Main factors causing change of your payment provider
Integrating payment system is often a complex and time-consuming process, especially for startups in iGaming industry. Many business owners try to maneuver within existing integrations on the platform in order to save resources, although payment system often does not suit business goals. Using what is available, for example, from an aggregator, ignoring your project’s needs can lead to serious negative result.
Payment system as the main partner, which is directly related to making profit, so first of all, it should correspond to this goal. It is much easier to do business when PSP is reliable and stable, and you don't have to "fight" for your rights in every non-standard situation.
Main reasons why you should change your payment provider right now:
1. Payment approval ratio is at too low or critical level.
An obvious reason when you should not just think about changing your payment provider, but already look for two others. After all, payment system should provide you with stability in receiving payments. If testing and analytical checks have shown that the low performance reasons lie precisely within PSP, you should change the provider without hesitation and ensure uninterrupted receipt of deposits and withdrawal of funds.
At the same time, important to conduct required tests and make sure what is the reason of issue. Because if PSP is not the actual reason of the low success rates, then changing payment provider will not solve the issue, and situation will remain the same. Understanding how your own product works and where to look to identify problems is one of the main skills of an entrepreneur. It is important for payment structure as much as for marketing.
2. Hidden fees, deceptive contracts, and inconsistency between words and actions.
Negotiations are always long and multistep process. In discussion facts may be omitted by both the sides and then later this brings negative impact on cooperation. Therefore, during negotiations with payment system, try to clarify all the details and fees before you jump into contractual relations.
Sales managers can be too talkative and miss important details, so always good to have a competent person on the merchant's side who knows exact meaning of complex words in the payment service contracts. And also, how they work in real world. Don’t be shy to ask questions and clarifications if something is not clearly expressed in the documents, because your further cooperation depends on it.
At the same time, if negotiations went smoothly, but in the process of working together, you faced with substitution of concepts or changing the terms of cooperation on the go, this is definitely a reason to consider changing payment provider. Better to find someone more stable in decisions and contractual conditions. If rates for payment solutions are changed without prior notice or the settlement of funds delayed, these are reg flags that you can’t miss.
3. Low level of support.
In addition to a strong technical component and high-quality solutions, speed and quality of support in complex emergency situations are of great importance for successful cooperation. For example, if you got interruptions in payment processing and PSP is not willing to provide quick support to payers, and you (the merchant), business will suffer losses.
Payment system support team responds very slowly or never respond at all? Every simple question requires a lot of resources and time? In this case, obviously payment system is not suitable for active cooperation with a high-risk project. In gambling, flexibility, speed of reaction, and implementation of changes are very important, especially in payment part. Therefore, finding another option that is more adaptive to the changing environment of high-risk may become a solution to this problem.
4. You are growing but payment system is not.
Non-obvious and not immediately noticeable factor, but we also recommend taking it into account. At different stages of its journey business may have different needs. Payment system in gambling should always clearly meet the requirements and even future needs. The market is actively evolving, and trends in iGaming are constantly moving forward, so that PSPs must keep up as well as online casinos.
Accordingly, if your regions of operation are growing, transaction volumes are increasing, and technical requirements are becoming higher, payment system must be there for you and offer innovative ways to meet these needs. If this is not happening and you constantly have to solve problems on your own by complex technical developments or lowering requirements to the provider, you should think about changing your payment processing partner.
5. Market has something better to offer.
Innovations in iGaming and payment sector are blooming for the last few years and tend to move forward even faster. Being more technological and expert can help to save budget and make a PSP ahead of everyone. For a merchant is better not looking for just cheaper solution, but more advanced in terms of technology or payment methods. After all, this approach will allow you to constantly and systematically reduce costs, not just once because the discount. Conducting constant market research is an excellent way to always be aware of news and industry events. This way your payment infrastructure will be modified depending business needs, adapting to current conditions.
The above reasons, in our opinion, can motivate change of payment provider in gambling or another business.
At the same time, important to understand that building strategy based on constant changes of partners doomed to fail. Instead, you should learn how to negotiate and maintain stable relationships. For cooperation to be successful, you need initially choose right contractor and constantly communicate with payment system your needs and preferences. Always provide quality feedback and ask for it from your partners. Doing this, you will be able to create a truly working system that can withstand all market shocks.
