Changing Processors Becomes Increasingly Complicated for PSPs

It wasn’t all that long ago that migrating processors was a simple matter of recoding the integration for real-time processing of transaction.  Now it’s more complicated.  Now, payment facilitators have to consider such factors as onboarding integration, managing chargebacks, and many other considerations that processors currently offer.

You should be reevaluating your gateway processing periodically, but you also need to be aware of the details involved with current migration processes in order to continue providing top notch service to your merchants.  When you switch, all of your merchants need to be migrated to and configured in your new system, which can be complex and time consuming.

There are several points of integration to consider when migrating processors.  Here are some of them:

Authorization and Settlement – Anytime you switch processors, you need to figure in authorization and settlement.  This becomes more complex when you need to support batch processing.  You also need further integration to establish appropriate handling of files between merchants and processor.

Merchant Onboarding – When you change processors, you will most likely need to establish new procedures for bringing new merchants onboard, something that may need to be done on a regular basis.  PSPs typically use an API or merchant onboarding file and you’ll need to update your process to integrate with your new processor.

Chargebacks – At one time, chargebacks were done manually, now they are most often automated.  When you change payment processors, you need to update your procedures for retrieving chargebacks, handling disputes, and uploading support documentation.  You may also need to update your procedures and retrain your staff as well.

Reconciliation – Reconciliation involves settlements and reports used to analyze transactions.  When  you change processors, the reports may not be formatted quite the same.  These changes can take some getting used to, and may be difficult for merchants who may not like change.

BIN File Loading and Updating – Loading and updating your Bank Identification Number file may not be all that complicated, but is one more factor that you’ll have to consider.

These aren’t the only factors you’ll have to consider when you change processors, but they are some of the big ones.

Simplify the Process as Much as Possible

As you get started with the technical side of integrating with a new payment processor, there may be unexpected issues and interruption.  Don’t be disheartened, switching to an updated gateway is not as bad of an idea as it sounds.  Indeed, it may be well worth it when all is said and done.  Is it time for your business to move into a more modern way of processing payments?

Changing processing partners can be a monumental task for a payment facilitator and is a decision that should never be made lightly.  It could take months, even the better part of a year, depending on how large your company is.

A good option for switching is to go with a standardized processing platform such as Payment Gateway Software.  Our team of experts  can help you navigate the process.  Company supports all of these factors and many more.  Migrating isn’t simple, but we can help make it simpler than you would have imagined.  Let us help you realize your dream of taking your company into the future.

We know how scary change can be, but we also know it’s sometimes necessary.  Contact us and let us ease your migration process.