Payment Facilitation Checklist: The Must-Haves When Choosing a Solution

Choosing an integrated payment solution is not an easy task. There are many to options on the market to select from and most importantly you want to find the right solution and partner that aligns with the needs and goals of your company. If you are seeking out an integrated payments partner to become a payment facilitator, you should look for the following four items before making your partnership final.

1. Capable of Explaining Risks and Liabilities

A trustworthy payment partner should be able to explain potential risks and liabilities that you may face as a payment facilitator. The partner you elect to work with should have no problem communicating the risks associated with payment processing. They should address topics and processes to handle items such as:

• Chargebacks
• Non-payment
• Fraud

Your partner should also have a concrete plan for mitigating such risks.

2. Offers Support

Becoming a payment facilitator can be time consuming and cumbersome. Be sure the provider you choose offers the right amount of support during the initial onboarding and setup process. The payments partner you select should also have an established customer service reputation.

3. Understands Your Client Base

The right integrated payments partner will understand your client base and their unique needs. Select a partner with the capability to help you customize your services to your user base. Also factor in specific value-added services, such as tokenization and card account updater.

4. Provides a Painless Solution

Look for a partner that can provide an alternative to carrying the burden that comes along with payment facilitation (i.e. – cost, risk and liability) and find an integrated payments provider that offers an instantaneous, white-labeled, frictionless boarding experience. This partnership type is known as a managed payment facilitation model. As a managed payment facilitator software providers can maintain complete control over the customer experience while maximizing profitability and minimizing risk.

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If you are seeking out a payment partner you can trust, Paragon Payment Solutions is here. We strive to help software providers customize and implement the right payment solution for their customer base. Contact us today to learn more.