While the world of integrated payments has undergone a major shift thanks to the introduction of payment facilitation, many software companies are still working with legacy processors and ISOs like Worldpay, First Data, and Shift4 that can only offer antiquated and manual processes for both ISVs and their merchants.
If your B2B software company is currently working with Worldpay to process payments, consider these 5 signs that it’s time to move on to a solution that’s a little more this century:
1. Your merchants are complaining about onboarding, or not onboarding at all.
Are you tired of sending your merchants PDF applications for your payments services that require supporting documentation like previous processing statements and voided checks? Even if you’re not, we can guarantee you that your merchants are tired of receiving them. It could take them a week, a month, or more to fill out that PDF application, if they fill it out at all. We can confidently say it’s easier to fold a fitted sheet than to complete Worldpay’s application process — and ain’t no one got time for that.
And even if your merchants do complete the application, it can then take a week or more for them to be underwritten and approved, costing you money in the meantime.
If your onboarding process through your legacy processor is causing you frustration and delays, or even costing you customers, don’t walk, RUN to Tilled. Our instant merchant onboarding process can be completed in less than 10 minutes (seriously), and allows merchants to start processing through your system right away — and you to start monetizing your payments.
2. Your bills are full of nonsense fees.
If you’ve ever split an entree at a restaurant and been subsequently charged a ‘plate-sharing’ fee, you’ve experienced the same frustration your merchants have when nonsense fees show up on their payment processing bills. It may sound like a joke, but companies like Worldpay literally have entire departments dedicated to creating nonsense fees to charge you and your merchants.
They spend their days coming up with nonsense names (just off the top of our heads, something like the “Merchant Security Services and Standards Fee”) abbreviating them to make them sound legitimate (MerSSSF — again, just off the top of our heads), and then introducing them without explanation or even a head’s up. Often, they’ll sidestep their partners and charge merchants directly, without even offering to share that new revenue with you. Oh, and you’ll never have a say on whether or not your customers should be charged those fees, even if it causes them to stop using your platform. Worldpay doesn’t care, because while they (and you) might lose some merchants, they’ll make up the losses with the increase in revenue from the fees (which again, they’re probably not sharing with you). Why would you ever want to work with a partner like that? At Tilled, we don’t charge nonsense fees, and we’ll never go around you to charge your merchants fees either.
3. Their technology was designed more than a decade ago.
We’re all for bringing back bike shorts and mood rings, but technology that was built prior to the millennium should stay there. And the sad reality is, when working with a partner like Worldpay, you will be working with technology that was designed more than a decade ago, and hasn’t seen many updates since. It’s a legacy solution from a legacy provider, which is our nice way of saying that it looks old and lacks functionality. In all seriousness, when you send your customers to a reporting portal, do you want it to look like something they could have signed on to in 1999, where it’s impossible to find the data they need quickly? Or would you rather have a modern, intuitive interface with reporting APIs that’s white-labeled to your software platform? At Tilled, we chose the latter.
4. Your data isn’t portable.
To be honest, this could be a bit of a double-edged sword for us to mention, because it’s possible you might not know that Worldpay is currently in control of all of your data, and even your merchants, and you might not recognize how difficult it could be to switch. But, once you do notice that Worldpay is holding your company hostage — first, blink twice for help — and then talk to Tilled. At the end of the day, do you want to keep tying up more data and customers with a partner that’s locking you in? Or would you rather scale and grow with a true payments partner that will never hold your merchants hostage, where you own your data and can take it with you whenever, and wherever, you’d like?
5. You’re not maximizing your revenue potential.
At Tilled, we’re willing to stack our revenue share up against any other deal you’ll get from any other processor, legacy or otherwise. We have no doubt that not only can we help you monetize your payments, we can also maximize your revenue, allowing you to earn as much as possible while also taking care of all of the rest. Enjoy easy-to-implement and modern APIs, instant merchant onboarding, and white-labeled reporting dashboards you’re proud to put your logo on — all without any bogus fees or complicated contracts. That’s PayFac-as-a-Service.