In his latest blog, Todd Linden, Paysafe CEO of Payment Processing, North America, asks what CFOs and FDs can do to get the best out of their relationship with their payment service provider.
With Money20/20 Vegas fast approaching, many merchants will no doubt be in a reflective mood, anticipating the payment innovations and trends that will dominate the event. Many will also be looking forward to the opportunity to forge new relationships with payment professionals, in the hope of developing partnerships to advance their retail business.
This desire for partnerships is important for any business – the majority of successful companies are built through solid partnerships and collaborations with their suppliers. After all, no single person or organisation can be an expert in everything, businesses need help from people with different specialisms to ensure they are able to thrive and grow.
This is particularly true when it comes to payments. Payment service providers (PSPs) can do more than simply provide retailers with the technology they need to offer a wide variety of payment methods to meet consumers’ particular needs. By working closely with your business, they can play a vital role in supporting the set-up, operation and growth of a retail business too.
So how can a PSP support in these areas, and how does your business benefit? Here are five key advantages of having a more collaborative relationship with your PSP:
1. Payments custom-made for you
Every merchant’s business is different, with its own unique payment requirements that can change as the company evolves. Entry-level, turnkey payment systems are ideal when a business is just starting out, but in order for a business to grow and continue to meet customer demands, they need more than just a one-size-fits-all payment solution.
By collaborating closely with your PSP, you can develop a customized payments solution capable of meeting your business’s needs as it grows. Maintaining a close relationship means you will be better placed to respond quickly to any changes in the market, thus ensuring that your payment technology continues to offer the right performance for your business.
2. Dedicated integration support
By partnering with the right PSP, you can enjoy one-on-one support when incorporating new payment systems into your services seamlessly and efficiently.
Paysafe’s customer service team, for instance, can work with your company to get new payment equipment up and running quickly. We can help streamline the cost of rolling out a new technology and, most importantly, minimize any disruption to consumers, ensuring your customers can continue to enjoy a great service from your business.
3. Access to time-saving technology
Smooth, seamless payments is the goal of all merchants – online and in-store – as they work to provide the perfect experience for their customers. A good PSP will be able to provide your business with great solutions designed to achieve this seamless goal for consumers.
For instance, Paysafe offers “tokenization” for eCommerce sites – a feature that allows users to store their payment data on a platform for future or recurring transactions – which can further streamline the user experience and optimize user retention rates.
4. Insight into customer behaviour
Working closely with your PSP can give you a great deal of insight into how your customers behave when it comes to payments. Data of how users access or pay for their services, provides merchants with vital strategic insight that can feed into marketing and sales enablement.
5. Personalized customer service
By building a close working relationship with your PSP, you can benefit from more personalized customer service support over the long term.
PSPs that are able to offer one-on-one support, with dedicated account managers, can be particularly important for your business, by helping you to enhance the payments process in-store, on your website, or even on your mobile platform, so you can continue to offer users a great service across all channels.
Collaboration is key
There are many ways your business can benefit from a close partnership with your PSP. But to do so, you need to be with the right PSP in the first place. That means being with a payment provider able to give you the in-depth, personalized support in the first place.
If you’re not sure your existing PSP can offer that level of guidance, then get in touch with us to see how we can help you develop a payment system perfectly suited to your business’s specific needs. Alternatively, you can find out more about our offering by visiting our solutions page.