For PSPs, Changing Processors Is More Complex Than Ever Before

in Blog
on Tuesday, 07 April 2015 21:04

Not too many years ago, migrating from one processor to another was as simple as recoding the integration used for real-time transaction processing. Today, however, payment facilitators changing processors must consider things like onboarding integration, chargeback handling and much more that are now part what processors offer.

Gateway processing relationships deserve to be reevaluated from time to time, but it’s important to understand the particulars involved in the modern migration process so you can provide the best possible service to your merchants. All merchants will need to be moved to the new system and properly configured, and that can be a complex process.

Multiple Points Of Integration

Here are several points of integration that must be considered when moving from one processor to another:

Authorization and settlement. Always a part of moving to a new processor, this is complicated today by the possibility of needing to support batch processing. Additional integration efforts are necessary to set up proper file handling between your merchants and the processor.

Merchant onboarding. Changing processors will likely mean a change in procedures for bring new merchants onboard, something you may need to do very frequently. PSPs usually handle onboarding through API or a merchant boarding file, and this process will have to be updated for integrating with the new processor.

Chargebacks. Once, chargebacks were a manual process. Now, many chargeback procedures are automated, and the procedures for retrieving chargebacks, handling chargeback disputes and uploading of supporting documentation must be updated when you change to a new payment processor. In addition to changing integrations, you may need to change procedures and retrain personnel too.

Reconciliation. These procedures involve settlement and fee reports used for analysis of transactions. When you switch to a different processor, reports will likely be formatted differently. These changes can be difficult for you and even more difficult for your merchants who may not have asked for changes to be made.

BIN file loading and updating. Yet another process that must be considered, Bank Identification Number file loading and updating may seem simple enough, but how it will be done must still be considered.

And there are other considerations as well, of course.

Make The Road As Smooth As Possible

Once you get into the technical process of integrating with a new processor, you may face delays and challenges that you weren’t expecting. But that doesn’t mean that changing to a modern new gateway is a bad idea. In fact, it’s often a very good idea. Could it be time to move your company into today’s modern world of payment processing?

For a payment facilitator, changing processing partners is a major undertaking and a decision that shouldn’t be taken lightly. Depending on the size of your company, it’s a process that could take most of a year.

One smart option is a standardized processing platform like the UniPay gateway from United Thinkers. That’s something our team at PayVisors can help you understand better. The UniPay gateway supports all of these aspects of integration and more. Migrating could be simpler than you ever imagined when you work with PayVisors to make your dreams become a reality that will help your company soar into the future.

Change can be scary, but it’s often necessary. We can help ease the pain if you contact us for assistance with your processor migration.

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