2025 Nuvei Partner Advisory Council

Partner Advisory Council

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October 2025

Today’s Agenda

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Time

Session

9:00–9:10 AM

Welcome

9:10–10:00 AM

Emerging Disruptors: What Partners Need to Know (Glenbrook Partners)

10:00–10:50 AM

Partner Playbook: Tech You Can Sell Today (Nuvei)

10:50–11:10 AM

Break

11:10–12:00 PM

Beyond the Transaction: Best Practices and Next Steps for Embedded Payments (Nuvei + Glenbrook Partners)

12:00–1:00 PM

Lunch & Networking

1:00–1:50 PM

Navigating the Competitive Landscape: Lessons from Stripe (Glenbrook Partners)

1:50–2:40 PM

Partner Success: Aligning for Impact (Nuvei)

2:40–3:00 PM

Wrap-up

3:00–5:00 PM

Happy Hour

Emerging Disruptors: What Partners Need to Know

Drew Edmond Associate Partner, Glenbrook Partners, LLC

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About Glenbrook  Payments Strategy Consulting

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Clients are merchants, networks, PSPs, banks, fintechs, investors, etc.

 Consulting Projects

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Payments Strategy Payments Research Payments Optimization

 Payments Education

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© 2025 Glenbrook Partners, LLC

Private Workshops for Execs, Product, Revenue and Account Management Teams Payments Boot CampTM Workshops Merchant Payments RoundtableTM Glenbrook Press 4

Payments Industry Trends 1 2 3 4 5

© 2025 Glenbrook Partners, LLC

Macro Trends and Gen Z Payments Behavior Card Network Update The Birth of Agentic Commerce Risk Management: Passkeys and VAMP Stablecoins for Merchants

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Macro Trends and Gen Z

2024 US Payments Systems Volumes US 2024 Payments Systems “Count” as % of Total Fast 2%

Cash 14%

Checks 3%

Debit Cards 46%

ACH 12% Credit Cards 23%

US 2024 Payments Systems ”Amount” as % of Total Fast Cash Debit Credit 1% 1% Cards 5% Cards 5% Checks 21%

ACH 67%

Excludes Wires. Total count is 288 billion. Total amount is $127 trillion without Wires; $1,723 trillion with Wires.

Debit includes general purpose, open-loop prepaid, and private label prepaid. Credit includes general purpose credit, private label credit, and oil cards. ACH and checks do not include on-us transfers. Fast includes RTP, FedNow, and Zelle. Cash numbers are consumer expenditures only.

Source: U.S. Federal Reserve; The Nilson Report; Nacha; The Clearing House; Early Warning Service; Glenbrook analysis, 2025

© 2025 Glenbrook Partners, LLC

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US Consumer Payments Trends Big story over 15+ years is still the growth of debit U.S. Market Transaction “Count” 2008-2024 100% 14%

90% 80%

33%

7% 2%

70% 60% 50%

6% 15%

52%

Cash ACH Checks

40% 30%

Debit

28%

20% 10%

18%

26%

Credit

0%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: The Nilson Report, Glenbrook Analysis, Mar 2025 © 2025 Glenbrook Partners, LLC

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Consumer Preference Trends Consumers are starting to optimize their finances…  37% of US consumers select their payment method based on reward or financial gain – 63% don’t  38% of consumers have used BNPL; usage patterns reflect a shift from big-ticket to everyday spend

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17% of US consumers have used BNPL for groceries 15% of US consumers have used BNPL for food delivery

 40% of consumers said they were interested in an instrument that could toggle between debit, credit, and BNPL

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60% in the 25-44 age demographic

 69% have used P2P for social spending and bill splitting Source: Marqeta 2025 State of Payments Report, N=3,000 US & UK adults © 2025 Glenbrook Partners, LLC

