Amidst news of plunging stock, €1.9 billion missing, a resigned then arrested CEO and pending insolvency, Wirecard customers are looking for a payment processing alternative to ensure the continued success of their online businesses. If you’re looking for an alternative to Wirecard, you want to be sure you’re selecting a payments platform with all the functionality you need built-in without any of the risk.
Be sure to think about these important considerations when selecting your new payments partner.
5 Qualities to Look for in an Alternative to Wirecard
#1 Quick & Easy Setup
If your payments are currently powered by Wirecard, you might feel like you’re racing against the clock to find a replacement. While you shouldn’t rush to any decisions, you should make sure that the payment solution you choose not only has the functionality you need, but is easy to set up and quick to implement. Remember, you are choosing a payments solution so that you can focus on your business.
Once you decide how you want to implement payments on your website, via an API or hosted payment page, for example, the process should be simple and only take a few steps. Getting up and running with your new payment processor should take days, not months.
#2 A Single Integration
As your business grows, you don’t want to have to bring in additional integrations to meet your payment needs. Look for one payment provider that offers the functionality you need today and tomorrow. Choose a provider that offers premium features and services like compliance, tax regulations, and fraud and chargeback management. You also want to be sure the technology you choose invests in integrations with the platforms and other tools you use. This will help to eliminate tech debt and increase your time to market with updates and enhancements to improve your customer experience and increase sales.
#3 Global Processing
The world is rapidly becoming a smaller place. Even if you are not selling cross-border or cross-region today, this could be a key aspect for your growth in the future. According to Forrester, 45% of shoppers worldwide will buy across borders by 2022. You want to partner with a payments provider that has the right connections with banks around the world to help you increase authorizations and decrease costly fees and offer a single global onboarding.
#4 Failover Capabilities with Multiple Banks
If you are a Wirecard customer, you now know the pain of working with a single bank when things go badly. To protect your business, you have probably realized you can’t rely on old-school institutions that put all their eggs in one banking basket. But take a closer look at any payment solution you consider. Many of the popular global payment solutions (like Braintree and Stripe, for example) boast their relationships with multiple banks, but they don’t have multiple banks in the same region, which is the same as having one bank when it comes to failovers. Look for a partner that is connected to more than one bank in each region with automatic transaction failover technology.
#5 Trusted Partner
Above all else, when selecting your alternative to Wirecard, choose a payments provider you can trust. Check out case studies and reviews, and read up on the company and its executive team. Explore the companies it partners and does business with and determine if they are companies you want to be associated with. Talk to people who work for the payment provider and do your best to assess for honesty and transparency. And of course, the organization’s track record can speak volumes.
Software Platforms with Integrated Payments Looking to Replace Wirecard
While platforms that need to find a Wirecard alternative should look for these qualities, you will want to use a slightly different lens. Working with a payment solution that’s facing scandal and bankruptcy doesn’t just impact your business but all of your customers’ businesses as well. The wrong choice can cause lasting damage. In order to protect your reputation, when integrating payments into your platform identify a payments provider that can offer partnership and guidance and set you up for success. (Check out this article to be sure you are assessing payments providers for your specific needs.)
Find a Better Way with BlueSnap
Whether you’re a business looking to accept payments or a platform looking to integrate them, BlueSnap is the right alternative to Wirecard. We believe there is a better way for payments, and we have put it all into our All-in-One Payment Platform.
With BlueSnap, you can get up and running quickly with:
- One account and a single integration connected to a network of 30+ global banks to help reduce costly cross-border interchange fees
- Intelligent Payment Routing to optimize authorization rates
- 100-plus shopper currencies and 16 settlement currencies, offering more choices for consumers and businesses
- 110-plus global payment types and popular eWallets, like Apple Pay and Google Pay, to convert more shoppers
- Automated accounts receivable to help you get paid faster
- Integrated fraud and chargeback management to protect businesses
- Built-in solutions for regulation and tax compliance
- Reporting to increase visibility and simplify reconciliations
- And we offer additional benefits for platforms looking to integrate payments
Additionally, you get the BlueSnap team of payment experts, veteran developers, technologists and business professionals who are globally minded, customer-focused and constantly driven to find a better way.