3 Important Aspects of a Payment Partnership

When you’re looking to select a partner in the payments world, it’s crucial that you know what to look for. After all, there are an endless array of options, and often it’s hard to know what the key differentiators are between the payment partners you explore.  

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The 3 Most Important Aspects of a Good Payments Partner

Oct 10, 2019

3 Important Aspects of a Payment Partnership

When you’re looking to select a partner in the payments world, it’s crucial that you know what to look for. After all, there are an endless array of options, and often it’s hard to know what the key differentiators are between the payment partners you explore.

In order to help you determine who will be the best for your company and maximize what you get from your partnership, here are three key areas to start with.

1. Product

Product, of course, is crucial—a good product is the very basis of a successful partnership, and really any successful business. But there are aspects to a product that many people do not consider before entering a payment partnership, yet can have crucial long-term ramifications.

Simplified compliance, for instance, can make life far easier. Simplified compliance creates peace of mind and in many instances prevents a large amount of paperwork, allowing a merchant to focus on the far more important tasks at hand.

Security, meanwhile, may often be overlooked as the focus falls on the more upfront payment features. But a solution with strong security is absolutely crucial, and helps to prevent any disastrous events down the line that can ruin the reputation of both your company and your customers. This security must exist across all channels—many solutions employ features such as tokens everywhere from online to in-person.

2. Marketing and Sales

Marketing is a difficult task, and many businesses aren’t fully equipped to take the burden on themselves. The best partners will have marketing resources available for you. After all, they are already experts in their products and know effective ways to market them.

How a partner will help you in marketing can vary, though. Some providers have marketing managers who work directly with partners on their campaigns, helping to craft and tailor them to specific audiences. Others have pre-developed marketing campaigns that they offer to their partners, generally designed to be simple to implement and customize.

The best payments partners help in sales in much the same way that they’ll help in marketing. Partners know the best way to sell their product, and they should be ready to provide that information. A good partner will offer training on selling practices, and they should have enough experience to know the best-selling approaches in particular verticals – whether it’s Retail, Restaurant, or any other area. They should be ready to help with go-to-market strategy based on their own data and experience, because that will ensure that you will be successful, too.

3. Service

A partner needs to be a partner in every way. They need to care about your customers just as much as you do. And perhaps the most important way to help you with your customers is through excellent customer service.

The best partners should be bringing opportunities to you as they develop. These include industry or product updates that could increase your sales. After all, they are dependent on your success and should be supporting this where possible.

A good partner will be available to you and your customers as soon as any issues arise, whether that’s through online portals, customer service lines, social media, or otherwise. And they should also be great at supporting you, the partner, with dedicated partner support in case of any problems.

In the world of payments, no matter the product, something will eventually go wrong, for you or your customers. You need to be sure that you’re working with a partner that will be there for you or your merchants when something happens to help get back on track quickly.

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