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.
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:
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:
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.
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