How to choose the best payments provider for your organization

There’s no need to go at it alone. If you want to secure your position in the crowded and ever-evolving payments industry, a partnership with a modern provider can help give you a distinct edge. 

The right provider equips you with a turnkey tech solution that you can use to quickly design, launch, and manage your desired products while the competition spends months or years building products with legacy core technology that leave much to be desired. When you choose the right provider, you’re entering a partnership that is built to last and motivated to support your ambitions, no matter how big.  

Not all providers are created equal. It’s not just about the technical details. Of course, your provider should deliver cutting-edge technology that empowers you to reach your goals. However, choosing the right technology provider is a critical decision that has the potential to fundamentally improve your business roadmap. You need a provider who aligns with your organization and gives you the tools to succeed.

Here are a few criteria to add to your list of must-haves: 

Long-term relationships

All too often, tech vendors sell and go. They can be strictly transactional. Once they make one deal, they move on to the next—rinse and repeat for every opportunity. If you’re lucky, you might get to talk to a customer support agent every now and again—but even then, you’ll receive far less care and attention than you did during your sales cycle.  

The ideal provider isn’t just in it for the initial sale. Instead, they build relationships from Day 1. They’re willing to put in extra work where needed to secure your future growth—even after the ink on your initial contract has dried. Regardless of the size of your account, you should be able to count on your provider to support your organization as you work to achieve your goals. Choose a provider who’s committed to you from initial delivery to product launch and beyond.  

Control and ownership

When you work with a provider, their technology becomes your tool for success. Don’t settle for a vendor who doesn’t hand you the keys.  

It’s all too common for vendors to place strict parameters on how you can or can’t use their service. Because the vendor doesn’t give you ownership of the platform, you’re limited to the functionality that was initially discussed during your sales cycle. If you’re interested in launching a use case that wasn’t part of your initial service agreement, then get ready to be upsold on new functionality or charged exorbitant change request fees. 

Choose a partner that empowers you with complete control and ownership over your new technology. Once your provider delivers your technology, it’s entirely in your hands to determine what you do with it. Even if you decide to launch new features after your product launch, a great partner empowers you to scale up using their technology as you need at no additional cost. In this way, you’re equipped to go to market as fast as you need to because you’re insourcing the work and not relying on the provider to roll out new products.    

Products vs. solutions 

So many providers focus on just one thing: sell, sell, sell. Their only goal is to sell you a product, and to profit from that sale as much as possible. You shouldn’t have to settle for a vendor who only sees you as a sales target. 

The right provider doesn’t sell products. They deliver solutions. Select a provider who will work right alongside your business to ensure that their service will help accomplish your business goals. In the process, your provider will tailor and fine-tune their deliverables so that they can perfectly meet your needs.  

Instead of aggressively selling you on extra features at every opportunity, a great provider gives you access to their entire solution. Whenever your provider introduces new features, you should gain access to them by default—no new contracts or service agreements required. As your business evolves, your partner will support your growth all the same. 

Strategic alignment 

By definition, a provider is an external entity. However, that doesn’t mean that they don’t have to share your internal vision or alignment. Rather, your provider should be on the same page as you. 

Choose a provider who shares your business vision. If you work with a vendor whose alignment is completely opposite to yours, there’s no guarantee that the vendor won’t provide generic solutions that barely fit your use case. However, if your provider shares your strategy, then you’ll benefit from their personalized insights and resources that are perfectly attuned to your use case, segment, and overall vision. In this way, you can turn your business dealing with your provider into something more: a long-lasting, mutually beneficial relationship. 

Choose the right partner for your business 

You can’t settle for a vendor who’s here today, gone tomorrow. Instead, your organization needs a partner you can trust.  

Episode Six (E6) is a payments technology provider with solutions for card issuance, ledger management, and payments processing. Whether you want to offer credit cards, digital wallets, virtual accounts, corporate cards, installments, or anything in between, our cloud-based and API-powered TRITIUM® platform can make your wildest payments use cases come to life. We bring a proven track record of productive partnerships with global banks, financial institutions (FIs), and brands, helping them build market-leading propositions that their customers love.  

At E6, we give you the keys to success with TRITIUM. Contact us today to see what partnership should look like.