Client relationships grounded in clear and consistent communication are the cornerstone of sustainable growth in the payments industry, especially when navigating the complexities of issuing and processing.
For us, this begins with embracing the enormous responsibility of being a global issuing and processing business. Organizations, from emerging FinTechs to global enterprises and market leaders, trust their brand and customer experience with our company’s ability to deliver. Founders and decision-makers put their careers and reputations on the line.
The needs of clients all along that spectrum are different and they change over time. So, in terms of building deep relationships, our approach is to lean into those differences and not try to normalize them.
Meeting Clients Where They Are
Our goal is to deliver the best client experience in the business. One of the ways we achieve that is by meeting clients where they are with a high-touch approach, independent of their level of experience, readiness or their particular market conditions.
Meeting clients where they are includes where they operate. For us, this means having the local market knowledge, knowing local regulations and the different compliance requirements. It’s a key differentiator for us and is present in many important conversations with clients.
We strive to be prepared to provide not just processing, but excellence and industry experience so that the client’s success becomes our success. We also recognize that not everything is a commercial opportunity and that we need to invest for the long term. Sometimes the investment comes in taking the time to truly listen.
The importance of Active Listening
By taking the time to listen to our clients, understanding their concerns and empathizing with their needs, we can provide them with the tools and knowledge they need to succeed in a complex environment.
Recently, a client who was new to the payments space came to us with concerns, and it was clear that despite everyone’s best intentions, we weren’t fully aligned. One of the key questions that arose during the conversation was about how transactions work. The client had a limited understanding of the complexities of global processing and had some ideas about how it should work.
We took the time to explain the mechanics of payment processing, identifying where our control begins and ends in the transaction flow, the roles of program managers versus processors, and payment networks.
This open approach helped recalibrate their expectations and gave them a clearer understanding of the entire process. It also reinforced the importance of their role as program managers in ensuring success and provided confidence that we could navigate challenges together.
Measuring Engagement for Continuous Improvement
At Thredd, we measure the effectiveness of our customer engagement through multiple touchpoints. Regular surveys after service interactions and project launches help us gauge satisfaction and identify areas for improvement. Monthly check-ins ensure that processes and systems are performing according to forecast metrics, while quarterly reviews allow us to look forward, ensuring alignment with our clients’ goals.
During these touchpoints, we often uncover opportunities for growth, for both the program and the relationship. It’s where we ask, “Are you getting value from this relationship? Are you getting value from these discussions? How are we supporting you in your growth?” These conversations lead to actions that can be built into account development plans that we own.
One of the most valuable lessons we’ve learned is the importance of focusing conversations on moving the business forward together. Transparency is critical, even when the answers aren’t always what a client expects. But it’s equally important to celebrate the wins and remind clients of the progress being made. Regular check-ins, full disclosure and empathy-driven communication are key components of a winning approach.
