Why Your Hunt for Payment Processors or Banks at Conferences and Expos is a Costly Mistake

Going to events and conferences just to find banks or payment processor might be the most expensive ticket you will ever purchase.

Let me tell you a story. A few years back, while managing the accounting department for a large platform provider, the CEO wanted to offer more payment processing options for our high-risk clientele. Finding the right partner seemed simple: contact everyone, compare fees, and pick the best. Little did I know, this "logical" approach held hidden dangers.

Fast forward to today, as a seasoned payment and banking expert, I see companies still making the same mistake: spending time and money attending expos and conferences hoping to find the perfect payment processor.

Let me explian why this approach backfires and what you should do instead.

Why Expos and Conferences Don't Work

• Hidden Networks: Payment processors and gateways often use the same acquiring banks and channels. It's a complex web where processors resell services to each other, creating layers of and layers of resellers. You might think you're diversifying risk by signing with multiple providers, but they could be still using the same underlying bank! This means if one bank goes down in some far away country, all your channels might go down, all together.
• Sales Pitches vs. Reality: The sales team are notorious for overpromising and underdelivering. Exact same, if not worse applies to payment processors, neobanks and gateways. Promises of "SWIFT in 2 weeks" or "highest conversion rates" are often just sales tactics. You might unknowingly end up with low conversion rates, technical issues, or even lost funds.
• Price Isn't Everything: Focusing solely on price is a recipe for disaster. Consider setup fees, monthly fees, FX fees, and other hidden charges. Low upfront costs might mask long-term expenses from low conversion rates, bad customer service, or missed settlements. And this is only part of the picture. Settlement times, risk, technological connectivity, uptime and UX (just to mention a few) matters just as much as fees which all need to be considered to understand and compare offers.
• You Need Payment Expertise: This is a complex industry with hidden information and trust-based relationships. Companies that try to navigate it alone often make costly mistakes, find themselves with frozen accounts or even lost funds. Hiring a professional with deep experience can save you time, money, and headaches.

How can PSP Angels help

PSP Angels is our independent payment and banking?consultancy.

Payment and banking today impact customer experience, risk management, technology, product development, data security, compliance, finance, and more. We argue that it should be considered a standalone function—an essential element of the business strategy,?not just a part of finance.

We build?strategies?and scalable systems.?Our unique?framework?successfully helped over 1000 companies globally, by supporting their?overall?business?processes through a holistic approach to payment and banking setup.

?Our unique approach

We are advisors, not resellers.

Payment brokers, experts and “strategists” and even gateways usually work on commission?by reselling different solutions, steering clients toward the highest commission rather than finding the best option,?which is a conflict of interest.

Unlike many consultancies, we are not tied to commission agreements with any specific partners. This allows us to provide?objective and impartial advice?on the options, fees, and risks associated with various payment and banking channels.

We focus solely on what’s best for the organization, not our own interests.

Stop wasting time and money at expos. Partner with PSP Angels and ensure your payment processing is a strategic advantage, not a costly gamble.