5 Signs You Need A New Payment Processor

More people have begun utilizing online stores with the continuous growth of online marketplaces and the pandemic’s recent lifestyle changes. Businesses that wish to retain these customers, or dip into the rapidly growing online market, will have to adapt and evolve to keep up. A safe, effective, and cost-efficient payment processor should be at the top of any business’s list for hosting an eCommerce merchant service. So, let’s take a look at the five signs that you need a new leading payment processor.

Unclear, High, and Complex Pricing

Utilizing a payment processor comes at a price – this is just a cost of business when operating online. However, if your payment processors don’t offer a fair, concise, and transparent breakdown of your charges, it might be time to find a new one. 

Is Your Payment Processor Frequently Down or Experience Continuous Outages? 

If you’re not receiving payments for your products or services – especially if it happens often – your bottom line will suffer. Along with this, if you’re not working with a same-day payment processor, getting access to your funds can be a long and frustrating process. Consistency is vital for any leading payment processor, and if yours is always down, you should consider switching. 

Does Your Processor Offer Top-Tier Customer Service? 

When things go wrong, you should be able to count on your payment processor to make things right. In addition, payment processors should offer 24/7 telephone support and dedicated customer service representatives. If you feel let down by their customer service, or worse yet, if you can’t get ahold of them, that’s a sure-fire sign you need a new processor.   

Slow Payments and Redirects

When shopping online, the user experience when checking out is vitally important. If your payment processor bounces customers around with redirects or is slow when processing a transaction, maybe it’s time to consider a faster system that allows payment through your site.

Does Your Payment Processor Have Good Fraud Protection

Data security is essential for payment processors. Ensuring information is appropriately encrypted through the payment gateway is one of the critical elements of PCI compliance, which is a requirement for doing business online. If your payment processor does not take adequate steps to ensure your customer’s information is protected, you should consider finding a new one. 

Your payment processor is a crucial component in your online marketplace, from client security to a top-notch user interface and reliable customer service. Because of this, having a dedicated, high-quality payment processor cannot be overlooked. BAMS is a leader in payment processing solutions. We provide top-quality customer service alongside transparent and affordable fees. Check us out today!