Many businesses selling online tend to grow over time, and therefore don’t often think to review their website payment provider. Whilst this might seem like an unnecessary hassle, the reality is that it’s not that difficult to do and the cost savings can sometimes be very high.

 

If you are thinking of switching here are some important factors to consider:

  1. In addition to the % rate you might be paying, you need to watch out for the pence rate, which is often around 20p per transaction.  This is fine if the products you’re selling are high value, but when they’re not this can easily rack up costs and eat into your profits.
  2. How difficult is it really to switch your gateway? Its actually often easier than you think but its always best to check this before switching.  There might be web development costs, but even if there are, these are often easily outweighed by the cost savings on card payment fees, so its worth looking into.
  3. And finally, the features and functions are the last thing you should consider. You sometimes get free access to other helpful tools like recurring payments and portals to allow you to pay by phone and email. For many businesses this gives extra flexibility to take payments in different ways – all with the same system.

 

We recently switched one such customer who was paying 1.8% and managed to save 60% on their annual costs and simplify the number of tools and devices they were using.

If you need any impartial advice on this or just want to chat through options, then please feel free to call us 0300 303 4105.

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