Like clockwork, the period between Christmas and New Year’s serves up a glut of stories that reflects back on the highlights of the closing year and prognosticates events for the coming year. Then, once January kicks in, we transition from recaps and predictions to resolutions for a fresh beginning and a new start toward the new you.
While it brings a fresh start for many of us, January is also is a popular month for payment processors to usher in a price hike. That makes it the perfect time for you to take a step back and truly assess your payment partner relationship.
Below are three reasons why you should do this assessment now rather than later
Since January is a popular rate increase month, the sooner you evaluate your payment invoices, the sooner you’ll confirm whether or not you are paying a higher rate.
To make it simple, I encourage you to take advantage of the complementary statement analysis that Wind River offers. We evaluate your statements to look for unnecessary or avoidable fees, changes in your rates, and things you can do that will reduce your costs. If we can find ways to save you money, great. If we cannot, we will tell you that. Either way, it will not have cost you anything.
I’m sure you’ve had your fill of retrospectives from 2019, so I’ll quickly make my point. Last year we experienced unprecedented change in the payments industry. The three mega mergers that involved Fiserv, First Data, World Pay, FIS, Vantiv, and TSYS are certain to have major impact on the customers of each company.
Often, the larger the company, the smaller the service – unless of course you are a mega company as well. It’s not always that way, but it is truly a risk. To avoid being underserved, ask yourself the following questions:
If you can’t answer yes to all three, you may not receive the level of service you need and deserve in 2020. You probably should start considering other payment provider options.
Do you have growth plans and business goals for this year? Often payments play a key role in achieving those goals, and you’ll want to make sure you have the right payment relationship that can help get you there.
There is a huge difference between a payments supplier and a payments partner. A supplier will simply enable your card-based transactions. A partner, on the other hand, engages with you to determine what you will need to achieve your business goals and when you will need it. Whether that be enabling new payment channels or supporting sales volume changes, a good partner is there to support you every step of the way.
As part of your assessment, consider what kind of relationship you’re in with your current payment provider. Is it simply a supplier/customer relationship? Or is it more like a partnership that actively works to facilitate the growth of your business?