GS Logo
The Green Sheet, Inc

Please Log in

A Thing
View Archives

View flipbook of this issue

Care to Share?


Table of Contents

Lead Story

Insiders' views on new developments, challenges, opportunities in payments

News

Industry Update

Google adds to wallet

Rethinking mobile security

Work ahead for NFC payments

Selling Prepaid

Prepaid in brief

'Cash reload' scams draw FTC's attention

Action-triggered incentives boost rewards

Views

The Sales Professional Bill of Rights: The new standard for compensation, benefits and support

Robert O. Carr
Heartland Payment Systems Inc.

Education

Street SmartsSM:
MLSs forging right ahead in social media

Dale S. Laszig
Castles Technology Co. Ltd.

Online sales tax: Gain new income from the MFA

Adam Atlas
Attorney at Law

Contactless payments: NFC and QR

Michael Gavin
Merchant Warehouse

Technology integration revolution at the POS

Rick Berry
ABC Mobile Pay

Company Profile

U.S. Merchant Systems LLC

New Products

Take your SMBs online

Instant eCommerce
ControlScan

Inspiration

Choose partners with care

Departments

Readers Speak

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

June 10, 2013  •  Issue 13:06:01

previous next

Inspiration

Choose partners with care

In this new wave of technology, you can't do it all yourself, you have to form alliances.
- Carlos Slim Helu

With new payment technology emerging at a rapid clip - both from established vendors and from new, disruptive entrants - many payment professionals are embarking upon new partnerships in order to break into new territory and give themselves a competitive edge.

And though the technology may be dazzling and the frontiers may be exciting and new, it's good to keep in mind some age-old considerations when on the verge of entering into new business relationships.

Know yourself

Before you can evaluate whether a particular person or company would be a suitable partner, you must know who you are and, by extension, what your company really is at the core.

You must know not only what your values are, but which of those values are most important to you - the ones you could never compromise no matter how much pressure you encounter.

You must also clarify the following:

Assess your prospects

With a thorough understanding of your values, goals, expectations, capabilities and resources, it will be easier to assess those same aspects of each person or company you are considering as a partner. Keep in mind that you need business partners whose:

Take your time

Forming a new business relationship is a significant step. It's important to thoroughly vet all candidates. Don't rush the process. Also, trust your gut. You will be devoting a lot of time to this relationship. If you feel uncomfortable when you meet with a prospective partner, take your feelings seriously.

Try to determine what the source of your discomfort is. It could be a red flag that a chasm exists between you and your potential partner, one that cannot be bridged. Be sure you are satisfied with the way you communicate with potential partners as well. Does the candidate welcome your questions and provide answers with good cheer and in a timely manner?

If not, this is another red flag, indicating you need to dig deeper into what kind of person or company you might be dealing with. In addition, you and your potential partner must have a mutual respect for each other, and you must both feel that you can trust one another implicitly in your business dealings.

And though each party will be contributing different skills and resources, each party's contribution should be relatively equal in terms of value provided to the endeavor. Then, once you've made your decision, give the venture your all, and enjoy the fruits that come.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

previous next

Spotlight Innovators:

North American Bancard | USAePay | Super G Capital LLC | Humboldt Merchant Services | Impact Paysystems | Electronic Merchant Systems