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Gen Z Payments Behavior Could reflect the tip of the spear…  Credit cards – 81% of Gen-Z adults use regularly (up from 73% a year earlier); 47% pay off; 53% revolve; 28% pay less than half  BNPL – Gen-Z usage in Q1 2025 is 46% compared to 26% for the prior year  P2P Wallets – 93% of Gen Z consumers use Venmo, Zelle, or Cash App; 40% use them 5 or more times per month  Digital wallets – 81% of Gen-Z consumers use Apple Pay, Google Pay, or PayPal; 41% use these services 5 or more times per month  Wages – 62% of Gen-Z workers receive their pay in their bank accounts, 20% in their PayPal balances, 8% in their Venmo balances, and 34% expressed interest in “cryptocurrency”  Cash – For Gen-Z, cash usage is now just 7% Source: 2025 Gen-Z and Digital Payments Study (BillTrust); N-1000 US Adults age 18-27 © 2025 Glenbrook Partners, LLC

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Card Network Update

Cap One to Discover Portfolio Migration  New Capital One debit cards will be issued on Discover Network  Existing debit cards will migrate to Discover Network

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Impacts any Capital One customers with 360 Checking Account Same DDA, Same PIN, New PAN, New CVN2, and New Expiry Date 8.4 million new cards will be reissued; targeting EOY 2025 completion

 New Capital One credit cards will issue on Discover Network in Q4 2025  Some existing credit cards will migrate to Discover in 2026-2027  Mastercard will handle changes through Mastercard card updater (batch)  No solution to token transition right now, existing CapOne Mastercard tokens will likely need to be reissued  New Discover cards will continue to refresh through Discover card updater

© 2025 Glenbrook Partners, LLC

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Visa CEDP: Meet the New Level II/III  Visa’s new compliance program targeting Level II and Level III data integrity  Visa will now validate enhanced commercial card data –submission of junk data no longer allowed!  Merchants must enroll in the program and have their data verified by Visa before enrollment  Merchant fees of 5bps per transaction apply  Key program milestones throughout 2025 with legacy Level II and III programs being sunset by April 2026

© 2025 Glenbrook Partners, LLC

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Visa CEDP: Practical Advice  Merchants should first verify their eligibility by receiving a verification report from Visa via their acquirer  After data remediation efforts are completed, final verification and program enrollment activities can be performed  Ongoing compliance must be monitored – merchants will lose interchange benefits if they are not © 2025 Glenbrook Partners, LLC

Key Program Milestones  April 2025: Program go-live.

Merchants should start receiving data integrity notifications.  October 17, 2025: New interchange rates take effect; merchants must be verified by this date to qualify for the Product 3 rates  April 17, 2026: Visa will phase out its legacy Level II interchange program for Commercial and Small Business cards, except for the Fleet fuel-only Level II program

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Tokenization Update Tokenization growth continues at a strong rate

“Tokenization is growing at tremendous speed.”

© 2025 Glenbrook Partners, LLC

“Impact on fraud levels and approval rates is significant.”

 13.7 billion tokens issued since program launch in 2014

 35% of all transactions are now tokenized

 Now issuing 1 billion tokens per quarter

 In Europe, 50% of e-commerce transactions are tokenized

 1 billion+ tokens now issued in Latin America

 Now claiming 3% to 6% authorization rate uplift

 50% of online transactions are now tokenized

 Standing by their 2030 plan to eliminate manual entry of PANs 15

Tokenization: Foundational and Critical to Many Use Cases Card networks view tokenization as critical ”plumbing” to drive new technologies and strategic efforts Agentic Commerce Blockchain Online Checkout Authentication © 2025 Glenbrook Partners, LLC

• Visa Intelligent Commerce • Mastercard Agent Pay

• Visa Tokenized Asset Platform (VTAP) • Mastercard Multi-Token Network (MTN)

• Google Pay and Apple Pay • Click to Pay

• Mastercard Token Authentication Service (Passkeys)

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The Birth of Agentic Commerce

© 2025 Glenbrook Partners, LLC

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Agentic Commerce

AI agents are getting ready to go shopping on your behalf in tomorrow’s AI-centric world.  Agentic commerce aspires to leverage the power of AI to help people shop, compare, make recommendations, and pay for purchases with minimal involvement  Killer Use Cases: Consumer Convenience - Stand in Line - Track Price/Availability - Repeat Purchases  Consortiums are developing to establish standards for buyers/agents and sellers  Agentic models are being tested Image Source: Akira AI © 2025 Glenbrook Partners, LLC

