Should global payments be a point of friction for ISVs with an international reach? Paysafe’s SVP of sales and business development, Carla Erlick, explains to PYMNTS how expanding reach and scale need not create barriers between ISVs, merchants and their customers.
The drive to broaden presence, scale and sales is a constant one for companies across the payments continuum, from merchants to service providers. At the same time, payments on a grand scale – think global where once transactions may have been local – become complex across borders, currencies and regulations.
In an interview with PYMNTS’ Karen Webster, Carla Erlick, senior vice president of sales and business development at Paysafe, explained how her company has launched an Integrated Partnership Program that has the ability to reduce the strains and stresses of the payments system that seeks to get bigger, faster.
The program services businesses globally and is part of Paysafe’s B2B offering (Paysafe also has a B2C offering). The company’s payments platform caters to ISVs and software platforms, as well as marketplaces who “want to remove the friction and complexity of accepting global payments” from merchants or sellers.
Those parties integrate into Paysafe’s proprietary platform and gateways so that they can embrace merchant onboarding, multi-currency processing, settlement and payout, risk management and other services. Key differentiators include the firm’s global reach – “not just for cards but also for alternative payment methods” – including direct debit schemes and bank transfer networks, which can now be extended on a global scale. Multiparty payout with a global footprint is also a popular feature
As for frictionless onboarding, Erlick said, Paysafe does this in multiple markets through the same API suite and through the same process regardless of location – across the U.S., Europe and Canada – all through the same interface.
In going to market, Erlick said, Paysafe is taking a vertical approach, with about a dozen verticals targeted for market share.
Thus far, Paysafe is gaining significant traction with platforms in emerging markets like rental management and homeowner’s associations, utilities, as well as membership management platforms in the health and wellness space, and donor management and charity platforms that all have a global reach. “Most of these platforms launch in their domestic market,” said Erlick, “and then springboard to other markets, all without having to change their integration, operational processes or payment partner relationship.”
Any global, technologically-oriented relationship has implications across fraud and risk, Webster noted. “Managing fraud through the workflow of payments comes in tandem with offering an API suite for AML, KYC and KYB efforts to know who it is that we are transacting on behalf of and ultimately paying,” Erlick added.
In addition, each vertical served by Paysafe has a risk profile. When we launch a partnership with a new ISV, we customize our rule sets to protect the needs of the merchants within that vertical or industry. “We therefore create a dialog with the ISV centers on mitigating fraud while at the same time optimizing conversion,” Erlick said.
In terms of the program’s flexibility, Erlick talks about the inherent white-label products and services Paysafe offers. But just as important is how new products and roadmaps are driven by the voice of the customer. She highlighted the upcoming launch of a POS solution that will address the demand from her clients for a global omnichannel offering through a single integration point.
Erlick added that almost all companies are in a constant search to broaden their reach and drive revenue. Paysafe’s Integrated Partnership Program supports business growth by addressing the five key capabilities that ISVs are looking for from their payment partner, namely global reach via international and alternative payment methods, frictionless onboarding, knowledge, service and support.
Paysafe’s solution thereby strengthens the value proposition of a platform’s turnkey solution by allowing it to attract and retain more customers. The ISV then becomes the referral source for the end merchant and for that referral, Paysafe incentivizes the partner which is often a net new revenue stream for the partner. The ultimate objective is to create a win-win solution while creating value for both the partner and Paysafe.