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What Growing Businesses Need in a Payment Partner

The right provider will help propel you toward your goals. Learn five important things to look out for in a potential payment partner.

As the momentum behind your company’s growth builds, so will your expectations of your payment partner. If a provider lacks knowledge of your industry, builds technology that’s challenging to customize, or lacks a presence in the markets you’re in, this probably isn’t a good sign.

To find a payment partner that will help you rocket past your growth goals, you need to consider their overall expertise. Ask yourself questions like: What other services can I access through this provider when I need them? How will the team behind the technology go above and beyond to help make my business successful?

Here are five important things to look for in choosing a payment processing partner at a pivotal phase of growth.

1. Industry expertise

How much experience does the provider have with servicing businesses like yours? Are they familiar with the regulatory and compliance requirements within your industry?

Often, the types of challenges you’re navigating as you grow will have already been tackled by other businesses in your vertical. An experienced payment provider will have pre-built solutions that anticipate and prepare for all the usual headaches, from improving transaction success rates to clamping down on fraud.

At Paysafe, we’re proud of our in-depth industry knowledge. From gaming and crypto to travel and ecommerce, our team delivers specialist support, tailored to your world.

2. A global reach with a local network

As you look to expand, international growth will likely be a part of the plan. So, it’s important to find a provider that can support your ambition to operate across regions.

It’s not only about learning where a provider offers their services, but identifying the local payment methods they support. In many countries, consumers expect to see options other than card payments at the checkout. If you ignore these local preferences, your conversion rates will suffer.

Paysafe fuels experiences for consumers across 120 countries. We have the capability to process more than 250 payment methods and over 40 currencies, giving you access to a range of local providers through a single integrated gateway.

3. End-to-end automation

When it’s all-hands-on-deck to build momentum behind the growth of your business, the last thing you need is manual tasks slowing you down.

Payment collection, especially if your business model is subscription based, is just one painful process that many businesses face. With a provider like Paysafe, billing is fully automated, with customers charged accurately and reliably every time.

When you speak to providers, ask them to walk you through the entire payments flow, so you know everything’s going to be quick, easy, and hassle-free.

4. Real-time analytics

Digging through large data sets to understand what is or isn’t working will stop you from making good decisions, fast. Instead, you need a payment platform that tells you in a few seconds how your customers are transacting and if they’re experiencing any issues.

With Paysafe’s real-time reports, you can easily find detailed information on transactions. Check out broad trends in how people are paying on your website, or drill down to see the details of a specific transaction.

Choose a payment partner that puts a range of metrics at your fingertips and helps you use this information to supercharge your payment experience. As a result, you’ll be armed with actionable insights to keep customers transacting.

5. A growth mindset

A great payment partner will actively seek to understand your strategic vision and how payments can contribute to achieving it. This means looking beyond the immediate transaction to see the broader potential for collaboration.

By continually helping you innovate and adapt the customer experience, a good processing company will become a critical partner in your growth journey. Not only will they get to know your customers’ spending habits, but they’ll use this information to develop a frictionless payment experience that delights everyone who buys from you.

Choosing a partner that fuels your growth

Raise the bar when it comes to choosing your payment partner.

With 59% of consumers saying they expect even small businesses to offer all payment methods and 63% saying they’d abandon a purchase if the checkout experience felt slow or complicated (see our annual report for more), there’s too much at stake not to do your homework in finding the right partner.

At Paysafe, we work quickly and within your timeline to help ambitious businesses like yours thrive. With our one-stop-payment-shop solution and global portfolio, we turn businesses into runaway successes and transactions into experiences.

Ready to get started? Connect with our team.