If you\u2019re considering changing your NetSuite payment processor, you aren\u2019t alone. <\/p>\n\n\n\n
According to a PYMNTS study<\/a>, fifty-nine percent of small to mid-sized businesses (SMBs) said they would consider switching for lower transaction fees. Additionally, nearly fifty percent said that a more usable processor would seal the deal. <\/p>\n\n\n\n No matter the reason for changing your NetSuite payment processor, it\u2019s important to start the process well prepared. Here are five key things\u00a0to consider before making the switch.<\/p>\n\n\n\n It’s integral to be clear on why you’re making the shift, as it takes time to implement the new processor, train staff on the changes, and optimize the process. <\/p>\n\n\n\n For example, do you want to reduce transaction costs to create a healthier cash flow? Are you releasing a new product that would work better with a recurring pricing structure? <\/p>\n\n\n\n Some common reasons to shift from your current payment processor include: <\/p>\n\n\n\n Once the reason for the change is established, it\u2019s much easier to evaluate new programs against your business needs and set relevant key performance indicators (KPIs) to manage overall success. <\/p>\n\n\n\n Additionally, being able to explain why you are changing processors to your internal team will help with adoption. When those on your team feel left in the dark about why a major change is happening, oftentimes, they may look at the change in a negative light rather than see the benefits.<\/p>\n\n\n\n Once you have your why<\/em>, it\u2019s time to map your business needs and goals. <\/p>\n\n\n\n There are a few essential areas where changing your payment processor will have the most impact: <\/p>\n\n\n\n Evaluating cost and fee structures is critical when considering new payment processors. <\/p>\n\n\n\n You\u2019ll want to ask the following questions to determine if a processor is a good fit: <\/p>\n\n\n\n It\u2019s important to note that these terms may not be set in stone. Many payment processors are open to negotiation on fee structure. Some even offer customized packages based on transaction volume.<\/p>\n\n\n\n Payment data is highly sensitive, and the fallout from a breach can be devastating. Security is a non-negotiable. \u00a0<\/p>\n\n\n\n Whatever payment processor you select should be 100% compliant with the Payment Card Industry Data Security Standard<\/a> (PCI-DSS). Ideally, your solution should also use data encryption and tokenization to safeguard customer data, as well as, 3D Secure as an added level of security for transactions.\u00a0<\/p>\n\n\n\n Another important aspect is fraud prevention. A strong payment processor candidate should have extensive fraud prevention measures and tools.<\/p>\n\n\n\n Finally, you\u2019ll want to take time to ensure that your payment processor can integrate with all software that exists in your ecosystem. This includes shopping carts, accounting software, and in this case, NetSuite.\u00a0<\/p>\n\n\n\n It is also critical to have your staff understand the new system during the implementation process. In regard to ISVs, it\u2019s important to have training modules for customers if they will be able to adjust payment settings. \u00a0<\/p>\n\n\n\n A lack of knowledge is one of the biggest challenges<\/a> for any kind of digital transformation, so providing educational resources can ensure success. Best-in-class payment processors often have training or documentation materials and offer training sessions for your team.<\/p>\n\n\n\n Changing payment processors is a strategic move. Rather than draining resources and time from your organization, it can accelerate growth and free up revenue. But it\u2019s important to pick the right partner for your business. Consider the five steps above when choosing a new payment processor in NetSuite<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re considering changing your NetSuite payment processor, you aren\u2019t alone. According to a PYMNTS study, fifty-nine percent of small to mid-sized businesses (SMBs) said they would consider switching for lower transaction fees. Additionally, nearly fifty percent said that a more usable processor would seal the deal. No matter the reason for changing your […]<\/p>\n","protected":false},"author":1,"featured_media":13076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"Discover the 5 factors to consider before switching your NetSuite payment processor, including costs, security, and integration, to make a seamless transition.","_seopress_robots_index":"","footnotes":""},"categories":[566,577],"tags":[],"class_list":["post-13075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-featured"],"acf":[],"_links":{"self":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/posts\/13075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/comments?post=13075"}],"version-history":[{"count":0,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/posts\/13075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/media\/13076"}],"wp:attachment":[{"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/media?parent=13075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/categories?post=13075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fortispay.com\/wp-json\/wp\/v2\/tags?post=13075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Step #1: Determine Why <\/em>You Want to Change Processors<\/strong><\/h2>\n\n\n\n
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Step #2: Map <\/em>Your Business Needs and Goals<\/strong><\/h2>\n\n\n\n
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Step #3: Focus <\/em>on Costs and Fee Structures<\/strong><\/h2>\n\n\n\n
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Step #4: Invest <\/em>in Security and Compliance<\/strong><\/h2>\n\n\n\n
Step #5: Make Sure You\u2019re Integrated<\/em> and Your Team is Aligned<\/strong><\/h2>\n\n\n\n
Discover a Better Way to Process Payments in NetSuite<\/strong> <\/h2>\n\n\n\n