The Green Sheet recently connected with Ruston Miles, founder of Bluefin, where Miles shared his views on the benefits of working with multiple payment processors and the drawbacks of relying on just one processor, explaining:
- Processor diversity, and why is it crucial for large merchants
- The hidden risks merchants face when relying on a single processor
- How having multiple processor relationships benefit a merchant in terms of reducing costs and fees while delivering beneficial capabilities
- Why owning payment tokens is essential for businesses to avoid processor lock-in
- Tips for merchants on how to maintain good relationships with multiple processors
- How software companies can help merchants navigate the challenges of processor relationships
- Solutions to look for from software companies
Miles expands on the importance of avoiding long-term processor lock in and why large merchants should care.
“Software companies should not be relying on the tokenization and end-to-end encryption services of a single processor. Instead, they should be partnering with a third-party provider that can provide tokens and encryption for any processor. This way, if the software company has to leave a processor, the transition is smooth, and tokens and encryption keys are not locked out from them. Additionally, the use of a third-party vendor for tokens and encryption can be critical to a software company’s own valuation.”
Read the full article here.
