Post on 16-Apr-2017
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Migrate Your Payments Platform Without Disrupting Your Business
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If your business is growing, you may be on the way to outgrowing your payments platform.
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Switching to a full-featured payments platform can let you:
• Access better reports/analysis
• Receive funds more quickly
So how do you make the transition smoothly?
• Accept international payments
• Improve security
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Businesses that map out a migration plan avoid business interruptions and customer snafus.
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HERE’S HOW:
First, lay the groundwork
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Assess the scope Your e-commerce setup and how you accept card payments determines the technical scope of the transition.
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If you use a virtual terminal, then:
Start processing on the new platform within minutes.
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Receive a new merchant ID number and step-by-step instructions.
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If you have a robust setup with third-party APIs, plan to:
Point developers to sandbox to learn about available tools.
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Plan and carry out internal migration work.
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Coordinate and align third parties.
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Identify the service options you need to support your business • What payment choices will you offer
customers?
• What reports do you set up to support analytics and decision-making?
• What transaction volume do you expect?
• Will you sell globally?
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Do your housekeeping to qualify for a merchant account • Your e-commerce site discloses terms and
conditions, such as privacy, shipping, returns and refund policies.
• You’ve compiled the financial statements and transaction history required by the new payment processor.
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NEXT:
Follow this tactical checklist to guide the migration:
Identify, engage and inform key stakeholders:
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• Successful migration requires the support and involvement of key executives and peers.
• Determine who they are, then educate them on why the transition is necessary and how it aligns with goals.
Assemble the right project team
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• Tap departments across your organization to provide the expertise needed to carry out the project.
• Get committed resources from IT, finance and marketing.
• Keep legal and risk management informed.
Allocate the appropriate hours and budget
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To avoid delays, make sure the project has the necessary team hours and dollars dedicated to it before kickoff.
Develop a timeline
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Set a schedule that identifies milestones for each phase of the migration:
• Business analysis • Gathering requirements • Coding • System setup
• Testing • Certification • Launch
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Tip: As you set your schedule, keep these points in mind:
• Review your customers’ buying patterns so you go live when volumes are the lowest, minimizing the impact of any potential hiccups.
• Typical migration projects take 1-4 months.
Review your business continuity plan
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• Work with your merchant services advisor to evaluate your plan for handling any payment processing glitches that arise.
• Make sure your team has a list of partner contacts who can help resolve issues.
• Keep old systems running in parallel during the changeover so that a rollback is possible.
Build in the time and resources needed for testing
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• Testing at every stage will minimize the risks of disruption to your business.
• Don’t test only at the end — commit to testing throughout the transition process.
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Review: Your checklist for an efficient payments platform migration
Identify, engage and inform key stakeholders.
Assemble the right project team.
Allocate the appropriate hours and budget.
Develop a timeline.
Review your business continuity plan.
Devote the resources needed for testing.
Get advice from the experts at svb.com/merchant-services/ Related Content
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