A payments partnership may be the most important partnership decision that ISVs and VARs make. When you’re ready to enter into a payments partnership, you’ll find plenty of advice on the payment methods the partners should support and the processing fee models you should focus on. But as you know, those things can change over time or in response to M&A. A valuable partnership takes more. To form a partnership that will benefit your business, your merchants, and your continued success, you will need to dig deeper. The answers to these questions will let you get to the heart of what will help you find a partnership that really helps your business.
- How much can you claim that your technology is both scalable and extensible?
Scalability allows your technology to grow in capacity, such as processing more transactions, allowing merchants to add more locations. Extensible technology can increase the number and power of its various features and functions, enabling you to offer more to your merchants without major system upgrades. Not every payments partner has technology that lets them honestly make those claims. Your partner needs to keep up with advancements and trends — and needs to help you do the same.
- Do you sell merchant services versus payment solutions that work for my market?
Don’t work with a partner who is focused on just selling merchant services to accounts and treats those people as nothing more than numbers. Instead, work with a partner that takes the time to learn what markets and niches need. For example, what a restaurant operator needs differs from the needs of a parking facility operator or a vending company. The right partner understands your market and works with you to tailor a solution that works for your merchants.
- What’s your partner ecosystem like?
Your payments partner will bring existing relationships to the table. These relationships can be very beneficial, allowing you to integrate with value-added services and additional features that can lead to happier merchants and more revenue. Also, a payments partner with a healthy collection of payment processors and acquirer relationships will give you the flexibility to offer merchants their choice of payment capabilities and the processing fees they pay. Make sure your payments partner also offers choices when it comes to hardware, allowing them to choose the right devices for their operations. The breadth of your payments partner’s ecosystem will give you an idea of their approach to innovation and the opportunities available to you to enhance solutions for your portfolio.
- How will you support my merchants?
Does your payments partner provide support via chat, knowledge base, or help desk? When a merchant is frustrated because things aren’t working the way they’re supposed to and customers are waiting, will a human answer their call? Can they get knowledgeable help to resolve their problems quickly? How your partner provides support will reflect on your company. Make sure your partnership will enhance your brand and reputation while meeting merchants’ needs.
- How will you help me advance my business?
Some payments companies treat their partners like an ad hoc sales team that sells merchant accounts. They are interested in the revenue, but not in developing a true partnership. Look for a partner that will work with you to create solutions, take those solutions to market, and help you sell them. Your payments partner should be committed to working with you to continually enhance your offerings.
How to Get the Answers You Need
To develop a real understanding of what working with a payments company will be like, skip the yes or no questions. Instead, ask “How?” and “Why?” questions before you sign an agreement. It’s harder to ask tough questions. But it’s worth it to protect your time, revenue potential, and your business.
There’s one place you can go to easily get the answers to the questions that let you know you’re entering into a valuable payments partnership: Datacap Systems. Contact us!
