Agreement Express Gives PayFacs, and PSPs a Competitive Advantage


August 16, 2021

The team at PYMNTS spoke with Agreement Express CEO David O’Brien to gain greater insight on the changes the pandemic has made to the digital payments landscape for PayFacs and PSPs, as well as how companies can stay agile and compete against competitor advantages.

“You’ve got the changing client experience,” Obrien said. “What I wanted [as a consumer] three years ago versus today is vastly different. The industry needs to keep up with that. And look at the changes the pandemic has delivered. You never would have thought there’d be grandmothers on Zoom. People think technology change is linear, and it is not. It’s actually exponential.”

A Great Merchant Experience Matters

When asked about the secret to remaining competitive in a payments services marketplace rife with rivals, O’Brien said: “History has spoken. Companies that have done really well have focused on the front-end, and they’ve been able to create a seamless onboarding experience. This enables merchants to start processing payments quicker than ever before.”

He noted that Agreement Express has seen a trend where companies that have solved the puzzle of scaling merchant acquisition and underwriting tend to either get acquired or become a successful acquirer, tapping into higher valuations for acquisitions.

Study Your Competitors

When going up against the giants of payments disruption — Square, for example — it pays to study their competitive advantage so that you can replicate the same success. Square created a simple digital payments solution that effectively galvanized SMBs into a base to compete with companies like Amazon and Walmart on a more level tech playing field. Their initial product was a dongle to solve the pain point of accepting quick and easy payments without bulky machines, and from there they grew their product line as well as their payment options. In the face of growing competition, Square’s competitive advantage has allowed them to stay on top. Their advanced terminals that accept all payment types such as chip cards and Apple Pay have put Square at the top as a major force in the payments industry.

“If you’re not studying what folks like Square are doing … you absolutely have to. You’ve got to embed it into your [own] strategy … by looking at [their] success and what they’ve accomplished,” O’Brien said, summing up Square’s triumph as follows: “The biggest difference [is that] they [believe] the payment should just be a communication. Again, [it should be] completely seamless and easy, so that when you go to a merchant to sign up, you’re not talking about days, you’re literally talking about hours.”

As PayFacs and PSPs seek out merchant clients in new markets, they’re under new margin pressures and competitive threats, which means investments in key operational areas can lead to dividends down the line. That’s where intelligent solutions for automated underwriting from Agreement Express can have a dramatic impact.

Use Agreement Express to Compete with Square’s Competitive Advantage 

Compete against the big players such as Square who have stepped up their game to provide seamless and quick digital onboarding. Though they may be fast, Agreement Express is faster. Provide your merchants with a 5-minute onboarding experience with Agreement Express’s innovative onboarding solutions. Providing a flawless merchant experience with little to no downtime is how you’ll be able to compete against Square’s competitive advantage. Agreement Express has the tools to automate your underwriting process, cutting down hours to minutes. This will allow you to speed up your underwriting process by ten folds and speed up the time to onboarding. Moreover, you’ll be able to send out and file all your digital merchant applications in one place, decreasing the amount of admin work and increasing productivity for your team.

Discover more insights about the digital payments industry in the full interview with Agreement Express CEO David O’Brien at PYMNTS.