To be competitive in any economy, platforms need to better retain global creators

Presented by Tipalti

At Tipalti's recent Illuminate event, industry experts discussed how platforms can deliver best-in-class experiences to their creator partners. Now it's free to watch on demand. Find out what the platforms can offer: automation and cryptocurrency in the back-end, better market growth in the front-end, etc.

Stream this exclusive Illuminate session here.

Whether they're musicians, influencers, or gamers, when creative partners choose a platform, their goal is to launch a flourishing career. Most platforms and marketplaces focus on creating the best experience for their end users, but often neglect the long-term success of the creative partners who make their business famous.

“Platform owners spend a lot of time thinking about the business they are trying to support, which is the front-end product,” says Paco Suro, GM, Global Partner Payments at Tipalti. "That's great, and I think you solve a lot of the happiness of those partners. Where it can get bumpy for platforms is that they can grow and scale relatively quickly, and with that , they don't think about the whole end-to-end partner experience."

Over the long term, partners look carefully for back-office services that can help them run their business and grow. Of course, they're thinking about the ecosystem a platform potentially brings to the table, the audience it can attract and monetize, but also how that monetization works on the platform. They are looking for a partner who can make this process smooth and seamless, however it works.

In fact, according to a recent survey conducted by Wakefield Research and Tipalti, 83% of creative partners would rather their platform handle administrative tasks for them.

The basis of it all is getting paid, on time and in your preferred payment method. And it all depends on many factors, from the geography a creator lives in, to the potential lack of traditional bank accounts creating a need for alternative payment methods, to the complexity of taxes and filings. All of this is essential if creators and owners of marketplaces want to scale.

"Platforms do themselves a great service if they can provide a very seamless experience when it comes to many of the mundane tasks associated with growing a partner's business on the platform. shape," says Suro. “Monetization and building brand awareness is at the heart of it.”

Behind the scenes, technology and the evolution of digital payments play a vital role in the growth of platforms and careers, adds Suro.

First and foremost, automation saves a tremendous amount of time and money, freeing up rigs to invest front-of-house resources to continue building the ecosystem and experience that attract audiences and monetize them for the benefit of all. On the other hand, automation allows for back office scalability and growth without the additional staffing and costs associated with it. But more importantly, automation increases the breadth of your coverage as platforms evolve and partnership size grows and multiplies.

Partners want a platform they can trust to handle the burden of payment administrative tasks, and 72% of Creative Partners say automatic payments would help them grow their business significantly. They must trust the terms of their contract, from payment options to rock-solid payment terms, knowing that the technology backs up those promises.

It also means that a platform needs to stay on top of the changing world of money movement. This means payment methods that work best for their partners, even as new alternatives emerge, including cryptocurrencies like Bitcoin and Ethereum, or stablecoins like USDC, which are held entirely in cash and short-term bonds. US government term.

"The more options platforms can offer their partners, the better positioned they will be for success," says Suro. "This is certainly not an easy thing to accomplish and this is an area where it will be important for platforms to start considering more and more. How do I distribute revenue to my partners outside of just traditional fiat currencies ?"

To learn more about what partners are looking for in a marketplace relationship, how to make both sides of your platform appealing to creators, and more, follow this informative session from Illuminate's event. Tipalti.