CAN Capital: Payments Companies Look for Industry Expertise in Partners

Industry expertise is the most important factor for payments companies when looking for potential business partners, says a recent survey conducted by CAN Capital, a leader in alternative small business finance.

The study, conducted at the 2014 Money 20/20 conference in Las Vegas, Nevada, measured the sentiments of 101 payments and financial industry professionals on the needs and challenges that small businesses face in processing payments and working with providers.

According to the survey, 41 percent of the respondents indicated industry expertise as the most important quality of a prospective partner.

This was followed by the ability to integrate seamlessly with existing business systems, at 37 percent.

Only 23 percent of the study participants said it was most important that a potential partner has the newest technology.

These figures suggest that alternative finance companies and payment processors now look for partners that not only provide specific services, but also offer actionable advice and insights that can drive success.

“These survey findings confirm what we’ve witnessed in our partnerships with payments companies: that it is imperative for processors to offer valuable tools and services that help their customers remain competitive,” said Daniel DeMeo, CEO of CAN Capital.

The study also found security to be a huge concern for payments professionals, with 51 percent citing credit and debit card transactions at the point of sale as the least secure payment method.

Forty-five percent of the participants chose online payments via processors such as Square and PayPal as the most secure method.

Meanwhile, the increase in eCommerce and online/mobile shopping emerged as the biggest factor that affects spending habits of retail consumers.