Here at Ekata, we have tremendous experience working with partners. In the past twenty years, we’ve ventured into a variety of joint efforts – some successful, others not so fruitful. Through early trial and error and years of hard work, we have determined three key elements that lead to a mutually beneficial partnership that drives value for partners and joint clients alike. Our most successful partnerships drive much more value than the simple addition of inputs would initially lead you to believe was possible. Here are some key aspects of a great partnership:
- Leverage: In our ideal partnerships, we are able to reach many more end user prospects than if Pro were in the marketplace selling direct. Our savviest partners know that when they better serve their customers, they increase retention and satisfaction. Many of the fraud platform customers I deal with on a daily basis have been asking for integrated identity data to augment the fraud rules and algorithms their platform provides. Pro works hard with these fraud platform partners, including Accertify, CyberSource, and Kount, to deliver best in class data and integrations to meet our joint customers’ needs.
- Enrichment: When done right, a data partnership with Ekata not only enhances our partner’s relationship with joint customers, it actually makes our partner’s products better. As mentioned above, the key reason we have several valuable partnerships with eCommerce fraud platforms is because Pro brings real time identity verification calls into the fraud screening process. Identity Check data helps merchants reduce false positives and the need to manually review transactions… up to 40% in recent API data tests. When merchants get this sort of performance from an integrated data partner in their fraud platform, they are very likely to stay with that vendor.
- Economics: Our best partnerships are win, win, win structures. We can charge our partners a fair price for the data, which in turn becomes available to end users within their current system without the need for developer resources. Pro’s main goal in structuring our partnership deals is to make sure everyone wins… with a focus on getting our phone, email, name, IP, and address data to online merchants and financial institutions at market price or better and provide them with a richer data set than what many other niche vendors offer (like just email or address).
When we are fully engaged with a great partner, we can go that last mile to close business together. We need each other to effectively reach our joint target markets and the unique value of partnerships really shines when this occurs. I’ve been proud to be at the forefront of eCommerce partnerships for over three years at Ekata. We have tremendous trust in our partners and look forward to working closely with them to better serve our joint customers.
Read Part 2 in the series: How We Look for a Good Fit
Interested in learning more about the data available on partner platforms? Let us know.