A Payment Processing Referral Partner Program creates an agreement between a payment-processing business and a referral partner. Under this type of arrangement, the referral partner can earn a percentage of payment-processing fees generated by new customers they successfully refer.
The purpose of the arrangement is to create a clear structure for referrals, tracking, compensation, and the responsibilities of both parties.
The agreement identifies the two parties involved:
The referral partner introduces prospective customers to the payment-processing service. When a referred customer meets the requirements established in the agreement and successfully signs up, the referral can qualify for revenue sharing.
The agreement should clearly define what qualifies as a valid referral. For example, a qualified lead may be a new customer who signs up for payment-processing services using a referral method assigned to the partner.
A tracking method is used to make sure each successful referral is properly attributed to the correct partner.
The document identifies examples such as:
This helps create a clear process for connecting new customers with the partner who referred them.
A key part of the Payment Processing Referral Partner Program is establishing how the referral partner will be compensated. The agreement can specify the percentage of payment-processing fees the referral partner receives for each successful referral.
The agreement should also state how frequently referral commissions are paid. Examples provided in the document include:
A minimum payment threshold may also be established before a payment is issued.
The referral agreement should establish how long the relationship remains in effect.
It should also outline the circumstances under which either party can terminate the agreement, including matters such as breach of contract or non-compliance.
The referral arrangement can establish guidelines governing how the partner promotes the payment-processing service.
These guidelines help maintain consistency in the way the service is presented to prospective customers.
The agreement should address the protection of sensitive business information shared between the parties.
It should also be structured in accordance with applicable requirements governing referral programs and payment-processing fees in the relevant jurisdiction.
Interested in learning more about a payment-processing referral partnership?
Contact Global Merchant Partners to discuss the referral program and next steps.
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