Now is the time to put everything together as a complete payment processing value proposition - your missing link is the bank - not the top 10 banks, but the community bank that has a solid long-term relationship with their small business portfolio, but doesn't have any product offering for merchant processing - i.e., they end up going to Chase Paymentech, Global Payments, Elavon, etc.
Introduce a bank partner program under your Google Merchant operation (which I believe is an ISO already) and let the banks start signing up merchant accounts, give them VivoTech readers, then allow all their consumer cardholders to sign up for Google Wallet (and coincidentally, here are the local merchants that take the Google Wallet).
You still need to make the value proposition to the bank. They are the entity trusted most by the consumer, and they are the gatekeeper to the success of this product.
Back in 2011, Pymnts.com interviewed Osama in a podcast (http://pymnts.com/briefingroom/mobile-commerce/mobile-briefing-room/EXCLUSIVE-Google-s-Payments-VP-Shares-New-Insights-about-Digital-Wallet-Strategy/).
Back then I mentioned that given Osama’s feedback from their customers that they want more banks and processors connections, Google should reach out to more payment gateway providers who are already connected to all the major banks and processors, with the key being finding a provider/vendor who is independent and not tied (e.g. "in-bed") to the major banks, processors, MSPs/ISOs.
Given this news, it looks like Google is beginning to understand there are players in the payment industry who are able to help them rather than hinder them. I feel this is just the start of their acquisition of vendors in the payment industry. Good luck! And don't look too hard to find other players who are willing to help make you and your customers happy.
OB if you are listening am happy to share an idea from forty years of online financial transaction switching and clearing. Requires primarily Google toolset to create an order of magnitude scaleability to your wallet/commerce traffic. MM
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Good acquisition.
ReplyDeleteNow is the time to put everything together as a complete payment processing value proposition - your missing link is the bank - not the top 10 banks, but the community bank that has a solid long-term relationship with their small business portfolio, but doesn't have any product offering for merchant processing - i.e., they end up going to Chase Paymentech, Global Payments, Elavon, etc.
ReplyDeleteIntroduce a bank partner program under your Google Merchant operation (which I believe is an ISO already) and let the banks start signing up merchant accounts, give them VivoTech readers, then allow all their consumer cardholders to sign up for Google Wallet (and coincidentally, here are the local merchants that take the Google Wallet).
You still need to make the value proposition to the bank. They are the entity trusted most by the consumer, and they are the gatekeeper to the success of this product.
Back in 2011, Pymnts.com interviewed Osama in a podcast
ReplyDelete(http://pymnts.com/briefingroom/mobile-commerce/mobile-briefing-room/EXCLUSIVE-Google-s-Payments-VP-Shares-New-Insights-about-Digital-Wallet-Strategy/).
Back then I mentioned that given Osama’s feedback from their customers that they want more banks and processors connections, Google should reach out to more payment gateway providers who are already connected to all the major banks and processors, with the key being finding a provider/vendor who is independent and not tied (e.g. "in-bed") to the major banks, processors, MSPs/ISOs.
Given this news, it looks like Google is beginning to understand there are players in the payment industry who are able to help them rather than hinder them. I feel this is just the start of their acquisition of vendors in the payment industry. Good luck! And don't look too hard to find other players who are willing to help make you and your customers happy.
Very good news. In order to connect new banks to the payment gateway, who is the contact to talk with?
ReplyDeleteRegards. RL
Very good move.
ReplyDeleteOB if you are listening am happy to share an idea from forty years of online financial transaction switching and clearing. Requires primarily Google toolset to create an order of magnitude scaleability to your wallet/commerce traffic. MM