It doesn’t matter whether you run an eCommerce business, own a chain of successful restaurants, or you’re neck-deep in the startup world: how you get paid matters.
With so many businesses still relying on out-of-date and sluggish methods to get paid, having a payment processor that values security, efficiency, and affordability above all else can help you save money and get ahead of your competition.
Here are three signs that your business has outgrown its merchant processing provider.
1. Your Merchant Processing Provider Offers Limited Support
Some merchant processing providers aren’t well designed for scaling your business. This can be for a number of reasons, but one is a lack of resources and support they can offer your growing company.
The credit card processing industry hasn’t always been known for its customer service reputation. But 1800 numbers, generic online chats where you don’t (or can’t) get access to a real person, or spending hours on hold simply doesn’t cut it in today’s fast-paced work environment. Putting up with such obstacles could actually be affecting your bottom line.
Your payment processing should be optimized, and that includes services built into the product you’re paying for, such as chargeback management services.
2. Your Merchant Processing Provider Has Increased Fees Without Offering New Services
Hidden fees can be the death of any small business. That’s why you should take it as a clear sign that you’ve outgrown your merchant processing provider when you start noticing fee structures working against you without any noticeable advantages.
This applies specifically to fast-growing businesses in high-risk categories like the CBD industry, or models deemed risky such as membership subscriptions. Processors often charge extra or tack on fees to cover themselves without any additional value. You might not notice how much this affects you until sales start picking up.
Fortunately, this doesn’t have to be the case. In fact, with Pinpoint Payments Cash Discount Program, you can legally work merchant fees into the final price tag your customers see. This could actually save you thousands each year in processing fees.
3. Your Merchant Processing Provider Uses Old Technology
Outdated legacy technologies plague can be a real hindrance to your business's ability to grow and pivot. If you’re waiting to add new products, services, or components to your business out of fear that your payment processor won’t be able to handle it (or you’ll get hit with a penalty for changing the terms you initially agreed on), it’s time to start thinking about what’s next.
Many of today’s alternative forms of payment, such as PayPal, Stripe, Apple Pay don’t work with older technologies. Especially in retail and POS settings, many customers prefer secure contactless terminals that make paying easy.
Antiquated tech may also pose a serious security risk that could threaten your business’s reliability.
So, have you outgrown your merchant processing provider? Apply now to see if you could save money and improve customer experience with Pinpoint Payments.