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Personal Assistant and Personal Shopper AI tools will learn preferences and act as a curator and payment executor when certain conditions are met Curation

Human Present

Human Not Present

• Active usage today • Multi-criteria shopping (e.g., vacation) • MCP not required, but can create better results • Can enable HP and HNP payments

• Ideal when parameters are more complex • Enable “one-click” purchases across multiple vendors • Voice commerce 2.0?

• Best when parameters are precise • Price hunting and deal execution; concert tickets, dinner reservations, price drops on specific items

Increased Risk © 2025 Glenbrook Partners, LLC

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Potential Agentic Models Purchases can be completed in-session with a user present or autonomously via the agent Retailer-Owned

The retailer owns and manages the agent and processes end-to-end

Affiliate

The AI agent finds products for consumers then sends them to a merchant website to complete the purchase

Facilitation

The AI agent finds a relevant product for the consumer. The consumer never leaves the agent’s shopping service to complete the purchase.

Marketplace or Merchant of Record Model

The AI search platform operates as the end-to-end marketplace, facilitating payments, chargebacks and (potentially) customer service issues/returns

© 2025 Glenbrook Partners, LLC

Sources: Glenbrook Analysis, Forrester, Commerce Ventures

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Google Agent Payments Protocol (AP2) Diverse set of stakeholders contributed to an open protocol and industry standard to enable agentic payments across payment methods  The protocol helps to address some of the major challenges in Agentic Commerce using cryptographically signed Mandates  Key Challenges

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Authorization: Proof that the agent is authorized to make a purchase

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Authenticity: Match merchant’s expectations to user intent

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Accountability: Determine accountability in the case of fraud or mistakes

Intent Mandate

Cart Mandate

A digitally signed instruction from user describing what the agent is permitted to do

Formal approval to lock in prices and items for a transaction

© 2025 Glenbrook Partners, LLC

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Agentic Commerce Glenbrook’s Take  Consumer usage of agentic payments is essentially zero right now, as the payments experience is extremely clunky  Expect a mix of payment methods to be used, as consumers will continue to desire choice of payment type, though some may emerge as more prevalent in certain use cases  The industry is coalescing into groups/consortia that are attempting to develop protocols, schemas, standards, layers, technology. Consider joining a group if you want to influence the design or evolution  The “retailer-owned” agentic model likely to be first to expand, as it is easier to control the payments experience and is essentially just an evolution of personalization/recommendation engines that exist today  For merchants, adjusting back-office operations now is premature, other than ensuring bot activity can be monitored to ensure risk vectors are controlled appropriately

© 2025 Glenbrook Partners, LLC

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Opportunity for Growth in Embedded Finance

ISVs With Embedded Payments Will Generate the Most Acquiring Revenue This demonstrates SME acquiring matriculation from traditional acquiring to ISVs

 ISV’s with integrated payments, as a whole, will generate the most revenue from SME merchant acquiring in 2028  >50% of ISVs in North America offer embedded payments within their SaaS platforms  SME adoption of vertical SaaS solutions grew from 50% to 59% from ‘22-’24 © 2025 Glenbrook Partners, LLC

Source: BCG

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Payments is a Proven Embedded Product Additional financial services have seen much more limited attach rate

 Capital, Accounts, and Issuing have massive opportunities from growth for ISVs, but this will require taking share from Financial Institutions serving SMEs © 2025 Glenbrook Partners, LLC

Source: BCG

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SMEs Still Use Banks for Financial Services  8 in 10 firms use a bank as their primary financial services provider  Firms look to different funding sources depending on credit risk © 2025 Glenbrook Partners, LLC

Source: 2025 Fed Small Business Credit Survey

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Loan Applications to Large Banks Dipped in 2024 37% of surveyed firms applied for loans, lines of credit, or merchant cash advances

© 2025 Glenbrook Partners, LLC

Source: 2025 Fed Small Business Credit Survey

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Passkeys and VAMP

What Are Passkeys?

