Fear of Payment System Migration: How to Make a Proper Action Plan
While cliche phrases like today’s fast-paced digital payments landscape are all around us, the truth is that the fintech sector is developing fast, indeed. Stats show that by the end of this year, the digital payments market may hit $9.46 trillion. No wonder business owners need reliable payment gateway that can help them scale and deliver safe transactions, positive UX, and high profitability in the long term. And if the solution they are currently using is unable to match their needs to stay competitive, migration to a new payment provider is needed.
That said, many CEOs of online businesses and SaaS companies fear payment system migration even when their existing payment processing platform comes with costly and outdated capabilities. In fact, research by the WJ shows that digital transformation is a major fear for management.
While concerns vary from the risk of data loss and dependencies to corruption of files and lack of resources, surprisingly, two of the main factors that fuel such fear are a lack of motivation and a fear of change. Another human factor is the desire to maintain control and stay in one’s comfort zone, mixed with some edgy feelings about the unknown. When it comes to the complexity that veils the financial sector, for example, CEOs admit they feel unsure how they can catch up and lead such digital transformations, per Deloitte.
Old habits die hard, true - but with them your business competitiveness may do as well. So here is how to overcome barriers to change and make an action plan.
How to overcome the fear of payment system/gateway migration
While migrating to a new payment gateway might be daunting, it’s crucial to have a well-defined plan to improve your decision-making, which can help you overcome your fear of change. Check also how a streaming provider successful migrated to our PCI payment gateway, which lead to 35% MoM revenue growth.
- Do your research: Even if you are comfortable with your current solutions, make sure you assess your current situation regularly to understand whether you need a new payment provider or not. If you notice your solution doesn’t meet your needs, evaluate available payment gateways, their pricing models and security features, onboarding and integration processes, and most of all, customer support. Then research what the migration process will require (e.g., opening a new merchant account, moving card details and tokens, etc.). Go further and consider essential factors, such as payment flexibility, compliance, and the benefits it can deliver to customers.
- Set feasible goals: Define clear objectives for the new payment system and ask yourself whether you want to rebuild the entire payment process adopted by your business or simply access new integrations and features. Because data reveals that over 70% of all digital transformation initiatives across companies get wasted - often due to a lack of clear objectives.
- Allocate a realistic budget: While each company has its individual goals, allocate a realistic budget to ensure a smooth implementation and fee processing handling based on the products and services you offer.
- Provide training and engage different parties: Foster open communication through the transition period and invest in comprehensive training to help your staff overcome their own fears with the new payment system. Make sure that you also can support ongoing day-to-day operations to reduce time, errors, and data losses.
- Ensure ongoing monitoring and consider consulting: Implement robust monitoring means to track the performance of the new payment system but also make sure you align these metrics with the company’s overall purpose. Identify problems, discuss with operational teams, and if needed, seek consultancy support. Do not forget that, in the end, effective migration is a team effort.
Fear as a tool of growth: Benefits of payment system/gateway migration
Because when implemented effectively, a new payment processing system can only help your business potential grow! Wondering why?
Here are some advantages of working with a reliable PSP that can offer a new payment system and seamless migration:
- Flexibility: A new payment processing system can help you expand globally, accept different currencies, offer relevant payment methods to suit users, and attract new customers. This way, you can provide not only a seamless payment experience for customers but unlock your financial potential.
- Speed: A reliable PSP will help you streamline onboarding and integration and benefit from fast time to market. Talking about speed, an advanced and reliable payment system can enable faster transactions, improving customer satisfaction and facilitating growth.
- Safety: One of the most beneficial factors is that a trustworthy PSP can implement rigorous security and compliance measures to help you with risk management, chargebacks, disputes, and also guarding sensitive customer data, which can reduce financial burden and build trust.
- Transparent reporting: Any good payment system should come with intuitive dashboards and transparent reporting systems. This can help you access real-time and detailed data, which can empower your business decisions and optimize financial operations in the long term.
- Scalability: Talking about long-term goals, a robust PSP infrastructure can allow businesses to handle increasing transaction volumes and boost scaling operations as your venture grows.
- Support: Last but not least, when migrating to a new payment system, businesses should pick a reliable PSP that can offer ongoing and dedicated customer support, ensuring prompt resolution of issues and this way, guaranteeing a true partnership.
While the prospect of transitioning payment systems may initially evoke fear or just annoyance, it's crucial for CEOs of online businesses to recognize the value a reliable PSP payment platform can bring. By following a well-defined action plan, defeating the fear of payment system migration is possible - of course, with a reliable PSP partner beside you.
We at CatalystPay can help you implement solutions that fit your business objectives and help you gain a competitive edge. Ready to transform fear into growth potential? Share your payment needs with us today!