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What to consider when choosing a new PSP

We know choosing a payment provider can be scary, but it doesn't have to be

Taking online payments has never been easier but choosing the right online payment provider can be scary and daunting. However with Web-Merchant Services this doesn't have to be the case. Follow these steps and you'll be trading online before you know it.

1) Research, research and research

Spend time researching your preferred payment providers. This doesn't mean just reading forums, comments, blogs etc (these could have hidden agendas or be written by unknowledgeable people) but also by speaking to companies that use the PSP you are looking at. Check testimonials and visit websites using the payment company you are interested in. Even contact the owner of the website that uses your preferred company and learn about them that way.

2) Costs and fees

Yes getting a good a transaction rate is important (what about reliability too?) however if someone promises a rate less than what they are buying it at (Interchange rate), you can be pretty sure that the payment company are up to something. Like with us - all transaction rates, fees and other costs should be revealed upfront.

3) Recommendations and advice

If you ask any bank who has the best payment solution, you can guarantee they will answer by saying "we do". However when you ask a non bank owned merchant account provider (like us) who they recommend, you will get a different answer. An independent PSP often represents numerous banks and should recommend a solution that’s right for your business.

4) Integrations and customer management systems

Every payment provider offers a different customer management system when it comes to the day to day running of your online business. As this is how you run the back-end of your business, it's a good idea to see what each payment company offers and also how easy the systems are to use. The same must be said for the different integration methods and shopping cart plug-ins.

5) Are they reliable?

We don't just mean their payment systems either (ours have a 99.99% uptime record). Is their customer service up to scratch? Do they have reliable UK based tech support, and can you get through to someone every time? Do they raise their rates very often (if at all)?

6) Don't fall for their sudden niceties

When it's time to leave your current provider and tell them that you're leaving, they may offer you new and exciting services and promotions. Ask yourself why now? Why have they only told you about these when you are leaving?

7) Don't be blackmailed or held hostage

Some companies may act difficult when you decide to leave. Therefore get as much done as you can before finally pulling the plug on your old provider. Integrate your new gateway as soon as you can and test, test and test again.

For the sake of paying 2 monthly fees for a while it may be worth considering keeping both payment systems up running together. That way, once ready, you can simply switch over.


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