Passkey Benefits  Eliminates passwords  Simplifies user experience  Faster sign-in to wallets, websites and apps  Greater authentication success rate  Lower exposure to phishing attacks  Less vulnerability to data breaches © 2025 Glenbrook Partners, LLC

How Passkeys Work Creation: a pair of cryptographic keys; one public,

one private is generated; the public key is stored with the service (like Visa or Mastercard), while the private key is bound, securely, to the user's device

Authentication: the service sends a challenge that the device signs using the private key, confirming the user's identity without transmitting sensitive information

Secure Access: accessing the private key on the device is protected by device-level security (biometrics, PIN, or pattern)

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Network Passkeys Glenbrook’s Take  In markets where SCA / 3DS is mandated, passkeys provide a lower-friction alternative and enhance other authentication methods  In markets where 3DS is optional, consumer preference for and familiarity with biometrics over passwords and OTPs may encourage greater deployment of digital authentication, especially if liability shift is available  Click-to-Pay provides an applicable use case, but passkeys are not a prerequisite…  … merchants can choose to leverage network passkeys elsewhere (albeit potentially limited to tokenized credential use cases)  The ability to streamline consumer onboarding (and the role that issuing banks can play) will have a material impact on the pace of adoption  It’s possible for merchant to have a passkey strategy without having a network passkey strategy!

© 2025 Glenbrook Partners, LLC

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Visa VAMP Update  VAMP Advisory period started on April 1, 2025  Enforcement period started on October 1, 2025 (Confirmed by Visa – no postponements)  Initial Merchant VAMP Ratio Fine Threshold: 2.2%  Merchant VAMP Ratio Fine Threshold reduces to 1.5% on April 1, 2026  Penalties of $8 per transaction, plus additional potential fines and fees for noncompliance  Acquirers have their own portfolio-level threshold, which is significantly lower than merchant thresholds

© 2025 Glenbrook Partners, LLC

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Merchants Voice VAMP Challenges As the enforcement period commences, many merchants continue to express frustration with elements related to the program

© 2025 Glenbrook Partners, LLC

Access to Data

• Merchants are reporting challenges in obtaining key TC-15 and TC-40 data files from acquirers

Data Unknowns and Disparities

• Unanswered VAMP “status inquiries” • Acquirer reporting often does not match TC15 or TC-40 data

Acquirer Enforcement

• Unknowns about how acquirers will enforce the program, particularly given their portfolio-level thresholds

Cross-MID Visibility

• Will Visa’s acquirers correctly calculate ratios across multiple MIDs? 32

Stablecoins for Merchants

Digital Currency Evolution Physical cash is trending digital Cryptocurrency

Stablecoins

CBDCs

Value fluctuates in market

Value does not fluctuate

Value does not fluctuate

Stablecoins are pegged to and backed by assets or currency

CBDCs are fiat currency issued by the central bank

Optimized for payments

Optimized for payments

Privately owned

Government owned

Examples – Tether, USD Coin (USDC), etc.

Examples – e-RMB, Sand Dollar

Supply and demand determines exchange rate to fiat currency Optimized for investing Community owned Examples - Bitcoin, Ethereum, Solana, etc. © 2025 Glenbrook Partners, LLC

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What Are Stablecoins Being Used For Primary use cases are for crypto trading, emerging market wealth protection, and cross-border money movement Safe Haven Currency

Crypto Trading

Money Transfers

Consumers and businesses in emerging markets can protect their wealth by converting their currency into stablecoins pegged to a stable currency like USD

Used as a settlement currency for traders moving funds from one cryptocurrency to another

Stablecoins enable nearinstant, 24/7 international transfers with lower fees than remittance services

