How to judge a provider’s expertise and experience
By speaking to your shortlisted providers and asking them the questions outlined in this guide, you should be able to find the perfect partner for your business.
But there’s one key element of the equation still missing: does your provider have a track record of delivering on what they promise? Or to put it another way, does your provider have the experience and expertise to deliver the ideal payment experience for your business?
While providers will inevitably talk up their expertise, there are a few ways to understand whether your provider can build the payment experience you need.
Reference clients and case studies
Case studies are a great way to get real-world insight into your payment provider, directly from other customers who also use them. The most important case study you can request is one that matches your use case.
This proves your provider can build the solution you need. Other aspects, like case studies from similar industries and similar-sized companies, add extra context and reassurance, but offer little value if the use case is different.
Can you share a case study/testimonial from a customer with a similar use case to our business?
Third-party reviews and NPS score
While case studies provide evidence that your provider works with brands similar to your own, all providers will inevitably choose case studies that reflect well on their solution.
For an unbiased view from other merchants, look at software comparison sites like G2, and for end-consumer opinions, look at TrustPilot.
Net promoter score (NPS) is another measure to look at. Businesses use it to track the likelihood of customers recommending a brand to a friend or colleague. A positive NPS score is a sign of a generally satisfied customer base, while 50+ is considered excellent.
Do you track NPS or collect reviews on TrustPilot or G2? If so, what is your current rating?
Active participation in the open banking ecosystem
Your provider’s ability to meet your current requirements is crucial, but it’s also worth considering what future opportunities and threats your business could face. With the open banking landscape evolving all the time, is your provider an active participant in shaping the landscape? Look out for evidence of your payment provider participating in working groups, and engaging in active dialogue with regulators and governments.
What working groups do you participate in and what results have you seen from your involvement?
Business continuity is a big factor when taking on a new supplier. Can you be sure that your provider has sufficient funding and/or cash reserves to operate for years to come? Have they taken on VC funding, are they bootstrapped, or are they funded by debt financing? Your provider should be transparent about its investors, long-term plans and its financial outlook.
How is your business funded? How will you ensure business continuity in the face of macroeconomic events?
TrueLayer is backed by leading investors, including Stripe, Tiger Global, Tencent, Addition, Temasek and more. To date, we have raised $270 million in funding to allow us to take open banking payments mainstream. You can read case studies from our customers across several industries. Companies we’ve worked with include:
TrueLayer also has an active policy team that regularly lobbies regulators for open banking improvements that benefit both businesses and consumers. We’re involved in several working groups including the Payment Systems Regulator ‘Digital Payments’ working group and EU API scheme working group (SPAA MSG).
We see TrueLayer as a world leader in the open banking space. Like us, they have an aggressive roadmap that touches many different aspects of open banking.
Former Open Banking Product Owner