Posted by Bethany Frank and Wayne Brown on 06 Jun 2017
The payments space is always evolving as new technology emerges. Demand for fast and convenient electronic payment options will continue to increase within the next decade. With so much changing so quickly, businesses with vested interests in helping customers meet payment-related needs often find it particularly challenging to keep up with the latest trends.
Today’s hyper-competitive economic markets require businesses to think creatively and strategically to be successful. Print and mail providers, financial service organizations, and other businesses may find that their clients need a better electronic bill presentment and payment (EBPP) platform in addition to the services they provide. An EBPP solution can help these companies enhance customer relationships and offer more value, but they might not want to incur the development costs or force major changes onto internal staff. Due to high charges for operations and technology support, a reseller arrangement might not be ideal either.
A referral partnership with a technology provider is a cost-effective option for businesses that want to meet more of their customers’ payment needs without developing an EBPP solution in-house. Such an arrangement can be mutually beneficial – both partners can refer each other for business opportunities that more closely align with their respective areas of expertise. Because the development and related IT costs are absorbed by the technology provider, a referral partnership drastically reduces the cost of entering the payments market. It also ensures access to the partner’s resources and expertise while enabling a business to test the market before making a stronger commitment.
It isn’t necessary to specialize in payment technology in order to offer customers an innovative electronic bill presentment and payment solution. For some companies, the best option is to simply refer clients to a reliable payment technology partner. A referral partnership enables both parties to capitalize on their individual strengths to expand business opportunities. Contact our sales team to find out if a referral partnership is right for your business.