Payroll

B2B Payments

Treasury

Payouts to remote workers in emerging markets

Reduce costs related to cross-border payments to suppliers

Hold and transfer funds around the world 24/7/365

© 2025 Glenbrook Partners, LLC

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Stablecoins Glenbrook’s Take  Consumer-to-business payments may be the slowest use case to take hold, especially for buyers in developed countries  More likely to see enterprise businesses incorporate stablecoins for B2B supplier payments and payout/disbursements before pay-ins  Regulatory fragmentation, dollarization, and financial sovereignty concerns in other countries may slow growth

© 2025 Glenbrook Partners, LLC

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Keep Up With Payments Curated News Feed paymentsnews.com

Payments Industry Commentary paymentsviews.com

Payments Interview Podcast Series paymentsonfire.com

Stay Connected with Glenbrook glenbrook.com/stayconnected

© 2025 Glenbrook Partners, LLC

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On-Demand Payments Education

Includes monthly interactive Q&A sessions with Glenbrook professionals Available a la carte for individuals and with large group discounts for your company More info: http://www.glenbrook.com/education © 2025 Glenbrook Partners, LLC

Payments Boot Camp is a registered trademark of Glenbrook Partners LLC

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STRATEGY CONSULTING

CUSTOM RESEARCH

PAYMENTS EDUCATION

Drew Edmond drew@glenbrook.com © 2025 Glenbrook Partners, LLC

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Partner Playbook: Tech You Can Sell Today Nuvei Commerce Suite Rebecca Mergner VP, B2B Product

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Comprehensive B2B Suite Empowering partners to automate, monetize, and scale payments

Commerce Suite Unified payments and finance platform for ERPs and ISVs Seamless bidirectional ERP integration Automates AR, AP, and financing in one environment

AR Automation

AP Automation

AR Financing

Accelerate receivables and reduce DSO

Optimize vendor payments and cash flow

Convert invoices into working capital

Enable self-service invoicing and payments Simplify collections and reconciliation

Eliminate pre-funding and manual invoice handling Automate approvals, scheduling, and reconciliation

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Access on-demand liquidity and stabilize cash flow Integrated within the Commerce Suite for simplicity

Nuvei Commerce Suite Transforming how finance teams work — from payments to cash flow optimization

Simplify your Tech Stack

Maximize cash conversion

Do more with less

Enhance visibility & control

Unified payments + finance platform

Accelerate receivables & optimize payables

Automate workflows end-to-end

Real-time ERP sync for accurate GL postings

Works standalone or with any ERP

Unlock working capital with AR/AP automation

Minimize manual effort and errors

Built-in compliance and fee recovery tools

Reduces system complexity and data silos

Enable AR financing to improve liquidity

Drive efficiency across finance ops

Gain transparency across all transactions

Nuvei Commerce Suite empowers ISVs and enterprise platforms to deliver smarter, more connected financial operations.

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Nuvei AR Automation Get paid faster, lower costs, and improve customer experience

Get paid sooner

Control costs

Enhance Customer Experience

Digitized invoicing and multiple payment options eliminate delays

Automation minimizes manual work and reduces invoice processing expenses

Self-service dashboard centralizes invoices, payments, and receipts

Anonymous payment links and customer portal simplify payments

Optimize payment terms and discounts through ERP integration

Multiple payment options with scheduling and recurring capabilities

Automated reminders speed up collections

Integrated surcharging enables compliant fee recovery and cost control

Securely stored payment methods streamline future transactions

AR financing unlocks cash flow early

Boosts efficiency Automate reconciliation and eliminate manual data entry Payments and adjustments post automatically to ERP Operate within existing ERP workflows — no disruption or retraining

Nuvei AR Automation: Streamline receivables, reduce DSO, and improve liquidity through automation.

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Nuvei AP Automation Optimize vendor payments and cash flow

Let your money work for you

Turn faster payment cycles

Improve vendor experience

Direct ACH payments on processing day keep cash available longer

Pre-validated vendor information ensures payment accuracy

Vendors access invoices, payouts, and updates via selfservice portal

Extend payables strategically while maintaining vendor relationships

Automate payments and scheduling directly within ERP

Sync invoices from ERP to streamline approvals and payments

Early payment automation helps capture discounts and optimize cash flow

Real-time payment status tracking enhances communication Automated reconciliation reduces disputes and errors

Boost efficiency Automation reduces manual intervention across payments Integrated workflows minimize delays and exceptions Improved accuracy lowers processing costs and cycle time

Nuvei AP Automation: Simplify vendor payments, improve accuracy, and optimize working capital.

