Payment systems are definitely becoming more complicated as the number of systems and variations grow. No longer is it a matter of which bank will take my cash and cheques, process my card payments, and deal with the the automated clearing house payments. Now there are many new and different systems and options in almost every country. It is becoming a major problem for corporates world-wide. 

Increasingly multi-national corporations are using the omni-channel payment system providers to be sure they can optimise making and collecting payments. Adyen - the world’s biggest who say they provide “The only payment solution you’ll ever need” - is used by some of the biggest and most international names in the business, e.g UBER, Spotifiy, NETFLIX, etc. But how do you choose which payment provider to use? Adyen’s white paper entitled, “Choosing a new payment partner” reveals a lot about Adyen, but also about the key issues in coping with the exploding number of payment options. No company cannot afford to be ‘cut-off’ from key new markets.

Payment provider partners

As you would expext Adyen stress the need for a partner(s) in collecting and making payments. They recommend companies should look for partners who:

• take a collaborative approach to business
• have a laser focus on the end user experience
• understand what a customer’s needs really are.

How to evaluate

Adyen believe that overall new partners need to be evaluated in terms of their: cultural fit, seamless technology and expertise/credibility. Stressing key aspects in each area they sugges that corporates should look for:

• Cultural fit: “It simply means that the most successful customer-to-client relationships happen when the two companies work together synergistically and passionately. With a strong cultural fit, the two companies energize each other. Without that fit, they drain each other through countless hours of relationship and project management. It’s not easy to find, but cultural fit should be of foremost importance when evaluating your options.”
• Seamless technology:
  • Does partner have a single unified platform:
    • 
    • Source & Copyright©2017 - Adyen
  • Does the partner empower their users: “Look for a payment provider with elegant technology that allows you to be in command of your own destiny, untethered from bureaucracy, system limitations and business complexities.”
• Expertise - that they want to share - and credibility of a proven platform that has been used world-wide by companies like yours. 

---

CTMfile take: Vital questions in selecting a payment provider partner - they apply as much to a bank provider as to a fintech.