How to choose the right payment partner for your parking company's international growth
Does international growth necessarily mean increased administration for your parking company? No, not if you choose a partner that ensures a flexible and scalable payment process. In this article, you'll learn how to avoid the most common pitfalls when taking your parking solution to new markets.
Establishing your parking business and starting to charge customers in a new country - with all the local regulations and standards that entails - is overwhelming to say the least. You can read more about these challenges in this blog post.
New market, new partner?
To make sure everything goes smoothly, it's wise to enlist the help of a partner who already knows the new market. That way, you don't have to spend too much of your internal resources on research and adjustments, and can instead continue to focus on your core business.
Just make sure to think long-term. For example, what are your expansion plans in a year's time and beyond? Choosing a new local partner for each new country means a growing number of supplier agreements and partnerships that end up costing more to manage than they are worth. Moreover, differences in the functionality and working practices of these partners risks reducing the consistency of both your internal processes and the overall experience for your customers.
Why it pays off to grow with one single payment partner
In order to grow efficiently, and in a way that is scalable over time, it is better to consolidate your payment processes with a single partner. The benefits are many: faster implementation for each new market, more efficient and consistent working practices internally, and a more cohesive user experience - in any country where customers encounter your brand.
However, it's important to choose payment partners carefully to ensure they have both the skills and capacity to support your growth journey. Here are some concrete tips to help you get your requirements right.
8 questions to ask when choosing a payment partner for your international parking expansion
1. Does the partner have the capabilities, working practices and technical solutions to enable the effective roll-out and delivery of its billing and payment solution in the market you want to enter?
2. Do they have good references from other companies that they have supported on a similar journey?
3. Is their solution scalable and flexible so that it can quickly be up and running in each new country and adapted to changing regulations and customer behaviors?
4. What elements of the payment process can they automate to reduce your administration?
5. What internal resources do they have for agile tech development based on your needs?
6. How can their solution interact with your existing business systems?
7. Can they provide value-added data to help you optimize offers and communications to your customers?
8. What support will you receive during implementation to ensure a fast and smooth process?
If you get satisfactory answers to these questions, chances are good that you have found a partner who can support you in the long term during your continued growth journey - at whatever pace you grow.
Want more details about how to expand with a flexible and scalable payment solution? Contact us!