What is the best way to collaborate with payment providers to improve service quality?

Choosing the Right Payment Provider (PSP) is a challenge without certain experience. Keep in mind the next factors Country: Regulations and fees vary. Choose a PSP compliant in your country (e.g., PCI DSS for US and EU). Currency: Ensure the PSP supports your transaction currency. Merchant Risk Model: Select a PSP with a risk model that suits your business type - low, medium, high risk. Or card-not-present vs. card-present transactions Card-Present (shops, retail store): works on top of hardware vendors like Ingenico, Gemalto, Verifon Card-Not-Present (online store): 3DSecure and CVV verification Payouts period: next day or weekly Other: Fees, chargebacks, transaction features, security, live support, etc.

Open Communication is Key and best case when you have a personal manager who cares about you from the Payment Service Provider side: Dedicated Point of Contact: Establish a single contact within your payment provider for smooth communication. KPIs & SLAs: Clearly define KPIs (transaction speed, acceptable fraud rate, etc) and SLAs (response times, uptime, transactions per second) to measure service quality. Regular Feedback: Share both positive feedback and areas for improvement. Be receptive to their suggestions too. Shared Goals: Discuss and align on goals you both want to achieve, like reduced chargebacks, fast payouts, stable processing, etc.

Clearly defining expectations regarding service quality, performance metrics, and customer satisfaction standards Maintaining open lines of communication with the payment providers to discuss areas of improvement and sharing regular feedbacks

Integration & Testing with Modern Techniques to prevent failures on start or updates Tools: Utilize the provider's integration tools and documentation, use sanboxes A/B Test Variations: Consider A/B testing different checkout flows or payment options to optimize for customer conversion Blue/Green Deployments: For low-risk testing, explore blue/green deployments where you introduce the new integration to a limited user base before a full rollout Thorough Testing: Regardless of approach, conduct pre-launch (simulated transactions) and post-launch (real transactions) testing to ensure functionality and customer satisfaction Monitor & Report: Proactively monitor for errors and report issues to your payment provider for swift resolution

Exploring opportunities for collaborative innovation to enhance payment processes, security, and customer experience Conducting regular performance reviews to assess the payment provider's performance against agreed-upon metrics and benchmarks

Track key metrics, for example - conversion rate, transaction speed, refund rate, fraud rate, and customer feedbacks Use advanced analytics to create reports and dashboards from your provider or in-house created tools to uncover trends, insights, and improvement areas Benchmark general performance by comparing your metrics to competitors (for example initiated and successful payments) and industry standards to identify areas for excellence or improvement Use data-driven decisions to optimize your checkout process, reduce friction, and boost customer conversion rate

Providing training and support to payment provider staff to ensure that they have the necessary skills and knowledge to deliver high-quality service to the customers

Transparency is Key. You should provide clear information on your website and channels about payment methods, fees, terms, security policies, GDPR, and other materials to support your customer By using multiple communication channels you can offer various support options (FAQs, live chat, email, interactive voice services) for customer convenience The feedback loop allows you to actively collect customer feedback and address complaints promptly to build trust and loyalty to prevent clients leave or stop consuming your service