Partner Article

How to switch your online payment processor

E-commerce is fast becoming the preferred shopping channel for both consumers and businesses. To ensure you maximise this payment channel, your business needs a payment processor which is both reliable and supportive of your business.

The decision to switch payment processor is a big one, but, if it is done properly it shouldn’t have a big impact on your business. To guide you through this process, CashFlows has provided some easy to follow tips that will help make the process of switching as smooth as possible.

1) Do your research

When looking at card processing alternative providers, it is essential that you not only consider what kind of services your business needs but also what credibility the potential provider has.

Here are a few suggestions on things to consider when researching a new potential payment processor:

• Do they adhere to industry regulations such as PCI compliance and money laundering regulations?
• Are they FSA regulated?
• Do they have competitive rates that match or beat your current provider and display these transparently?
• What terms will they offer your business?
• Do they offer excellent technical and customer support?
• Do they have easy to use reporting and administration facilities?
• Do they integrate with your current shopping cart and gateway?
• Do they offer all the services your business needs to support your e-commerce function?
• Do they offer additional products or services that would help my business?

Top tip – most payment processors will let you demo their card payment processing system before you commit to switching to them. So take advantage of this to it fits the needs of your business before applying.

2) Register with your new provider

Once you have decided which provider you would like to go with, follow these easy steps to get signed up:

• Check the fine print - ensure you thoroughly read the application form and terms and conditions to make sure you are happy with the arrangement and are clear on what you are agreeing to before applying. Be sure to check the length of the contract to ensure you’re not locked in with hefty penalties for leaving.
• Raise any bespoke requirement issues – if your business requires bespoke payment services, make sure you advise the prospective payment services provider of your bespoke requirements so they can accommodate your needs.
• Review your banking arrangement – some payment processors offer a business bank account alongside their card processing services, so ensure you review and investigate this before finalising the application process. This could be a chance to streamline your services with one provider.
• Signing up – once you are happy with the service and the small print, go ahead and complete the application process, which with most companies is quick and simple and can be done online.

Top tip – When applying check how long the application process normally takes, and when you can expect to be live and trading. This can vary dramatically from each provider and can be from as little as 3 days to 4 weeks.

3) Switchover time

Once your application has been accepted with your prospective payment processors you are ready to switch over. Here are the steps you need to follow:

• Cancel your current provider – Make sure you inform your current service provider that you will no longer be using their service and agree on the switching date or when your current contract will come to an end.
• Integration into new solution – Your new provider should support you through any integration required and will usually have a technical support team who can walk you through this process or carry out the integration for you if you are unsure.
• Get testing – Once the integration is complete you will be able to test the payment processing service with a test card to make sure transactions are authorised as they should be. You should also then check that you can view the transactions and the reports available, giving you the level of detail your business needs to manage its money effectively.
• Going live –Before you go live your payment processor will need certain details to activate your account. These normally include your bank details where settled funds are paid to and written confirmation that you want your account to be activated. Once you have provided these details and have tested the service thoroughly you’re ready to go!

Top tip – If you have a cross over period when you have both old and new payment provider services, then you can have both links on your website so customers can choose which one they want to pay with. Then once you have fully migrated to the new provider, you can simply remove the old provider’s link from your website.

This was posted in Bdaily's Members' News section by CashFlows .