A relationship between individuals or groups that is characterized by mutual cooperation and responsibility, as for the achievement of a specified goal.
When two parties agree to work together to strive for the same thing, a partnership is formed. We have all heard the familiar saying “two heads is better than one,” which has rung true for some of the most well-known and successful businesses whose products we use on a daily basis. Many partnerships start out as just an idea, or a conversation, and end up becoming something much bigger than either person could have imagined.
For example, take Hewlett-Packard, also known as HP. Bill Hewlett and Dave Packard began their venture in a small garage in California. The pair’s first successful product was an audio oscillator, which was then used by Walt Disney for the famous film, Fantasia. Since then, HP has gone on to become a leading PC manufacturer. Today, you cannot walk into any technology store without seeing the HP logo.
In a similar way, Instabill established its Partner Program as a way of creating more opportunities, not only to grow its own network, but to assist others in the payment services industry in their efforts to grow. Just like Bill and Dave, these partnerships begin with a conversation or an inquiry. In this conversation, many things are important to cover in order to get the most out of the agreement.
Lately, we’ve been receiving many calls which have led to more conversations since we raised our revenue shares to 60-70 percent for leads and applications that begin processing. To say the least, it has piqued the interests of many competing PSPs and ISOs.
One of the keys to a successful partnership, is communication. Everyone has their own way of doing things. Just because the goal is the same does not mean the pathway there is the same. This is where communication needs to happen. Instabill uses many forms of communication in order to remain readily available to its clients and subagents. Before any work can begin, phone numbers, email addresses and Skype IDs must be exchanged. With three ways of reaching out to one another, there should be no reason as to why facts, questions or requests are missed.
The typical process and necessary steps of applications should also be reviewed before a partnership is agreed upon. This is beneficial because there should be an understanding as to what is required for each application, and how long an approval takes on average. At Instabill, we review the applications and required documents with the client or subagent – to make certain every document is in place – before submitting to our many banking partners. This ensures a smoother process for all, which in turn leads to a better relationship.
Lastly, the terms of the agreement must be discussed and clearly understood. Instabill provides its potential subagents with our Partner Agreement, which is to be read and reviewed thoroughly, then signed. If any concerns or questions arise during this time, an Instabill agent will be happy to clarify or assist in coming to a mutual solution.
Once these terms are agreed upon and signed, the partnership is confirmed, work may begin, and revenue can be shared.
Rachael Nichols is a Client Service Representative at Instabill. This is her first blog.