Why every online business needs a second acquirer partner

Author: David Drever
Date: 25 Jun 2020

Preparing for what might go wrong with your acquiring bank is probably not something high on your ‘to do’ list, but when it does happen, it can prevent payments being taken with immediate effect and put a major strain on your business. For many it's a critical point of business failure. Having a contingency plan for the possibility of losing a relationship with your bank ensures you have the flexibility and opportunity to continue processing payments if the worst happens.

Remember, it doesn’t need to be a direct consequence of something you’ve done as a business. Many will have seen the headline news around Wirecard and the $1.9bn that vanished from its balance sheet. With a criminal investigation underway and the subsequent arrest of CEO Markus Braun, the German acquiring giant could well lose its acquiring licence and become insolvent. So, for the thousands of online merchants relying on the Wirecard payment processing infrastructure, now is absolutely the time to seek an alternative.

The benefits of working with a secondary acquirer

Utilising two banking partners is often seen as a necessary consideration for higher risk merchants. However, with the ever-changing face of banks and financial institutions and their own evolving appetite for working with different types and size of merchants, a secondary acquirer partner should always be part of a business growth plan. The optionality that a secondary acquirer partnership offers, can yield significant benefits such as:

  1. The provision of redundancy to protect against service disruptions.
  2. Ability to switch quickly and avoid disruption if served notice.
  3. Enhancing your bargaining position when it comes to pricing and security.
  4. Cost savings through transaction switching
  5. Optimising transaction success rates and reducing settlement times by running service comparisons.

How does FXCPay help?

FXCPay has strong, deep partnerships with a portfolio of global merchant acquirers, all connected into our payment gateway. With 20 years of industry experience, we truly understand how our partners work, who does what best and how to manage our clients ‘with’ them. It’s this understanding that affords us the ability to be viewed as trusted advisors when exploring which acquirer is best for your online business.

Our portfolio of clients varies from low to high risk, small to large and spans across multiple vertical markets such as retail, travel and hospitality, downloadable digital content provision, online gaming and gambling. This means we understand what’s important to you when it concerns online payments and we can help implement changes quickly and effectively and with minimal cost.

We believe that now's the time for boutique payment service providers like FXCPay to step up and reach out. The 'C' in FXCPay stands for concierge, so we’re all about service levels. We help online merchants explore alternative online payment solutions for no charge. Free consultancy. With a wide network of partners, we know which acquirers want to look after which sectors of business, and the prices they're likely to charge. We explore opportunities on your behalf. If we can improve business cashflow by moving a merchant to a new home, where that acquirer actually ‘wants’ your type of business, it's a win-win surely? 

What’s more, when considering online merchants that are selling across international borders, we’ve found a way to massively reduce the costs of multi-currency processing. Our multi-currency pricing module enables a business to take international online payments for a total cost of 1% (including interchange and scheme fees). Yes, we’ve found a way of making it fairer and cheaper for everyone. We work with acquirers that really want to help their customers by reducing costs, and so working in partnership means we can usually offer merchants multi-currency transaction processing for less than it costs them to process a domestic transaction. Cardholders also benefit as they pay in their domestic currency, giving them price transparency and in most cases saves them having to pay those annoying foreign transaction fees that most issuers apply.

Give us a call and speak about how we can help make sure your online business is protected from potential disruption and can enjoy the best available transaction processing rates?

Please contact David Drever: +44 7789435430      david@fxcpay.com

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