As a new Challenger Bank or Fintech you may be looking to diversify and expand your product offering; and that often means building new tech to support your product. But, what if you don't have to? A great way to enable the payments technology end of your business is by partnering with a third party company that specializes in that tech. They can offer counsel on product features and recommend the best suite of capabilities to build what your business needs. Below we've outlined some of the benefits of working with a payment technology partner to help convince you!
Keep Your Team Small and Agile
When you're not building your own technology stack, you can keep your team small and agile to focus on scaling the business and user experience. This means you can save on costly technology builds, and redirect efforts to marketing, and customer acquisition. So while you're working to build your brand, the payments tech company is working to enable your business backend.
One Partnership with Infinite Possibilities
Ok, maybe not infinite possibilities, but, partnering with a payments tech company means they've already done the heavy lifting. They've already integrated with processors, banks, networks and more to build a suite of capabilities that you can use for your business. This means you only have to manage one partnership to get access to a multitude of features that might otherwise have been out of reach for the initial stages of your business or launch.
Simple and Easy Integration
With white labeled client portals and apps, it's easy to ensure that all of the touchpoints of your user's journey is fully white labeled to fit your brand. Many payments technology companies also offer API integrations that allow you to connect directly with their technology but keep your users in your own environment, creating a seamless and elevated user experience with your brand as the star.
Access to Proprietary Technology
Many payments technology companies have built proprietary technology specifically designed to make enabling your business easier. So not only do you not have to build your own tech to integrate into individual processors, networks and banks, but you also get a suite of technology that provides these integrations in a fast and seamless way.
Avoid Compliance and KYC Management
A big part of the payments backend for a Challenger Bank or Fintech is managing compliance, regulations and client KYC. This can often be a daunting task and may require a large team depending on need. However, in working with a payments technology company, this is usually covered as a set of features you can easily add to your solution, meaning your compliance and KYC is in the right hands, and you can be worry free.
So, if you're on the fence about building your own tech or working with a payments technology company, consider the benefits that a partnership might provide before you take it all on yourself.