What tech startups should look for in a payments partner

There are a variety of important decisions to be made for emerging tech companies as they look to grow their business and increase their reach.

One of the most important ones involves choosing a payments partner, as they’ll handle the most important part of your business, the actual transactions. If the payment provider can’t customise their technology for your startup and lacks expertise or presence in your markets, this is a sign that they may not be the right partner to take your business to the next level.

When looking for a payments provider that will help you reach your goals, there are a few important factors to consider that will help you make the right decision for your business. With that in mind, we’ve put together five vital aspects that evolving tech startups should consider when choosing a payment processing partner.

  1. A growth mindset

While this may seem rather simple, it’s an important aspect for an emerging company to consider. The right payments partner will work to understand your brand’s vision and how having flexible payment options can help your company achieve it. This involves looking beyond a single transaction and determining how there can be even greater collaboration.

A good payments partner will look to help your company continue to evolve and improve the customer experience, becoming a critical part of your company’s growth. They’ll learn more about your customers and how they spend, using that information to provide improvements to your payment experience, leading to improved customer satisfaction.

  1. Experts in their field

While payments may seem simple from the outside, every industry and market have their own regulations and intricacies. Partnering with a payments provider who is an expert in their field can help your company avoid common mistakes and provide insights that can help you get ahead.

Our team at Paysafe have been making payments happen for over 25 years, learning a lot in that time to help growing tech startups. Across a variety of payment verticals, the team delivers specialised payment support for your company.

  1. Real-time analytics

The tech world moves at a mile a minute, so shouldn’t your payments partner provide information at that speed? Working with a payment provider who delivers real-time analytics on customer’s spending can help your company make the right adjustments and decisions quickly.

Having a range of metrics that provide information in seconds about how customers are transacting and if they’re experiencing issues can be a huge advantage for tech startups trying to take the next step in their growth journey. Look for a payment provider that can provide real-time reports, as this allows your business to quickly get detailed information and make the most out of every transaction.

  1. Localised payment options on a global scale

As tech companies look to build out and grow, expanding their reach internationally is a common tactic to reach new users. Considering that, having a payments partner who can grow with you across a variety of countries while providing localised payment options is paramount. It’s never as simple as just seeing if a provider is in a certain market, as it’s also important to note if the provider has localized payment options, as conversion rates can plummet if consumers are given options they don’t recognise when trying to check out.

  1. Automating tasks

As your company is growing, having automated processes can make all the difference as your business needs support across a variety of departments. Having to collect payments can be a burden, so working with a payments platform that is fully automated will see that customers are charged accurately and reliably.

Be sure to go through your potential payment partner’s entire payments flow, to ensure that the payment process is simple and easy for your customers.

Find a partner that will help fuel your growth

Choosing the right payments partner can be the key to pushing your company to new heights, as customers expect a diverse number of payment options when purchasing, along with a simple checkout process. This was seen in a recent survey we conducted where 63% of consumers responded that they’d abandon a purchase if their checkout experience felt complicated or slow.

Overall, selecting the right payments partner is important for tech startups aiming to scale and enhance their customer experience. By prioritising a partner that possesses the factors mentioned above, startups can ensure a seamless and efficient transaction experience that will not only meet your current needs but also support your future ambitions.