Mechanism of Migration from One Processor to Another
Today the process of migration from one processor to another is much more complicated than before, especially from the viewpoint of payment facilitators and payment service providers.
Traditionally the only thing that had to be taken care of when a processor was changed, was reconciliation and settlement mechanism.
Several important components involved in the process
First of all, merchants have to be moved from one processor to another. As batch processing is a necessary component of modern-time functionality, account updater mechanism needs to be taken into consideration, and respective integration procedures are required. Chargeback management mechanism has to be rebuilt accordingly. Updating of BIN-files is another important component. Reconciliation and reporting procedures have become more complicated over time. Finally, all the necessary certifications need to be obtained.
If you are a payment facilitator, or a PSP, and you need more detailed information on migrations from one processor to another, don’t hesitate to consult the respective article on #Paylosophy.