How collaboration culture is fueling the payments industry

During my career, I’ve noticed an acceleration in collaboration and creating synergies in payments. Responding to the prevalence of agnostic, open technologies and in a backlash to giant monolithic providers, merchants and their customers are finally reaping the reward of choice and transparency in the payments industry.We know that our partners, customers and their end-clients value transparency — and quite rightly. Nowadays, merchants want to collaborate with partners that share their values and ideals. That means working together to improve the sustainability and performance of our industries, not just to make money.At Nuvei, we’ve always taken a consultancy-first approach, and now we are stressing that even more by putting more energy and resources in doing the same with our valuable partnerships. Not just so that we can offer the widest range and greatest choice to our customers, but to create high-value collaborations that drive mutual business growth and extend shared capabilities. Our unrelenting focus and passion for helping our partners connect with their customers is key to our mutual success.It’s about the sum being even greater than our parts. The end experience for users is far better when high-performing businesses work together. In turn, this could spell the end of the exclusive, insular ecosystems the monolithic providers have created.

Global expansion through collaboration

Firstly, partnerships make the payments world more accessible, vastly increasing the total addressable market. Payment preferences are incredibly local — consumers will expect to see their preferred methods when they reach the checkout, Pix in Brazil for example, and iDEAL in the Netherlands. Without offering them, you risk losing customers and leaving money on the table. It’s clear that, to nurture a global customer base, merchants need to work with local partners.Our experience shows that as we add and deliver more solutions to our partners, that enables us to create relationships and grow with them. That’s what our business is all about, helping our partners and customers connect with theirs. It’s a foundation of our land and expand strategy.

Partnerships to expand capabilities and expertise

Creating successful partnerships is also a great way to expand your offering and capabilities. Working with Judopay, for example, allowed us to help a well-known food and drink brand build a successful mobile-first digital payments strategy. Judopay wanted to process mobile payments for just under 40 restaurants, but they had very specific requirements like pricing, settlement cycles, speed of onboarding, and translations. We brought all those capabilities to the table.This was a complex case, working with franchisees meant very specific onboarding and regulatory requirements. Judopay, therefore, wanted to work with a payment partner that could meet those needs and collectively deliver a seamless experience for every franchisee. And for us, it meant we can keep up with popular trends, working with the right partners to deliver the most current, relevant results.

Human-centric not just business-centric

Finally, I am a firm believer in taking a genuinely human approach to partnerships and customer relationships. We collaborate closely with our partners to understand their goals and objects, and to get to know the audiences they are attracting, wherever in the world they operate.Of course, it’s an ongoing process, we continually assess, optimize and improve the way we work together. We bring together the most relevant experts from different parts of the business to build the perfect partnership that delivers the best results for the customer and end-users.We’re proud to be genuinely agnostic; we facilitate choice, and we collaborate with leading companies and brands to extend our services and abilities, to grow our customers’ and partners’ global reach. That’s why our platform can integrate with almost any other system, including our competitors’, because we believe in collaboration, transparency and growing the world of payments together, across the globe.