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Nuvei AR Financing Bridge Cash Flow Gaps With On-Demand Capital

Convert invoices into Working Capital

Eliminate cash flow uncertainty

Increase financial agility

Streamline AR operations

Access funds faster to improve liquidity

Flexible financing ensures reliable access to cash

Real-time forecasting and cash flow visibility

Turn receivables into immediate, predictable capital

Stabilize operations and reduce dependency on traditional credit cycles

Improve decision-making with instant access to funding metrics

Financing, payments, and reconciliation unified in one platform Seamless ERP connectivity simplifies end-to-end cash management

Nuvei AR Financing: Unlock liquidity, stabilize cash flow, and simplify financial operations.

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Nuvei Commerce Suite Flexible Integration for Every ERP and Business Model ISVs have option to go direct to gateway

Ada pt a ble by Design • Works seamlessly with cloud, on-premises, and hybrid ERP environments • Built to support diverse business models and partner ecosystems • Provides consistent performance and reliability across deployment types

Legacy ERP’s that do not have capability to go through PM are direct to gateway Individual gateway V1 for Commerce Suite

Commerce Suite

In t egra t ion Ma de Sim ple • Pre-built APIs, SDKs, and plug-and-play connectors accelerate time-to-value

ERPs are direct to PM for gateway access or direct to gateway based on ERP

AR Automation AP Automation AR Financing V2 for Commerce Suite

• ERPs and ISVs can embed payments directly within existing workflows • Reduces integration effort and ongoing maintenance costs

Payment Middleway is gateway access

Nuvei enables ERPs and ISVs to integrate payments effortlessly — delivering adaptability, speed, and scale.

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ISV direct to PM for gateway access

Seamless ERP Integration Connect payments directly into leading ERP platforms for faster reconciliation and smoother financial workflows.

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Nuvei Partner Value Proposition Driving Growth for Partners Through Commerce Suite For ISVs • Embed payments and finance natively – provide end-to-end automation

• Expand offerings with end-to-end B2B payment automation (invoicing, collections, vendor payments)

• Increase merchant retention and engagement through AR/AP and cash flow solutions

• Reduce operational friction – automate workflows, lower DSO, and streamline cash flow management

• Monetize transactions and financing to unlock new revenue streams

• Increase merchant loyalty by recommending a scalable finance platform

• Seamless integration with pre-built connectors for faster go-to-market

• Gain a competitive edge with integrated financing and ERP automation

Nuvei enables partners to embed financial automation directly into their platforms and deliver modern finance solutions to merchants at scale.

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Partner Playbook: Tech You Can Sell Today Nuvei Bill Pay Carin Obad VP, Integrated Partner Product Strategy and Customer Success

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NUVEI BILL PAY

Why Nuvei Bill Pay Nuvei Bill Pay is a billing and payment portal that helps you simplify operations, reduce friction, and deliver a seamless payment experience to consumers.

When you are selling into field services, education, healthcare, or property management, Nuvei Bill Pay turns everyday billing into a competitive advantage.

Frictionless Payments – Bankcards, ACH bank transfers, Autopay, mobilefirst design Multilingual & Scalable – English, Spanish, and easily extendable Smart Account Tools – Manage account, bill viewing, and payment history Text to Pay – Send bills via SMS, citizens pay in seconds Automated Alerts & Notifications – Payment reminders, status updates, and past-due notices Personalized Messaging – Tailored communications based on user preferences Partial Payments – Flexible payment options for complex scenarios eBilling– Paperless invoicing and payment workflows IVR - Pay by Phone

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NUVEI BILL PAY

Key Vert ica ls

Practice Management

Field Services

Deathcare

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Property Management

Parking

Food delivery

Elective Healthcare & Med Spas

NUVEI BILL PAY

Flexible Payment Experiences From online portals to walk-up windows to assisted phone payments, Nuvei Bill Pay gives users the freedom to pay their way.

