5 Signs Your Business Has Outgrown Its Payment Setup

You use more time than you should dealing with money issues

If your accounting program doesn't link to your payment processor, you'll spend extra hours doing bookkeeping.

Your payouts are slow

Quick payouts are important, especially as you start to make more sales each month. It can be devastating to have a few late payouts as you're about to launch a new product or scale back your spending.

You can't get support when you need them

Even the best processors have rules on how you can contact their support, including limited response time. As your sales grow, you can't afford to deal with a customer service queue at the call center.

Your reports aren't useful for a growing company

Sales reports are generated from payment data, but spreadsheets or online apps aren't helpful tools anymore as you sell more products online and in multiple stores.

Your plan doesn't include the features you want or need

That last reason is usually the main one that makes owners look for new processors, especially ones that include software for their specific type of business.

The most popular processor for some time now has been Stripe merchant services. This option gives business owners access to software that helps their companies to operate smoothly. In addition, they offer simplified pricing based on volume, and powerful reporting and analytics tools.

If your current plan doesn't fit your needs, research is essential before you jump to conclusions. You can't just compare your processor to generic options. Make a list of what you're looking for in a payment gateway, including invoicing, recurring payments, multiple currencies, and compatibility with other software. If one platform fits most of your requirements, it will be much more cost-effective to choose it over the competitors.

Finally, you should review your options so that you understand what each company offers.

This is also a good time to research the best payment processor for Shopify.