By Lauren Joseph, VP of Business Operations, Credorax
As most people continue to navigate some sort of altered version of reality due to COVID-19, here’s a situation you might recognise. Ever spent an hour or more scrolling through Netflix trying to find something to watch? With thousands of movies and TV shows to choose from, it’s impossible to decide which one you might enjoy the most!
The psychologist Barry Schwartz called this the paradox of choice– the more options you have as a buyer, the harder it is to commit to a single choice. Any decision comes with anxiety over missing out – the shopper’s FOMO.
It’s a feeling you might be familiar with if you’ve ever looked for a new payments processing solution. There are so many offerings on the market that sorting through them all is a full-time job. Not to mention the endless volumes of payments jargon – all the complex terms and obscure three-letter acronyms that look like you’d need a PhD in economics to decipher.
The right payments processing solution can open the door to a smoother customer experience, more sales, and specialist data insights that help improve your business. But finding the one that works for you can be challenging, especially with so many providers vying for your business.
To help narrow it down, here’s a checklist of things you should consider when looking for a payments provider:
- Understand your needs
It might sound basic, but it’s so important. What challenges are you trying to solve? Consider this and you’ll figure out what you need from a payments processing solution. For example, you might want to improve your optimization rates; or you might be looking to expand into new markets and need to support additional payment methods and currencies.
Knowing what your priorities are will help you sift through any offerings that aren’t relevant.
This will not only help you streamline business operations but will also enable you to provide a better service to your target audience.
- Talk to providers who want to understand your business
Good payments processing providers are good listeners. They want to hear you talk about your business – your unique challenges, your goals, your customer base, your business model, your growth strategy – so that they can tailor a payment solution that really suits you.
If you’re the one doing most of the talking at the start of a sales conversation, that’s a good sign.
At the end of the day, an expert in payments is no use if they apply a one-size-fits-all approach to your unique business. Whereas one who takes into account your individual KPIs, target market and business structure, and creates a bespoke solution in accordance with these, can add a great deal of value to your existing model.
- Find someone that provides additional support
Make sure there are provisions for proactive, continuous support and advice from your provider. It could be guidance on fraud and regulations. It could be help identifying conversion rate drops and finding ways to optimize them in the right direction. Especially at a time when business, as usual, is being disrupted, this kind of support will make a world of difference.
Payments are multi-faceted and consumer/ industry demand is always variable, whether that be season-to-season or in response to a global economic shift, as is the case right now.
Accessible support to cater to changes such as those above is vital to be able to continue delivering a high level of service to customers, as well as to maintain internal operations.
- Be wary of offers that are too good to be true
At first, a quote from a payments processing provider might look very attractive. However, what sometimes seems like the best offer could have hidden fees buried inside. Or perhaps it has loopholes that don’t cover all of your needs in their pricing. Of course, it’s important that a solution is competitively priced, but keep in mind that cheapest doesn’t always mean best!
- Beware of jargon
The payments industry is rife with jargon and it’s not your job to be fluent! If there’s anything you don’t understand or need clarifying about a payments processing solution, a good provider will take the time to help you understand it fully.
Be wary of anyone that throws around too much jargon without explaining what the words actually mean. An experienced professional will be able to guide you through complex explanations and what’s more, they’ll want to.
The more they help you understand, the better you can collaborate – it’s a partnership after all.
How Credorax can help
At Credorax, from the second you engage with us, we partner you with a Director of Business Development or an Account Manager, as well as a Solution Architect and a Sales Operation Manager. Each of these people is dedicated to working specifically with you, understanding your needs, and shaping the technical solution to your requirements.
Throughout every stage of the process, from initial conversations to onboarding. to years into a relationship, Credorax’s team continues to support you with advice, business intelligence, insights, and our dedicated approval rate optimization team proactively monitors your transactions to identify opportunities for improvement.
To learn more about how Credorax can help you supercharge your payments processing, get in touch at grow@credorax.com.
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