Organizations have access to all types of data in today's digital ecosystem. Data has become a core part of decision-making. Organizations have invested in data management solutions that improve security, reliability, and scalability to ensure managers and all employees make the right decisions. Because of these, there's an influx of data management companies.
According to research, the enterprise data management market size was valued at $89.34 billion in 2022 and is projected to grow at a CAGR of 12.1% between 2023 to 2030. The data management industry is rapidly growing thanks to the increasing data volume, security concerns, and the shift to automated systems across all business sectors.
One of the critical areas is the shift to digital payments. Data management companies must provide the necessary payment technologies to meet client demands. If you need the right technologies, you can leverage the benefits of a payment processing partnership.
This blog post will examine how a payment processor partnership can boost a data management company, the benefits, how to choose the right partner, and case studies of some successful partnerships.
The Importance of Payment Processing for Data Management Companies
Payment processors allow businesses to accept multiple types of payments, improve transaction quality, and reduce overall costs. Therefore, if you run a data management company, you need an efficient payment processor for your business to accept payments from your clients.
Additionally, your customers can choose their preferred payment method as they pay for data management services. For instance, if your clients pay for data management services monthly, you can use a payment processor to set up recurring payments, making billing more efficient.
The Benefits of Partnering With a Payment Processor
Partnering with a payment processor is beneficial for your data management company. Here are some key benefits:
- Increased Efficiency: Your data management company can build an efficient billing system with a reliable payment partnership. You can use recurring payment technology to collect payments for subscriptions and other services. With this, customers can pay for services on time.
- Security: The average cost of a data breach is $4.35 million. Digital security is increasingly becoming important to protect customer information. Partnering with a trusted payment processor reduces the risk of data theft. They incorporate technologies like machine learning to reduce identity fraud.
- Customer Satisfaction: You need a channel partner program that meets your customer needs. For instance, you can rely on these payment technologies to provide multiple payment options to your customers.
How to Choose the Right Payment Processor
Partnership programs can only succeed if you choose the right payment partner. Here are the key factors to consider when selecting a payment processor for your data management company:
- The Fees: Before choosing a partner, you should check their charges. You should ideally select a payment processor that offers you the best value for money with various technologies, the ability to scale, and excellent security.
- Security Protocols: Payments are now more digitized, increasing the risk of cyberattacks. To keep your data safe, you need a partner who enforces security measures like PCI compliance and follows Nacha guidelines for ACH processing.
- Integration Capabilities: Create a partnership with companies that allow payment gateway integration. This will enable you to incorporate your payment system into the existing business systems.
- Multiple Payment Options: Choose a payment processor that accepts multiple payment options.
What's the Impact of a Payment Processor Partnership on the Company's Bottomline?
Statistics show that 54% of businesses generate about 20% of their revenue from partnerships. Therefore, you should consider getting into channel partner programs for your payments to improve your bottom line.
When you offer your customers multiple payment options, they'll be more loyal to you and hire your company for data management services. The more customers you have, the higher the profit margins. Additionally, these partnerships make it easy to integrate your payments with other company workflows like accounting, customer relationship management (CRM), and billing. This boosts efficiency and makes it easy to make money.
Furthermore, with the advancement of payment automation, you can use the technologies from your partnership to prevent fraud, reduce transaction costs and errors, and process payments faster. Your company becomes more efficient and profitable in the long run.
How IBM Cloud Partnered with PayPal for its Payments
Data management companies have successfully partnered with payment processors to boost efficiency. For instance, IBM uses PayPal as one of its payment processors. IBM Cloud users can set up their billing using PayPal. Thanks to this partnership, IBM can accept multiple currencies. Additionally, the integration of the payment processor makes it easy to record all the payment transactions on the platform. Therefore, IBM Cloud users can switch from credit card payments to PayPal on the "Payments" page and use it to submit monthly payments.
The other example is Google Cloud and Stripe. The Stripe payment gateway can accept credit cards on the web application. Additionally, this payment system makes it easy to collect and integrate payments into the checkout system. This partnership is secure because the payment gateway protects customer information.
What Can a Data Management Company Expect from a Payment Processor Partnership?
Once you partner with a payment processor, here are some of the technologies you can access:
- Hosted Payments Portal: Your data management company will get a hosted payment portal allowing you to accept credit card and ACH payments. Partnering with a payment gateway like iCG ensures that the portal is customized to your business.
- IVR Payments: IVR technology allows customers to make payments via the phone using their touch tone. Your data management company will reduce your PCI scope using this technology.
- ACH Processing: ACH processing is much faster than processing paper checks; therefore, you'll be more efficient.
- Credit Card Processing: With this partnership, you can also accept credit card payments from all your customers.
- Email Invoicing: This payment technology allows you to send an email link to your customers to make payments.
- Virtual Terminal: A payment partnership with iCG also provides a secure web-based interface that allows you to process ACH and credit card transactions through a secure gateway.
Data management companies need a payment gateway that makes it easy to process customer payments. To align with digital payment technologies today, it's essential to partner with a reputable payment service provider like iCG.
iCG is a Nacha Preferred Partner; therefore, you are assured of the highest level of security. It also integrates easily with existing business systems, providing faster processing capabilities and reducing errors. If you want to improve your payment process, schedule a call with one of our experts. Become a partner today!