Skip to main Content

Industry Expertise Trumps State-of-the Art Technology When Payments Companies Evaluate Partnerships

New York, NY (December 8, 2014) “ A new survey from CAN Capital, Inc., the market share leader in alternative small business finance, has found that payments companies look first for industry expertise when evaluating partnerships to expand their offerings to customers and increase growth.

In a survey of professionals in the payments and alternative finance space conducted at this year’s Money 20/20 conference in Las Vegas, 41 percent cited this kind of expertise as the most important trait for a potential partner, followed by 37 percent that cited the ability to integrate seamlessly with existing business systems. By comparison, only 23 percent said it was most important that a partner possess the latest technology.

The results suggest that today’s payment processors and alternative finance companies are seeking partners that do more than just provide specific services; they expect actionable advice and insights that can help drive business success for them and their customers. This explains why more than one third of survey respondents (38 percent) said that the biggest differentiator when comparing payments processors is that a processor has tools dedicated to helping customers manage and grow their businesses.

These survey findings confirm what we’ve witnessed in our partnerships with payments companies: that it is imperative for processors to offer valuable tools and services that help their customers remain competitive, said Daniel DeMeo. At CAN Capital, we’ve introduced a suite of APIs called CAN Connect that integrates with payments processors and other providers to allow them to offer their customers the ability to get fast access to working capital.

Security & Payments

Security was a big concern of those surveyed. More than half (51 percent) of respondents said they believe that debit and credit card transactions at the point of sale are the least secure method of payment, as compared with mobile payments using a debit or credit card or online payments via processors such as PayPal or Square. When asked to select the most secure method, 45 percent of respondents chose online payments via processors such as PayPal or Square.

Furthermore, when asked to select the factor that has had the largest impact on the spending habits of today’s retail consumers, 58 percent of respondents identified the increase in e-commerce and online/mobile shopping.

As technology continues to drive change in the payments industry, small businesses need assistance navigating the landscape, DeMeo said. CAN Capital can help them thrive during changing times offering fast, efficient access to funding that allows small businesses to drive growth by investing in things like upgraded POS and mobile payments systems, improved e-commerce experiences, and expanded online marketing efforts that increase traffic to their sites.

Visit www.cancapital.com/canconnect for upcoming news and resources for payments professionals looking to add value to customer relationships and for more information about CAN Connect.

Note to Editors

CAN Capital conducted a survey of payments and financial innovation professionals at this year’s Money 20/20 conference in Las Vegas, Nevada. The survey, conducted on November 2-5, 2014, was developed to gauge the sentiment of payments and financial industry professionals with regard to the needs and challenges of small businesses when it comes to processing payments and working with different providers. Respondents included professionals from various areas of the payments and finance industries. Percentages are based on 101 responses.

About CAN Capital

CAN Capital, Inc., established in 1998, is the pioneer and market share leader in alternative small business finance, having provided access to over $4.5 billion in capital for tens of thousands of small businesses in a wide range of locations and different business types.

As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way. Its business evaluation model allows it to help small businesses qualify for more money than they could obtain elsewhere.

CAN Capital makes capital available to businesses through its subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans through CAN Capital Asset Servicing, Inc. (CCAS). All business loans obtained through CCAS are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.

For more information, please visit: www.cancapital.com. Follow CAN Capital on Twitter and Facebook.

Contacts

Cristina Martinez

Prosek Partners

(212) 279-3115 x215

[email protected]