Convincing Merchants to Switch to a New Payments Processor | Finix

Switching to a new payment processing platform is no small task but the benefits can far outweigh the challenges. The truth is, your integration into a new payments provider is just the beginning. This is because your merchants are still on your old provider’s payment platform.

This presents a new challenge:

How do you convince your current merchants to move to your new payment provider?

The why for migrating your merchants to your new payments provider

While it may seem easier to not “rock the boat” and just onboard net-new customers to your new provider, it’ll be more beneficial for you to get everyone aboard your new “ship” in the long run.

First off, there was a reason you switched providers. If some of your customers are still processing payments on that platform, you still have to deal with the issues, lack of features, or lack of flexibility that led you to make a move in the first place.

Second, having customers on multiple platforms makes it much more difficult to reconcile transactions as they are coming from different places and arriving on different schedules. This makes your payment operations team’s jobs substantially harder and more time-consuming.

Third, you won’t be able to offer a consistent experience for all customers or fully maximize your payments revenue. Why? Because most providers don’t offer interchange plus pricing for small to mid-sized businesses, let you create custom fee profiles per merchant, or white label your entire payments experience. This can limit your revenue opportunities and your ability to offer the best customer experience.

Convincing your current merchants to onboard to your new payments provider

Here are seven tips to help get your merchants onboard with your new provider.

1. Give them a heads up

The first step is to let your current customers know you’re switching payment providers and to give them a timeline. This can be done through a series of email blasts, short webinars, or personalized outreach from your customer success teams.

2. Explain the benefits

Your customers don’t know what they don’t know. Tell them why you’ve decided to switch to a new payments platform and how this platform is better equipped to help you help them. Being transparent about your decision will not only help convince customers to onboard to your new provider but also help build trust in your brand.

3. Data is your friend

Show, don’t just tell. Put together a data package that demonstrates how your new embedded payments solution provides higher uptime, lower payment processing fees, and better support.

4. Offer incentives

Sometimes customers need a little incentive to make the move as it’s simply easier to keep their setup the same. For example, you could offer a 50% discount on their first month to sweeten the deal.

5. Make it easy

Another reason customers may be reluctant to uproot their current payment situation is a lack of technical know-how or support. Create clear and detailed instructions for migrating payments in advance. This way, your customers know what to expect and can prepare for the switch.

6. Provide support

Reassure your customers that you’ll be behind them every step of the way and that you’ll assist them in making a seamless transition.

7. Make it mandatory

You could also consider making it mandatory for your customers to onboard to your new payments provider. If you follow the advice above, you can easily present the news as a positive update to your payment processing offerings.

Benefits of using Finix as your payments provider

We’ve compiled a list of Finix features that benefit both you and your platform customers. These points can help you convince your customers to switch their payments.

High reliability (99.999% uptime)

Finix has multiple failsafes in place to help prevent service disruption for you and your customers. We handle billions of API calls each year while maintaining a 99.999% uptime.

Flexible pricing options

At Finix, you can choose between our Dynamic (interchange) or Flat-rate (blended) pricing options. With the interchange model, you can earn more revenue per transaction or pass the savings down to qualifying customers.

Level 2 and Level 3 processing

Finix supports Level 2 and Level 3 (L2/L3) processing. This is beneficial for B2B transactions and government-related purchases made via corporate or business cards.

Custom fee profiles

Finix allows you to create custom fee profiles at the merchant level for competitive pricing or to maximize the amount your platform earns on transactions.

Multiple payment methods

Finix supports card payments, alternative payment methods like Google Pay and Apple Pay, and ACH, so that customers have more ways to pay.

Better User Experiences

Finix provides the ability to white label your platform’s payment dashboard and onboarding forms, creating seamless customer experiences.

Payment analytics

Our reporting features provide deep visibility into your transactions and overall payments business footprint.

Less tension and risk exposure

We help your platform become a one-stop shop for your customers, reducing the number of contracts and third-party companies they need to deal with.

End-to-end payments processing

With Finix, you have a dedicated team to help you along the way when migrating your payments, making the transition smoother for you and your customers.

The benefits of having all your merchants on the same payments platform far outweigh the work it takes to get everything moved over. Payment operations teams will be able to reconcile transactions more efficiently, leading to better customer experience and maximizing revenue.