What Should You Consider When Choosing A New Subscription Payment Provider?

Has your payment provider increased their fees again or do you need additional features that are not being offered? Perhaps you’re unhappy with the service they are providing you to your customers. 

Sometimes the service providers we choose at the beginning of our business journey are the perfect fit at the time. However, it’s crucial to reassess as your business grows and your needs change.  

While moving to a new provider might seem daunting, it could be far easier than you imagine, and the benefits you receive from switching may be worth your while. 

If you are in the market for a new recurring payments provider, here are some points worth considering: 

What features do you need a provider to offer?

Not all providers are made the same. Most payment providers offer similar core features, so it’s important to consider what additional features you’ll need.

Here are a few questions that you can ask yourself and what you should look out for: 

1. Do you want to maximise your payment collection rate? Some payment providers have established great relationships with banks that’ll allow exemptions to credit card expiry dates, pending your customer is in good standing with their bank. This means you no longer have to chase up customers to update their card details and can effectively eliminate one cause of failed payments.
   
   
2. Do you want your provider to automate failed payment collection for you? Chasing up failed payments is time-consuming and can strain your relationship with customers. Some payment providers will offer options to give you more control over how your failed payments are handled.
   
   
3. Are there any management practices that require extra reporting? Manually building reports can be a time-consuming task. Some providers offer automated report generation that can help you with your management activities and requirements. The right mix of reports will allow you to better understand your business and guide your decisions in the future. 
   
   
4. Do you want billing support to be handled by your business or managed by your provider? Managing your customer queries can be a huge task. If you’re a small business, you may not have the time or capacity to offer billing support to your customers. Luckily there are providers, like Ezypay, who offer dedicated billing support to your customers. This takes the pressure off your business and ensures billing queries are handled quickly. 

How does the provider’s pricing model compare to your current provider?

Pricing plays a large role in choosing the best provider for your business.

Every provider has a different fee structure, and it’s important to find a provider that will give you transparent pricing, so you have the necessary information you need to make the right decision. 

The most common set of fees you will encounter are the transaction fees. Transaction fees are applied when a transaction is made and can range from ‘set in stone’ dollar values, to more flexible percentage-based structures. All providers will have this fee, so look for the right fee structure to minimise the cost to you or your customers.

Other fees you may also come across include failed payment fees, account set-up fees, monthly account-keeping fees, or even migration fees if you’re moving to a new provider. Make sure to weigh up the costs vs. benefits to find the most suitable solution.

To make it easier for businesses to start automating their billing, Ezypay chooses not to charge account setup fees, migration fees or monthly account keeping. All fees can be either absorbed by your business or surcharged to your customer at your discretion. This effectively makes Ezypay a free service! In addition, any fee configuration choices can be easily changed to suit the evolving needs of your business at any time - and your customers are made aware of the exact fees and costs they are expected to pay when using your services, to avoid any confusion.

How easy is it to migrate data from an existing provider? Will it affect your customers?

Migrating your existing data to a new provider is no small task, but it shouldn’t stop you from implementing the right solution for your business.

Most payment providers have migration protocols in place to assist with the migration of your customers. These providers can safely migrate all your customer data, including their billing information, to ensure that there is zero disruption to your business operations or your customers. It’s advisable to find a payments provider who you can trust to keep sensitive customer information (including PII, or personally identifying information) safe and secure during migration.

Be sure to refer to your current provider first to see if they will allow you to migrate your data to a new provider. Unfortunately, not all providers will allow you to do this.

If you choose a provider that does not offer customer migration support, you may be required to create new payment plans for all your existing customers and request their payment information again.

Make it a point to find a provider that offers migration support to help you keep your business running as smoothly as possible.

Ready to make the switch?

Choosing a new provider doesn’t have to be a daunting task.

If you’re ready to switch to a new provider, or want more information about Ezypay, you can set up a demo with a recurring payment specialist or apply now to get started.