- High Transaction Fees
One of the biggest drawbacks of using the wrong payment processor is high transaction fees. Some providers charge hefty processing fees, particularly for international or high-risk industries like travel. Over time, these fees can add up and eat into your profit margins, making it essential to shop around for the most competitive rates. - Poor Customer Support
If your payment processor doesn’t offer reliable customer service, you might find yourself stuck in a difficult situation when something goes wrong. Slow response times or lack of access to dedicated support can leave your business exposed during critical moments. For a travel business, where bookings and cancellations happen in real-time, you need a processor that provides fast, responsive assistance. - Limited Payment Options
Not all processors offer a wide variety of payment methods. If you choose a provider that only supports basic payment options (credit/debit cards), you risk alienating customers who prefer digital wallets, local payment systems, or even alternative forms like cryptocurrency. A limited selection of payment methods could lead to lost sales and frustrated customers. - Complex Integration
Some payment processors are not compatible with all booking platforms, CRMs, or e-commerce solutions. If your processor doesn’t integrate smoothly with your existing systems, you’ll face time-consuming setups, possible technical glitches, and additional costs for custom integrations. Look for processors that integrate easily with your existing tools, whether it’s for booking, accounting, or customer management. - Inconsistent Currency Support
If you cater to international customers, you’ll need a processor that supports multiple currencies and offers favorable exchange rates. Some processors may charge high fees for currency conversion or have limited support for foreign currencies, which can add unnecessary costs to your transactions. This is particularly important for travel merchants who frequently deal with global customers.
Contact GOAT Payments today for your free rate comparison! info@goatpayments.com
