1

Migrate Your Payments Platform Without Disrupting Your Business

2

If your business is growing, you may be on the way to outgrowing your payments platform.

3

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

4

Businesses that map out a migration plan avoid business interruptions and customer snafus.

5

HERE’S HOW:

First, lay the groundwork

6

Assess the scope Your e-commerce setup and how you accept card payments determines the technical scope of the transition.

7

If you use a virtual terminal, then:

Start processing on the new platform within minutes.

2

Receive a new merchant ID number and step-by-step instructions.

1

8

If you have a robust setup with third-party APIs, plan to:

Point developers to sandbox to learn about available tools.

2

Plan and carry out internal migration work.

3

Coordinate and align third parties.

1

9

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?

10

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.

11

NEXT:

Follow this tactical checklist to guide the migration:

Identify, engage and inform key stakeholders:

12

• 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

13

• 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

14

To avoid delays, make sure the project has the necessary team hours and dollars dedicated to it before kickoff.

Develop a timeline

15

Set a schedule that identifies milestones for each phase of the migration:

• Business analysis • Gathering requirements • Coding • System setup

• Testing • Certification • Launch

16

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

17

• 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

18

• 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.

19

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

©2016 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. B-16-15095 Rev. 12-13-16.

Want to know more about how to migrate your payments platform?