It’s expected that over time your business will change and evolve. Ideally your customer base will grow, your service will improve and your business needs will increase to meet your expansion. It stands to reason that your needs from a payment provider will change as well. If you’ve partnered with a platform that’s designed to grow with you, you’re in good hands, but sometimes owners find their business has outgrown the platform they started with.
If you’re wondering if you might be ready to upgrade your payment provider, there are four key considerations you should factor in before making any final decisions.
Reevaluate your budget
In the process of starting your business you may have signed up with a payment provider that was recommended to you, or was the first you came across. Usually choosing a payment provider is the last thing you think of when setting up your business, but it’s actually one of the most important parts of running your business on a day-to-day basis.
It pays to look around and compare platforms as the industry is always changing and you may be able to find a better offer, with lower fees. Different providers offer different plans, so consider if your business suits a fee structure with upfront costs, or whether it’s better to go with a company that offers a fee as a flat percentage of each sale.
Initially you may have partnered with a provider that offered extra bells and whistles you weren’t sure if you needed, but got just in case. Spend some time looking at what you’re using from your provider’s offering and more importantly, what you’re not using. You should make sure you’re not paying for features that you don’t use and won’t have a use for in the foreseeable future.
eWAY has some of the lowest rates in Australia, to see details about our different payment solutions, see our pricing page here.
Plan for growth
Businesses are undergoing rapid change in the eCommerce space – particularly in the last eight months. Whether they need to start transacting online quickly, expand into new selling channels, or their growth is starting to outpace their payment platform’s capabilities, business owners need to be on the ball when it comes to reacting and anticipating growth. When it comes to comparing payment platforms, consider things like your traffic – has it grown? Can your payment provider keep up with the increase in traffic?
Something else to weigh up is the payment options your payment provider supports. Understanding how your customers want to pay you is vital when considering a payment provider. You need to be able to accept payments from customers, however they want to pay.
eWAY supports payments from a variety of credit and debit cards from both domestic and international cards, and a range of other payment methods.
Consider which integrations will improve your business
What does your business need in terms of functionality? Do you need assistance with website design? A fully integrated shopping cart? Accounting software?
The integrations you choose for your business should be customisable and flexible enough to grow with your business. It’s important to consider not only the features an integration can provide your business, but the support they provide you. Partnering with a payments platform that doesn’t work well with your chosen integrations can lose your business time and money when you have to manually chase down orders, stock levels, customer details and more. Make sure the payment provider you chose has the capability to work with a variety of integrations so you don’t find yourself running around unnecessary consolidating information across multiple platforms.
eWAY partners with over 250+ of the most popular shopping cart and software integrations so that you can choose the best integrations to suit your business needs.
Make sure you’ve got the support you need
You might never need to contact customer support for your payment platform, but when you do need assistance, you need to be able to get your issue resolved fast. If you can’t rely on the support team of your payment platform to help you when you need it, your business can suffer.
Pay attention to how attentive your customer support is right from the start, as this will be a good indication of the level of support you can expect to receive for the duration of your partnership.
eWAY provides it’s merchants with 24/7 support and is contactable by email at or by phone 1800 178 126. We also have a Knowledge Base, filled with useful articles, guides and videos designed to help you with everything from integrations to website tips and reporting assistance.