Spreedly has announced the formation of a new partnership program developed for gateways and other payment service providers (PSPs), according to a Tuesday (March 2) press release emailed to PYMNTS.
“We’ve long served as the industry ‘connector’ between merchants, platforms, and marketplaces and their payment services,” Spreedly Vice President of Global Business Development Malik Velani said in the release. “The partnership program supports these connections, helping to bring together digital businesses and payment services.”
Spreedly said the partnership program provides gateways and other PSPs with access to different resources depending on their participating level, such as technical support for integrations to the Spreedly Payments Orchestration Platform, marketing programs and sales engagement, the release stated.
The partnership program includes a strategic level of relationship known as the preferred partner tier. Spreedly and preferred partners “engage closely to build better, more holistic payments solutions,” according to the release. PSPs further grow their international reach, and they speed up the onboarding of new retailers and platforms by teaming with Spreedly.
Stripe and PayPal are among the initiative’s inaugural preferred partners, the announcement stated.
In a deep dive, PYMNTS looked into how payments orchestration can help companies decrease expenses and bolster their return on investment (ROI) by increasing their bargaining power, digitizing their payment routing functions and diversifying their payments stacks.
While covering the cost of payments processing is an unavoidable expense, a number of companies can find themselves paying more than what’s required.
It’s common for companies to try to mitigate processing costs by harnessing just a single PSP in the hopes of limiting charges, but companies that depend on only one PSP have less bargaining power to negotiate favorable contractual terms. Moreover, this can result in a lack of the operational flexibility that companies need to maximize their ROI.
Working with different PSPs via a payments orchestration layer can prove to be very beneficial. Doing so can help companies process transactions at the lowest available price and enjoy a higher ROI from the gateways that they have already connected.