The finance landscape is changing rapidly with evolving technologies. Even the slightest friction in the checkout process can drive away clients, and this development reinforces the need for secure and sturdy digital payment technologies. According to the Market Growth report, the embedded finance market is expected to reach USD 21702.96 million by 2027.
As an independent consulting firm, you must offer robust, scalable, and future-proof payment solutions to your clients so they can boost customer experience and enjoy revenue growth.
However, building an in-house team and keeping up with every new trend and technology can be exhausting for independent consultant companies and sales organizations when they can partner with industry experts without additional effort. Payment partnerships and referral programs with a reliable and experienced service provider are valuable tools for consultants.
Read the blog to learn more about the benefits of winning partnerships with payment processing companies.
What Does a Partnership Program Look Like?
Instead of hiring developers, technicians, and finance experts, associating with banks, and developing and supervising a team for handling payment processing, you partner with a Nacha Preferred Partner and refer them to your clients, and the service provider does the work.
What does this mean for your clients?
Research states 13% of customers left the checkout process because of a website crash or long uploading time. With your recommendations, your clients don’t have to scour the market to find payment processing solutions providers and enjoy seamless and streamlined payment process transactions. You offer an additional service, earn a commission, save time for your clients, and improve their overall experience working with you.
However, you must partner with trusted, knowledgeable, and experienced solution providers to enjoy such benefits.
Benefits of a Winning Payment Partnership
#1: Strengthen Your Long-Term Client Relationship
As an independent consulting company for businesses, you must have built unbreakable bonds over time, thriving to bring the best results for their growth. When you sign up for reliable channel partnerships, you help your clients integrate the latest technologies effortlessly and enjoy increased conversion rates, which ultimately adds to the trust and confidence they have in you.
#2: Get Experts to Back You Up
While you may have the best strategies in place, you might need to be more tech-savvy and updated about the embedded finance landscape as a company working solely in the payment industry. You can connect with experts and advisors for constant support and learn about trends to help your clients without spending extra time.
#3: Drive Business Growth
Nearly one out of five customers in the last quarter abandoned the cart because of a complicated/long checkout process. As a consulting firm, you must resolve your client’s growth-related problems. An active partnership with an experienced payment processing company can help you become the instant rescuer for your client. Studies reveal that product recommendations can lead to a 10-30% increase in revenue.
#4: Enjoy Revenue Share
Most payment processing companies offer two types of partnerships — strategic partnerships and referral partner programs.
With referral programs, you recommend the best solution providers to your clients and enjoy commission on sales while the payment processing team handles everything from strategy to setup to support — everything is on their plate. Whereas with strategic partnerships, you add additional services and power up your offerings at affordable rates increasing the gains on each project.
#5: Gain Constant Support
Top payment partners wish to see you and your clients grow. They offer constant support through their programs to help you boost conversions, where they provide you with marketing materials, training sessions, and on-call support for discovery and sales calls.
#6: Save on Resources
Hiring and managing an in-house team and paying them 24/7/365 can be expensive. When you partner with experienced companies like iCheckGateway.com, you hire experts from the industry without spending time, money, and energy on hiring, recruiting, and interviewing, and get a team of experts who act as an extension of your team.
#7: Get Access to the Latest Technology
Through modern and innovative solutions, top payment providers help businesses build their processes step-by-step or in one go depending on their requirements. They also develop complementary technologies to get the best and most out of your investment without effort, worries, or additional hiring:
- Hosted Payments
- IVR Payments
- ACH Processing
- Credit Card Processing
- Email Invoicing
- Virtual Terminal
- SMS Payments
- Recurring Payments
#8: Offer Customization & Integrations
While plug-and-play options are just one click away, they always have some limitations that larger companies are unwilling to compromise. Therefore, these large companies often look for solutions tailored to their needs.
Several service providers offer complete control over your payment operations and API integrations with your existing software for streamlined processes. iCheckGateway.com, for instance, also provides custom-hosted payment portals that emulate the business website design eliminating any friction for the customer during the checkout process.
#9: Gain a Competitive Edge
The market is flooded with service providers; however, not all are reliable. Picking a needle in the haystack can be time-consuming and energy-draining for merchants. A consulting firm owning a list of trusted partners with unique custom solutions shines among the rest and attracts more business opportunities.
Companies with mature programs are 4x times more likely to agree that partnerships led them to achieve a competitive edge and gain 2x faster revenue growth than companies with low maturity programs.
A Small Case Study
A state government wanted to increase online payment adoption and improve the overall experience for the citizens. Glenbrook, after extensive research, outlined and developed a long-term future-proof strategy. They narrowed down their goals and evaluated prospective vendors before settling down. The tech-savvy solutions providers helped the state government increase payment transactions by 2-3M ($300-400M in payments). Moreover, they armed them with better tools and resources for further improvement and citizen engagement.
How to Find the Right Payment Technology Partners
We believe we have convinced you to at least consider and take a shot at payment tech partnerships to scale up and gain profits.
However, finding the right payment technology provider could be tricky since it comes down to offering reliable solutions to your clients and building your reputation. So here are a few things you must consider before adding partners to your list:
Plans & Pricing Models
How do the partner programs work? Are there any hidden costs involved?
The key benefit of working with providers is access to the latest tech and trends.
What technologies do they use? Most businesses benefit from an omnichannel presence that allows them to accept credit card and debit card payments and ACH transactions in one place.
Customer Support Service
How responsive is the support team? What is their average turnaround time?
A lot of confidential information is transferred via payment portals. What is the security level they offer? PCI-DSS Level 1 is the highest level of security available.
What type of integrations do the solution providers offer? Do they have API integration and hosted solutions?
Ready to Partner with a Tech-Savvy Payment Tech Provider?
Partnership programs for independent consulting companies and sales organizations can be a revenue booster when they list winning payment technology firms. It will help them maximize their product value with additional one-stop-payment solutions to their clients and earn more without spending extra resources.