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What To Do: Switch From Stripe To Another Processor
I want to switch from Stripe, what do I do? While Stripe is a popular payment processing and merchant platform, you may need better customer service, fewer reserves and more flexibility.
Have you ever looked at the end-of-the-month bill and said, “I want to switch from Stripe Online Payment Processing?” Extra fees and charges can be disheartening. Added reserves and terrible customer service are just a few reasons to switch to a smaller, more intentional processor.
However, switching can seem like a big hassle. Many business owners think about switching, but don’t do it because it just seems too complicated.
Have no fear! This article will give you a quick start guide for switching. Read on and find out the key things to think through and do before you make a switch.
Where To Start When Switching From Stripe To Another Processor
The biggest thing you will want to do before you make a switch is to think about what you need. What types of services were you using Stripe for? What services do you want that they may not offer?
Many companies do credit card processing, but can they do check processing? Maybe you want to add special fraud protection tools or Quickbooks Sync pay.
You may need email invoicing or a customer vault to save card information for quicker service. You might be interested in adding cryptocurrency processing. You may need to take checks or want to use Echecks for your business. Finding a merchant who can help you securely accept checks could help you increase your business.
Your business may need more tools than Stripe provides to see more growth. Having a list helps you decide what is most important and what you need to look for in another provider.
Look at Pricing Options For Credit Card Processing
The problem with many credit card merchants comes with their pricing structure. They show a low upfront cost, but when you start adding services they hit you with excessive fees. Durango Merchant Services uses an interchange plus pricing model that allows for full transparency and no hidden fees.
Knowing what you are looking for will help you understand the whole picture when it comes to pricing. You will know what questions to ask and what services to prioritize.
What if I'm a High-Risk Business?
Some businesses feel stuck with Stripe because they are considered a high-risk business by many merchant services. This could keep your business from growing because you can’t offer more options for your customers.
Some high-risk merchants include memberships, cryptocurrency, travel, startups, online electronics, gaming, and non-profits. Companies frequently deal with chargebacks, approval, and poor processing rates as a result of their ‘high-risk’ classification.
Durango Merchant Services specializes in helping businesses that are considered high risk and offers real-time answers to the problems that merchants confront on a daily basis.
Investigate the Alternatives to Stipe Payment Processing
As you begin to investigate the alternatives to Stripe, think through what you need now and also what you will need in the future. You want to be with a merchant services company that can provide more tools for the future.
When you take the time upfront to investigate, you are more likely to find a company that can be a partner with you. You want to feel comfortable doing business with them and feel like they are on your team.
Transfer Your Data From Stripe
Once you choose another service to use, you will have the option to transfer your data to them from Stripe. Sometimes merchants prefer to transfer all of their processing data for ease of book keeping and accounting down the line. Alternatively, you can de-activate your Stripe account and simply export your processing statements for later reference. Stripe does not transfer your account’s payment history, subscriptions, or other card holder information as this data is extremely sensitive. You will need to use your dashboard to get that information yourself. . As long as you don’t delete your account, you can go back in and get that information from Stripe. Stripe can transfer the data, but they do have a few requirements.
Compliance
Stripe will only transfer your data to another PCI DSS Level 1 payment processor. Durango Merchant Services fits this requirement. The processor must provide their PCI Attestation of Compliance or their listing on Visa’s Global Registry of Service Providers.
Make sure that your merchant account is on a secured website with HTTPS. Their PGP public encryption key must be 4096 bits or greater in length. Your new merchant provider should have all of these and be able to connect with Stripe for you.
Making a Successful Switch to a New Credit Card Processor
At Durango Merchant Services, we are passionate about providing top-quality and up-to-date services for business. We work with multiple businesses both large and small, plus we provide full service for at-risk businesses.
Get in touch! You have questions and we have answers!
