A payment processor plays a vital role in helping you collect payments. With the right payment platform, you can avoid payment-related challenges and establish an automated, cost-effective payment system. 

Selecting the right payment platform is challenging, and switching to another one can be even more difficult. But that fear of change shouldn’t stop you from using the ideal payment solution for your business. 

But how do you know if it’s time to change your payment system? 

Here are some signs to watch out for. 

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Bloated with fees and charges

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Fees, fees, and fees! If that’s what you see in your payment platform, it’s a huge red flag. 

Every payment provider will charge a transaction fee. It can be either a small percentage of the total transaction amount or a fixed number. It’s completely normal. 

Problems arise when:

• The transaction fees are too high.
• There are other charges, like onboarding and platform fees. 

So, if your payment provider is charging an exorbitant amount of transaction fees or other charges, it’s time to look for cost-effective alternatives. 

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Poor customer support and service

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Let’s say your client makes a payment of $999. The payment was deducted from their side but was not received on your end. 

Worried, you reach out to the customer support of your payment platform. But you don’t hear from them for hours, and when they respond, it doesn’t even solve your problem. 

That’s a bad situation to be in, but it’s even worse for your clients. 

Hence, top-notch customer support is critical. If you’re struggling with customer support with your current payment system, it’s time to switch. 

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Lengthy contracts and termination fees

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Payment processors generally don’t have monthly or yearly contacts. That said, if you’re fine with short-term contacts, cool!

But if your payment provider is trying to lock you into long-term contracts – 2 years or longer, then it’s a red flag. 

When you try to terminate these contacts early, the provider may levy a heavy termination fee. 

Not sure if that’s the case? Look for the “liquidated damage clause” or related terms in your contract to find out. 

Overall, if your provider is locking you into lengthy contracts and demanding hefty termination penalties, it’s time to look for another platform. 

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Support for limited payment platforms

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Businesses across the globe use multiple payment methods for accounts payable. These include ACH transfers, wire transfers, card payments, and more. 

If you do business globally, you need a payment platform that supports various payment methods. 

If your payment platform has limited options, it’s time to make a switch to a provider that supports a wide range of payment methods. 

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Complicated workflows and integrations

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Lastly, your payment platform should be easy to use. A lot of MSP payment platforms rely on tedious integrations with PSAs, resulting in complex workflows and technical issues. 

Go for PSA-agnostic payment solutions that work seamlessly without integrations. Such payment platforms are easier to use and provide a hassle-free payment experience. 

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Zomentum Payments: The gold standard of MSP payment platforms

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The problem with most payment platforms is that they’re not designed for MSPs. Hence, things that MSPs need, such as an exclusive client dashboard and a PSA-agnostic payment experience, are missing. 

That’s exactly what Zomentum Payments provides. 

Zomentum Payments is a complete payment solution for MSPs that allows you to streamline accounting reconciliation, facilitate on-time payments, and reduce payment failures. 

Experience consistent cash flow and financial stability with Zomentum Payments. 

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