Switching payment providers – is it as scary as it seems?
Whether you’re an existing business thinking about switching payment providers or setting up payments for your e-commerce business for the first time, it can be a daunting process, with many considerations coming into play.
This guide is to help you understand the process of switching from one payment provider to another (like Taylr.io, for example), so you feel comfortable and confident moving forward.
In this guide to switching payment providers, you’ll find:
If you need to talk to us at any point in the switching process or just want some advice, get in touch. We’re you’re payment technology partner, here to help you get the best merchant experience for your online business.
Three reasons why merchants might want to switch payment technology provider
Reason #1: Keeping up with the Joneses…
The way consumers pay is changing fast. Visa has stated that payment technology has changed more in the past five years than it has in the past thirty years. This is a genuine sentiment as we have seen the rise of Apple Pay, Wechat Pay, Open Banking, Buy Now Pay Later, and even cryptocurrencies in everyday spending.
The question to evaluate here is: What are your consumers using to pay, and are you and your current provider able to offer it to them?
Statistically, 60% of consumers abandon a basket if it does not have their preferred payment method. If your provider does not have an answer to this, then you should review moving; this will cost you conversions.
Reason #2: Poor customer service
Being with bigger payment technology providers can be like being ghosted by your boyfriend/girlfriend/business partner when the going gets tough. Firms spend a lot of time making merchants feel really good when they’re bringing them on board, but when business owners need help and assistance, they can be very tricky to get hold of. At best this can leave merchants feeling confused, and at worst, without a payment method, leading to a loss of revenue.
Reason #3: Price
Did you know 78% of SME merchants have never attempted to negotiate with their online payment provider? Some are paying far higher rates than bigger companies, giving the competition an edge right from the get go.
In addition, many SMEs don’t actually know what they are paying. The advertised rate is not always the whole story and it is important to ensure that you are not being hit by hidden costs.
Price should play a large factor in which payment provider you choose to go with and working with a payment technology provider who can reduce the amount of fees and charges you pay can massively impact your bottom line.
Learn more about Taylr’s pricing model here.
Reason #4: Fraud and false declines
Winning a customer and getting them onto the checkout is only half the process - the next part is converting the sale and making sure the payment goes through seamlessly. False declines can impact revenue, and for every £1 lost to fraud, merchants lose £30 in false declines.
The ramifications are enormous - merchants need to trust that their payment software is robust and can effectively root out fraudulent payments and accept genuine ones, or they risk losing revenue to competitors.
Our technology partners, with their market-leading expertise in fraud prevention, give you the peace of mind you need to get back to running your business.
What is the best payment technology plugin for my website?
In order to make setting up a new account easier it is important for a payment provider to have a ‘plug in.’ A ‘plug in’ is a piece of software that ‘plugs into’ your website so that you can enable payments. It is pre-built and has everything that you need, making a developers life really easy.
Taylor and our partners have built plugins for the biggest ecommerce platforms in the world, including WooCommerce, Magento, Prestashop, Big Commerce.
But if you need something different or more customised, chat to us about how we make it happen, as we've got plenty of options for you.
How long does it take to switch payment provider?
First, you’ll want to take your time and research different options and find the right service for you - if you’ve landed on this page, you’re headed in the right direction!
The first thing to do, when you’ve decided to come on board with Taylr, is to book an introductory call or send us an email on this page, so we can talk you through what you need.
Usually, it takes merchants around 3 days to onboard with us. If you sell high-risk products, such as CBD, Gaming, Gambling, it might take a little longer, but we'll take you through it.
We (and other payment technology providers) have instant plugins to get plugged into your site) but if you’re building something a little more customised, you’ll want to plan in the development time with whoever manages your e-commerce transactions or website to make that happen.
Managing change and moving suppliers can be overwhelming, so you can pick up the phone or email us at any time. Our team will guide you through the integration process, making it a smooth and hassle-free experience, getting you up and running in no time.
What is the cost of switching payment provider?
We can’t speak for any other businesses, but it costs nothing to get set up with us.
Our pricing is competitive and we’re open to discussing with you.
Will I lose any functionality if I switch payment technology partner?
The last thing we want you to do is lose any functionality or payment types! If anything, we hope to give you more.
Our technology is focused on a brilliant website checkout experience that reflects how your customers want to pay.
We can provide the payment tech for:
E-commerce checkouts
Payment requests and links
Subscription payments and recurring transactions
Virtual Terminals and Pay-By-Links
We can help you take online payments using:
Digital Wallets such as Google Pay/Apple Pay/Paypal
Open Banking
Credit and Debit Cards
Crypto-Currency payments and other alternative payment methods
You can always introduce us to your development teams to help with the process and ensure there’s no downtime when you move from another payment technology provider, such as Stripe or Opayo, to Taylr.io.
Should I switch payment provider?
If you're here, you're might trying to find an alternative to your current payment technology provider, whether Stripe, Opayo, Barclaycard or otherwise. This could be because:
you've been suspended from their platform and need to get back to selling quickly
You got lots of attention when you signed up to the service, but now you're a customer, it's proving challenging to speak to a human being about your issues
you want to save money on your transaction rate
you want a more customised payment experience for your own customers
We can’t answer the question for you specifically because every merchant is different and has different needs, but talk to us, and we can chat about your options.
What is the best payment technology platform?
We’d love to immediately say “Taylr!” but the truth is, the best option for your business is the one that integrates seamlessly and does everything you need. For some businesses, it’ll be the platform that saves them the most revenue per transaction, and for others, it’ll be the one that reduces their fraud and false declines.
We hope we’re a good fit for you and can help you scale your business, so talk to us about what we can do for you.
What are the advantages of switching to Taylr.io?
The big companies might see you as just another small business merchant, but we don't. You're not just a number in the system. We see you as our partner, working together to create the best experience for your customers.
That means you can chat to us any time about your payments tech, and our industry experts will be on hand to advise you every step of the way.
About Taylr.io
We're the alternative to the big names in payment technology, and we're here to give you a better e-commerce experience.
Taylr.io focuses on getting merchants online and taking payments quickly and seamlessly, with our SME-focused payments technology.
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