- What are some challenges that FIs and fintechs face today with their payment processors?
- How can card issuers tackle quality or service problems with their payment processing providers?
- What should FIs and fintechs search for in a best-in-class payment processor?
- How can issuer-payment processor relationships be constructed to provide positive operational, support, and customer experience results, from program inception and ongoing?
Many FIs and fintechs have a rocky relationship with their payment processors. They’re not alone – choosing the right processor can be a daunting task. Ensuring that all requirements of the payment processing relationship continue to be met requires precise planning and clear understanding up-front.
With many options available in the payment processor marketplace, it can be hard to know which one will be the right match. Most FIs and fintechs first seek reliability and security in their providers. However, there are other critical factors to consider such as:
- Stability and number of years in operation
- Efficiency and ease of use
- Flexibility and agility to integrate and adapt to the existing (and future) technology stack
- End-to-end support and responsiveness
- Managed services and fraud-protection expertise to enhance the customer experience
That might be a difficult hurdle for any provider to achieve. To ensure a mutually productive and fulfilling issuer-processor relationship, FIs and fintechs should consider implementing best practices that go beyond research, confirming capabilities, and initial commitments to support and service standards. These practices help construct a strong foundation right from the start.
Sign up for this Finextra webinar, hosted in association with i2c Inc, to join our panel of industry experts who will discuss how to find the right processor and build a productive relationship that lasts.
- Scott Hamilton - Global Payments & Liquidity Expert, Contributing Editor, Finextra [Moderator]
- Serena Smith - Chief Client Officer, i2c Inc.
- Anthony Peculic - Head of Cards, Cross River Bank
- Omer Sattar - CEO and Co-Founder, Sightline Payments
- Scot Lenoir - CEO, Evolve Bank & Trust