Is It Time To Review Your Payments Supplier?
When new businesses start out, the world of payments can seem overwhelming. If you google “how to take online payments”, there are so many options that it’s hard to narrow them down. So, going for the provider with the simplest integration can seem like the easiest choice as you’ll be up and running quickly and your launch costs will be minimised. However, this often leads businesses to pay for overpriced solutions that they soon outgrow. As payments is a mystery to so many people, even some established businesses might not know what a good provider should look like. You may begin to realise that your payment provider is not just a means of accepting payments but ultimately it is a an intrinsic part of your business as it grows and evolves.
For the privilege of a simple integration, you’ll continue to pay high fees. This may be tolerable to begin with but, as your company grows, the inertia of using an expensive and sup-optimal solution overshadows the initial benefit. When costs spiral, it can indirectly impact your speed of growth.
As you begin to consider the need for change, you will want to assess your direct costs and, more importantly, your business processes. Part of this review should include improvements around reconciliation, automation, data insights and the opportunity to consolidate. These considerations are perhaps a trigger to explore the market and engage with providers that take a more consultative and service centric approach. They can advise you in all areas, from increasing conversions to understanding the complexity of your business needs and recommending tailored solutions. Your growth can be accelerated by a provider that is able to offer insightful ideas and guidance. It’s key, in any decisions you make to change, that you’re considered as a partner, rather than just a me-too customer.
You’ll quickly realise that your business has different needs to those it had previously, and you need flexibility and a tailored solution for your ambitions of growth. Steer clear of one-size-fits-all providers. Solving your current and future payment needs requires not only a consultative approach, but flexibility to put the right solution in place. Whilst you may appreciate simplicity in the beginning, it’s a short-term gain with a potential long-term loss.
Finally, another issue that can emerge is the complexity of managing multiple payment partners. You may have a payment gateway, a banking partner and various sub-optimal processes around reporting and reconciliation. It can become a mammoth task to ensure everything is working together in unison. The more partners you have, the larger the job becomes. For a growing business, this coordination can start to take up valuable time. To resolve this issue, find a payment partner that offers a consolidated solution.
When launching your business, speed and ease of launch may be your immediate priority. However, with growth comes the importance of cost management, service requirement and a drive for optimisation to support fast growth. You want your business to benefit from a best-of-breed, consultative and service orientated payment provider that is on the same page and can help you to really accelerate your business growth.
At Acquired.com, we have built a complete solution for card payments and banking services with streamlined integrations, private banking levels of service and automation of every element. We live and breathe our purpose of unlocking the value in payments. If you’d like to learn more about how Acquired.com can support your growth, our Sales team ([email protected]) is here to help.