Vetting a Payment
Partner

There seem to be so many different payment companies out there. How do I know that I am choosing the right one?

We hear you! And feel your frustration! Anyone would be befuddled with all the payment company options to choose from. But here's the thing—don't let this stop you from selecting the payments partner that best meets your particular needs.

Because picking a payments partner is about more than just selecting someone to process credit cards. It's about teaming with a strategic ally who will enhance your product, support revenue growth, safeguard your sensitive data, and deliver a seamless experience to your merchants and their customers.

In other words, you need to give this serious thought. It's also very important that you recognize that when it comes to integrating payments into your software, technical capabilities set the foundation for a smooth experience—both for your developers and your end-users.

Whether your application is consumer or enterprise software, or you need a simple e-commerce checkout, or you are building a marketplace for other vendors to sell products and services, we make integrating with Qualpay easy. But we know there are many options.

Let’s take a look at aspects you need to consider in your payments partnership and how Qualpay measures up.

What to look for in a payments processing partner.

Start by looking for a partner who will provide robust APIs and SDKs that facilitate customized payment workflows. This will enable your development team to tailor the checkout experience just the way you and your clients demand. You will then want access to the partner’s sandbox or testing environment to effectively try out and fine-tune your integration before going live.

Other things to consider:

• Does a potential partner offer white-label options that let you brand the payment experience as your own?
• Does the payments company offer a variety of payment methods beyond standard credit card processing, such as ACH payments, as well as service, convenience and surcharges?
• Does the payments company have a dedicated support team available 24/7 to help resolve integration problems?

These are all part of the essential and crucial vetting process. You don't want to commit to something that you'll later come to regret. And there's another factor to consider here: by doing the necessary due diligence now, you are setting yourself up for the kind of productive partnership that can benefit you well into the future.

Check your partner’s business model and partnership approach.

Choosing the right partner has the potential to become a catalyst for your business's strategic growth for years to come. With the right partner, your business can leverage that partner's innovative payment features that not only simplify the checkout process but also support deeper customer engagement and loyalty. That adds up to continued business opportunities.

With this in mind, check to see that a potential partner offers flexible subscription management, custom billing cycles and multi-currency capabilities.

Still more things to think about:

• Does the payment company offer revenue sharing? A recurring income stream can make a significant difference in your bottom line.
• Is the company's pricing structure transparent to your customers?
• Just how frictionless is its onboarding process? A less than seamless, integrated process can cause customers to flee before you even know it.
• And what about co-marketing opportunities? Will the company help you promote your products and services? If that company is truly serious about working with you, it will.

A security and compliance checklist for your processing partner search.

Of course, security and compliance considerations are essential for any business dealing with credit card processing. The hard reality is that you are responsible for protecting your customers' data.

Anyone you partner with must understand this and support you 100%. What does this mean?

• It means your partner has to be a Level 1 PCI-compliant service provider. This is non-negotiable.
• Your partner should also do what it can to reduce your PCI scope through methods like tokenization.
• Similarly, your payments partner should offer built-in, real-time fraud detection and prevention tools. Because let's face it, you don't want to be dealing with chargebacks and the serious financial losses that result from the many bad actors out there.

Expect support and business stability.

Choosing a provider with proven service, responsive support, and a long-term partnership mindset ensures that your operations stay consistent through changing markets and evolving customer needs.

Look for:

• Comprehensive Merchant Support: Qualpay provides ongoing, knowledgeable support for your merchants 24/7, reducing your support burden.
• Dedicated Account Management: Your software company receives a dedicated account manager to partner on growth strategies and problem-solving.
• Proven Stability and Innovation: Backed by a solid financial foundation and a commitment to innovation, Qualpay ensures continuity and evolving technology to meet future needs.

The wrong partner and the wrong technology could mean developing and supporting a less than flexible product for your customers, along with extra fees for your customers and a lower revenue stream for you.

The right payments partner should provide a modern integrated platform infrastructure flexible to integrate with, which can help your business grow, offer competitive revenue share options or create new valuation opportunities for your business, take you to new markets, and provide the support you need to get you there.

Qualpay delivers a robust platform with multiple integration options, clear pricing, trusted security, and partnership-driven support. We help software companies build payment solutions that work well today and scale for tomorrow. With a technology-first, flexible payments platform, we deliver an integrated payment experience for your customers and reduce vendor complexity while creating new opportunities for revenue for you.

Qualpay's advice to you is to stop for a moment and look down the road.

Where do you see your business in the next few years and even longer?  A sense of where you want to be should help you decide which payment company can best get you to where you want to go.

To explore how Qualpay can fit your software integration needs and drive revenue, reach out for a consultation with our team.