Amid the onset of the COVID-19 pandemic one year ago, integrated payments providers found the value of their services moving to the forefront. As in-person activity shut down, an organization’s digital payments provider rapidly proved to be an essential resource in ensuring continued business operations and revenue flow.
Consequently, as customers viewed the value of digital payments in a renewed light, the partnership they had with their payments providers deepened. While this idea of partnership in the payments space is not new, the pandemic has only exacerbated what has been a consistently growing trend in the industry.
That’s because some of the industry’s most effective relationships come when providers serve as collaborators and an extension of their clients to serve customers and work in tandem to address a range of challenges and grow their businesses together.
Over the years, as payments have become more complex and demand for simple, omnichannel solutions have grown, integrated providers succeed by driving deep discovery and design of the customer experience, from lead generation through activation.
With a new partner relationship in particular, it’s important to listen to the business needs, the end customer expectations, and to deliver the best experience. For example, who should the customer call for various technical questions or billing inquiries? What should the branding and display look like at the point of payment? Additionally, clear delegation of ownership between the two parties is an important step to ensure seamless collaboration moving forward. The payments companies that had laid the groundwork pre-pandemic found themselves in a good position to adapt to the roadblocks of the past year – as well as any future challenges they may tackle together with their customers.
Ultimately, these steps tie back to trust and engagement. By making preparations to gain the customer’s trust, a payments company is able to better adapt in real time to challenges as they emerge. When the payments provider and the client both anticipate that roadblocks will come up, and have a mutually agreed-upon plan to respond to them, they are able to resolve any issues that emerge more quickly than they would have without that strong level of trust.
Engagement is also key to furthering long-term relationships with partners. Through collaboration on key initiatives and demonstrating a track record of consistent support, the payments company has buy-in and credibility with their clients and their joint customers. So for instance, when it comes time to make the case for a customer to pursue an upgrade, the process is not seen as a barrier or a burden. Instead, as these conversations kick off, customers have an understanding of the provider’s onboarding techniques and support style, and appreciate how the provider will make this process easier.
In an increasingly crowded digital payments space, there are a number of ways that providers can break through the noise – but none perhaps has come to the forefront during the pandemic as prominently as a track record of collaboration and engagement with clients. With trust instilled from the start, payments companies that had established these partner-centric relationships found themselves in a strong position to steer their clients through the challenges and opportunities of the past year – and they will also reap the benefits of this established foundation in the long term.
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April 09, 2021 at 11:01AM
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A team of rivals can prep the payment industry to respond to crisis - PaymentsSource
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