have the information you need to make the right decision.
The most common set of fees you will encounter are the transaction fees. These are applied when every transaction is made and can range from ‘set in stone’ dollar values, to more flexible percentage-based structures. All providers will have this fee, so look for the right fee structure that will minimize the cost to you or your customers.
Other fees you may also come across include failed payment fees, account set up fees, monthly account keeping fees, or even migration fees if you’re moving to a new provider. It’s in your best interest to weigh up the costs vs. benefits to find the most suitable solution.
To make it easier for businesses to start automating their billing, Ezypay chooses not to charge account setup fees, migration fees or monthly account keeping. All fees can be either charged to business or the customer, effectively making it a free service.
Does the provider operate in the countries and currencies relevant to your business?
Not all providers operate globally, and some of them may not even operate outside of their local country.
In order for a billing provider to support you on a global scale, they must have a legal entity and banking partner set up in each country in which they operate, in order to process payments.
When looking for a provider, it is important to make sure that they accept payments in the countries in which your business operates, and even the countries you may want to expand to.
How easy is it to migrate your data from your existing provider? And will it affect your customers?
Migrating your existing data to a new provider is no small task, but it shouldn’t be stopping you from implementing the right solution for your business.
Some providers have migration protocols in place to assist with the migration of your customers. These providers will be able to migrate all your customer data, including their billing information, to ensure that there is zero disruption to your business operations or to your customers.
Be sure to refer to your current provider first to find out if they will allow you to migrate your data to a new provider. Unfortunately, not all providers will allow you to do this.
If you choose a provider that does not offer customer migration support, you may be required to create new payment plans for all your existing customers and request their payment information again.
Make it a point to find a provider that offers migration support to help you keep your business running as smoothly as possible.
Ready to make the switch?
Choosing a new provider doesn’t have to be a daunting task. It should be seen as a way to reduce your costs and optimise your business processes. By doing your research and finding a provider that is right for you, you could start seeing reduced overhead costs, happier customers and more features that you actually use.