Can you tell us a little bit about Velocity Marketplaces?
We are the world’s first enterprise level white labelled marketplace for businesses and organisations to launch their own managed marketplace with customised branding URLs with millions of products. Our aim is to monetise our vendors organic web traffic immediately and increase new customer acquisition by cross-fertilising the marketplace with our vendor’s primary products, such as subscriptions.
What were the key elements that appealed to you when choosing a payments solution?
We were keen to unify our card processing and settle all funds into one account. As we work with several different businesses simultaneously, we needed to have a panoramic view of all our transaction data. It was very important that our payment provider could offer this. We were particularly keen to see all processing and transaction activity easily accessible on a single screen, through a single integration.
We also wanted a payment partner who offered a consultative service rather than just transactional, the ability to directly contact our payments partner whenever we needed to was very important to us.
What were the main payment challenges you faced before working with Acquired.com?
The key challenges that we faced were maintaining a high level of customer service, efficiently managing our costs when it came to our payments, building more transparency with our reporting capability and having a clear overview of our transaction activity. We also wanted to work with a payments partner that had a clear understanding of our business model.
How important is it for your business to offer a variety of payment methods?
As we work with several different vendors on our marketplace, appealing to a varied customer base is very important. The ability to offer a number of different payment methods means that we can now satisfy a broad demographic of end-users and encourage conversion by letting customers pay in the way they want.
Which elements of Acquired.com’s solution have you noticed the most benefit from?
We have particularly benefited from Acquired.com’s consultative approach to understanding our business, which meant we could build a payment strategy that best suited our business’ unique needs.
The integration to Acquired.com was the fastest integration we have ever completed with a card processor. A member of the Acquired.com team would reply to any queries within 20 minutes via instant messaging, which was extremely useful. Our ongoing account management with Acquired.com since the integration was completed has also been excellent, we have a direct line of communication with them for any queries or questions we might have.
The Acquired.com Hub has also been a game changer for us, providing a complete view of our transactions has been extremely valuable in order to offer a high level of customer service for our vendors and maximise revenue opportunities.