Many payment providers make lofty claims, but are they actually fulfilling their end of the bargain? Maybe you’ve heard that a higher rebate percentage equals more revenue share or that all payment technology is the same. These misleading statements aren’t only damaging to your forecast, but they also set unrealistic expectations for stakeholders in your AP department. FastPay has developed a guide to dispel some of these common misconceptions so you can guarantee your payment provider is delivering the results promised. Check out the 5 questions below to ask your payments provider.
1. How do you support supplier outreach and enrollment?
Agencies work with an expansive network of media suppliers which can make it overwhelming to track thousands of vendors and payment types at any given time. FastPay conducts a monthly analysis of your vendor files and proactively reaches out to any new suppliers so you don’t have to. With a dedicated media payments team, you can rely on consistent vendor outreach and enrollment, that remains strong throughout the course of the partnership.
2. Does your program offer revenue share guarantees?
Agencies receive revenue share based on the number of electronic payments processed. Using robust supplier data, FastPay can accurately forecast the revenue share for your agency so you can project how much you will earn from processing payments. FastPay is the only media payments provider that can guarantee the maximum amount of revenue share in the industry.
3. How many media suppliers are in your payment acceptance program?
Maximizing supplier acceptance requires a complete and up-to-date network of media suppliers especially with the constant changes across the media ecosystem. FastPay is the only media payments platform that stores and dynamically updates robust data on supplier ownership hierarchy, media type, and contact information, resulting in the highest payment acceptance rate in the industry.
4. How many of your media payments can be automated?
Many suppliers accept payments exclusively through their own web portals which is a painstaking task requiring agencies to manually enter credit card information for each payment. FastPay has proprietary technology that automates more than 85% of payments to these portals ensuring timely and accurate payments. Our integrated database of supplier conditions ensures that we find every possible credit card payment, every time.
5. Who handles your payment processing?
When regularly managing millions of dollars every day, payment providers need a reliable and secure payment processing partner. FastPay partners with Comdata, the payment industry’s version of Amazon Web Services (AWS) for card issuing, to ensure product uptime and processing reliability for all clients. With more than $55B annually processed, Comdata is the only partner FastPay trusts.