Whether you’re a utility company, an auto or mortgage lender, or lend directly to consumers, choosing the right mobile payments provider is one of the most important decisions you’ll make for your company. You need a reliable, established partner with a wealth of industry know-how to elevate your business and provide the best service to your customers. To identify the best partner for your company, it’s important to ask the right questions at the on-set. Consider the following questions when discussing potential mobile payment partnerships:

What is their primary business?  In order to be sure that your payments partner knows what’s best for your business, it’s important to work with a company that specializes in payments.

How many years have they been in the payment and presentment business? Experience matters. Startups may be nimble, but ultimately you want to ensure the payment provider you choose will be able to ask the right questions up front to avoid issues in the future.

How does their financial stability measure up? Ensuring the money collected from your customers is the money you receive from your payments provider is essential. You want to choose a provider who will be around for years to come.

How many years have they been working with your industry?  Understanding the rules and regulations of your industry is key when selecting a payment provider that will work with you to develop payment solutions that help you reach your business goals.

What is their client relationship philosophy? Are they open to feedback? Do they take a collaborative approach to solving problems? Are they in the relationship for the long haul? The answer to these questions will give you a sense of the provider’s reliability as a potential partner.

Can they provide strong references? Speaking with references gives you independent, third party information about the payment provider’s performance.  Did they deliver what they promised? Did they provide guidance along the way? How did they handle obstacles? Answers to these questions will be a good indicator of what your experience with the payment provider will be.

 

To learn more about the smart questions you should be asking, download our fact sheet: 101 Questions for Your Payments Partner.