Strategic business partnerships are nothing new. As one of history’s oldest economic growth strategies, they’re the ideological cornerstone of some of the world’s most successful organisations. The strategic relevance of collaboration has endured as the most reliable way for companies to expand their capabilities, grasp new opportunities, and reduce risk.
SMEs and new businesses can be forgiven for thinking partnerships are only available for huge companies. Thankfully, this couldn’t be further from the truth. Our experience tells us that the global entrepreneurial community's collaborative spirit is the envy of the corporate world.
It's been consistently proven that teamwork is more conducive to success than individual pursuits. Let’s explore how establishing meaningful relationships with like-minded financial service providers can help set your business up for success.
Building rapport and reputation
The first step in building rapport in a partnership agreement is communication. In clearly stating your goals, aims, and expectations, everyone knows where they stand from the beginning. Furthermore, it sets a benchmark to measure success and maintain accountability.
Earning a reputation as a reliable partner comes from providing consistent services that drive sustainable growth. With centuries of experience and an omnipresent influence on financial services, high-street banks remain the safest option when choosing a business account.
These institutions invented the economic status quo and are determined to maintain it, despite rapidly changing circumstances.
New payment and alternative business banking providers can’t compete on the same level. That’s why they must go above and beyond the trust of early adopters, entrepreneurs, and industry disrupters. It’s not enough of a USP to innovate for innovation's sake – bank challengers must bring game-changing solutions.
Our clients often tell us they feel underserved by their banks as they can’t deliver the appropriate services that meet their payment needs. This feeling of helplessness, if left unattended, can quickly impact a business’s customers, clients, and reputation.
Business partners can improve customer experience
Not only do businesses benefit from strong connections with others - customers also reap the rewards. Strategic partnerships can help your organisation provide high-quality products and services that enrich the customer experience.
Traditional customer behaviour models were easy to understand as nearly all commerce occurred physically. A person would enter a shop to browse, select, and purchase items based on budget and need. The payment system was equally as rudimentary and rarely given a second thought.
Fast forward to today, and hundreds of alternative payment options are available to customers. This overwhelming choice and an ever-changing digital economy can leave businesses chasing their tails trying to keep up with demand in the ecommerce age.
Despite our everyday use of technology, digital services are expensive. Partnering with innovative providers will enable you to modernise your tech stack without the price tag. The result? You can delight your customers and clients with seamless payment experiences, safe knowing that your banking partner has your back.
At 3S Money, we’re committed to providing simple, cost-effective, and innovative Fintech solutions that empower businesses to scale on their terms.
What does the perfect payment partnership look like?
The perfect partnerships emerge those that happen in the most ‘organic’ and complimentary way possible. It may be too simplistic to call it a meeting of minds, but in many cases, it can feel that a union between two businesses is meant to be.
Take, for example, the partnership between German business bank challenger Penta and POS card reader pioneers, SumUp. Founded in 2017, Penta has grown to become Germany’s leading provider of digital finance management for SMEs.
They’d built their success supporting ecommerce businesses but saw an opportunity to help brick-and-mortar enterprises. Their problem was that they could not support offline companies with an online-only payment solution.
Entering a partnership with SumUp enabled Penta to offer innovative bank accounts to traditional merchants without developing their own POS infrastructure. More importantly, however, Penta and SumUp removed the barriers high-street businesses faced when accessing efficient payment service providers.
Through Penta, companies can open an online business bank account, issue payment cards, digitally manage expenses, and integrate with accounting software. Furthermore, they can accept debit card payments without paying merchant service or transaction fees.
This partnership isn’t just an example of two brands profiting financially from a relationship - it’s an example of the benefits of forward-thinking, digitalised solutions that strive for an enhanced customer experience.
Future-proofing for sustainable business growth
Businesses worldwide are waiting to see what the future will bring in a precarious marketplace. The possibilities are endless, be that a recession, supply chain issues or volatile market trends.
Problems don’t solve themselves, and facing an issue alone can be frustrating. Partnerships allow you to widen your expertise pool and tap into the knowledge of others. This doesn’t simply mean more hands-on deck - it’s the opportunity to access innovative and forward-thinking solutions.
The idea of futureproofing can easily be ignored as speculative thinking. However, it’s better to pre-empt market or consumer shifts rather than be left scrambling to catch up. No one could have predicted how quickly society adopted cashless payments as the new normal.
If your business is fortunate to weather an economic storm, new developments in your industry may require radical changes in your operations. Bolstering services with an innovative and forward-thinking partner can help your business scale, whatever the circumstances.
How can partnering with 3S Money help your business?
As you may know by now, we’re big fans of business partnerships. We are passionate about helping businesses worldwide level up and utilise our modern, digital, and transformative services.
Our International Business Accounts are optimised to meet the needs of today’s business environment. 3S Money’s mission goes beyond payment processing – we exist to support boundary-pushing entrepreneurs who dare to take on the world. A fairer financial world is one that works for us all.
Here are five reasons why we believe partnering with 3S Money will help your business scale new markets cheaper, faster, and more sustainably:
We offer simple solutions to real-world problems our clients face. No jargon, no hidden fees, and no agenda.
No chatbots: we provide human support across all aspects of our cross-border payments and FX risk management.
We combine innovative Fintech solutions with the service levels of a premium bank – with low monthly fees.
We’re international payment experts with local expertise, providing services to shareholders and directors in 190+ countries with no residency requirements.
With the widest global coverage of any provider, we can support high-value transfers in 65+ currencies at fair and sustainable rates.
Don’t just take our word for it. Discover how 3S Money continues to help transform the payment operations of entrepreneurs, startups, and industry leaders around the globe.
Open a 3S Money International Business Account
Ultimately, growth is the name of the game in business. Entering a secure and meaningful financial partnership will help lay the foundations of success for you, your company, and your clients. If you’re searching for a way to digitise your financial life, embrace alternative banking, or simply gain access to new markets internationally - 3S Money has got you covered.