It's crucial for payment service providers (PSPs) to have reliable and efficient software to handle transactions smoothly. However, many PSPs face challenges when working with big-name white-label payment software providers who may not prioritize smaller clients or provide personalized support. 

In this article, we will elaborate on why switching to a relatively young promising software provider can be beneficial for PSPs of all sizes.

The challenges of working with big software providers

The challenges often stem from the fact that big software providers tend to prioritize larger clients over smaller ones. By larger we mean those that have a turnover of $1 billion+ a year. As a result, smaller clients (even though they are in fact not small at all) may not receive the same level of support and attention as their larger counterparts, leading to frustration and delays in problem-solving. 

What factors can we take into consideration?

High costs and long waiting time

To enter new GEOs, third-party integrations are needed. Moreover, if you want to serve new customer segments you constantly need new features. Developing and adding them is extremely difficult for the ‘big whales’. First of all, their prices do not even closely correlate with the development cost. Secondly, your desired feature needs to be considered relevant to get approved, and rejections are quite often. 

Even if the feature passed the ‘casting’ and you’re ready to pay a lot, also be ready to join a queue. Businesses may find themselves waiting months for their turn to get requested integrations or features, which can hinder their ability to quickly adapt to changing market conditions or customer needs. This means postponing or even losing a business opportunity.

Non-user-friendly interface
 

Design plays a crucial role in the success of any business, including payment processing. A poor design can negatively impact sales, leaving merchants dissatisfied with the performance of their payment page and admin panels. In today's digital age, customers expect a modern and user-friendly interface that is visually appealing and easy to navigate.

When merchants are unable to customize or update the design of their payment processing software, it can be frustrating for both merchants and buyers. A lack of design flexibility can leave merchants feeling powerless, and unable to offer their customers the level of user experience they expect. In turn, this can lead to dissatisfied customers and lost sales.

Poor UX

The technical systems of industry giants have been designed and projected long before new technologies emerged, such as cryptocurrencies, Google Pay, Apple Pay, and QR codes. This surely results in outdated and cumbersome software that lacks the user-friendly features and flows that today's consumers expect. Thus, payment service providers may be forced to use old-school methods that are less convenient and secure than modern alternatives. In the fast-paced world of FinTech, PSPs need to have access to software that is designed with the latest technologies and features to stay competitive and meet the demands of their customers.

Disappointing customer support

Merchants need a prompt reaction. Sluggish support (ticket systems and automatic answers) results in unsatisfied merchants, but that’s what big software providers usually utilize to save time and money in running their businesses. We all know how frustrating it is when you have an urgent problem and no human would talk to you. Especially considering that your problem is about the most valuable part of the business - money. 

Not being able to receive proper customer support is what stresses out the most when working with well-established but big and outdated companies. 

In conclusion, industry giants may not be able to offer the needed level of flexibility due to their size and complexity.

Introducing Akurateco

Akurateco is a relatively young player in the market as it was founded in 2019. However, Akurateco white-label payment gateway was developed by professionals with 15 years of hands-on experience in FinTech that know firsthand all the difficulties PSPs might face. This makes Akurateco a perfect solution for PSPs struggling with ‘bigger fish’ due to the lack of support and flexibility.

How exactly is Akurateco more beneficial?

Akurateco stands out as a superior payment processing solution, providing a wealth of benefits to its users. These include:

• The rapid development of new third-party integrations and features, ensuring businesses have access to the latest technology

• Highly flexible and innovative software that is continuously updated to adapt to changing industry trends and needs

• Extensive customization options, allowing businesses to tailor the platform to their specific requirements

• Dedicated Payment Team support, providing system settings assistance, integration of merchants, consultation on business matters, and risk monitoring

• A growth-oriented approach that enables payment service providers to expand their services and reach new customers

• The option for on-premise setup if required

• Guaranteed uptime of 99.9% with the ability to handle high loads

By partnering with Akurateco, payment service providers can operate with greater efficiency and confidence.

Smooth transitioning to Akurateco

If you're considering switching to Akurateco from your current payment gateway provider, you may be wondering about the process and how difficult it might be. In fact, it’s easy to test it and see how it’s better. 

Akurateco offers an array of services and solutions that can help streamline your payment processing and grow your business. Below, we'll provide you with a step-by-step guide to migrating to Akurateco's payment gateway and show you just how easy it can be.
 

1. Choose at least 1-2 new merchants to integrate with Akurateco

2. Find time for 5 one-hour education sessions with your new external payment team to exchange knowledge 

3. Evaluate the progress. By migrating to Akurateco's payment gateway, merchants and payment service providers can enjoy a better experience in terms of flexibility, support, and speed of entry into new markets, while also benefiting from the cost-effectiveness of integration.

To wrap it up

In conclusion, while big software providers have long dominated the payment processing industry, their rigid systems, lack of flexibility, and impersonal customer support can be challenging for payment service providers of all sizes. However, by switching to a newer, more agile platform like Akurateco, providers can gain access to more personalized support, flexible software, and shorter integration time, all of which can help them stay competitive in the rapidly evolving FinTech landscape.