Remotely Online payments | e-bill presentment | Email invoicing

In-person Walk-in payments | Self-serve stations | Lock-box services

Assisted Live phone payments | Interactive - IVR | Automatic bill-pay

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NUVEI BILL PAY

Optimizing Your Implementation Our client management team’s proven methodology provides a structured process flow that’s consistent, reliable, and focused on empowering your success.

Standard Citizen Adoption Rates 1200

3-tier Citizen Rollout Plan

+360%

1000 800

Pre-Launch • Bill Pay announcements

+800%

600 400

Deployment • Bill Pay best practices and Q&A factsheets

200 0

Text & Pay Enrollments

Post-Launch • Bill Pay adoption solutions 53

Auto-Pay Enrollments Then

Now

Portal Registered Users

Key Benefits Multilingual dashboard Easy, One-time payments

Communication channel options

24/7 Account access & bill pay

Recurring payments

Billing & statement history

Reliable & secure portal

Billing delivery mngmt

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Multi-property account view

NUVEI BILL PAY

1

Partner benefits

Integrations

7

2

Simplified integrations into Nuvei’s platform

Go Global

Gateway

Expand globally with a future-ready payment system

Flexible White-Label Solutions

6

3

WE Benefits GROW

Incentives

Comprehensive Support Dedicated team of experts for all stakeholders.

Revenue Sharing & Partner Incentives

5

4

Happy Communities

Reliability

Enhance customer satisfaction and citizen engagement 55

Robust Security & Reliability

Beyond the Transaction: Best Practices and Next Steps for Embedded Payments

James Hilliard President, Hilly Productions 56

Ben Weiner

Drew Edmond

Global Head of Partner Channel

Associate Partner, Glenbrook Partners, LLC

Navigating the Competitive Landscape: Lessons From Stripe Drew Edmond Associate Partner, Glenbrook Partners, LLC

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Customer Segmentation and Fit

© 2025 Glenbrook Partners, LLC

Category

Fit

SMB Retailers (Starting Out)

High

Digital Marketplaces and Commerce Platforms

High

Online Vertical SaaS (Starting Out)

High

Enterprise Online Retailers

Medium

SMB Retailers (Scaling Up)

Low

Online Vertical SaaS (Scaling Up)

Low

ERP-integrated B2B

Low / Emerging

Brick-and-mortar / hardware-centric

Low

Higher Risk

Low 58

Enterprise: All-in-One vs. Point Solutions Enterprises want control, not convenience  Perception gap: Large enterprises still associate it with startup and SaaS use cases  Pricing and flexibility: Enterprise merchants feel like they are paying for more than they use  Feature breadth vs depth: Stripe’s integrated stack is a strength for smaller merchants or platforms, but too bundled for enterprises that prefer point solutions or have equivalents  Orchestration is nascent: Enterprises may not want Stripe to retain visibility and control and the product is new

© 2025 Glenbrook Partners, LLC

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Structural Limits in Traditional Channels Stripe’s model doesn’t map neatly to legacy ecosystems  A different white-label: Connect Custom lets platforms fully brand onboarding, payout, and reporting flow, but Stripe is still the PayFac of record. Platform does not own the merchant in the ISO sense  Residual model gap: Rev-share models exists (buy-rate basis), but lacks residual contracts  Hardware / POS depth: Stripe expanded third-party integrations but remains limited compared to multi-hardware acquirers  High-risk / specialty verticals: Stripe excludes many industries that ISO-centric providers serve

© 2025 Glenbrook Partners, LLC

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Control, Customization, and Risk Stripe does not optimize for maximum flexibility  Risk control: Platforms cannot modify underwriting rules, funding delays, or chargeback criteria  3rd-party tooling: Stripe’s ecosystem is mostly closed; limited ability to plug in alternative fraud, lending, or KYC providers within the same flow  Surcharging: No native capabilities to support surcharging, though third-party partners exist to fill gap  Brand ownership: Stripe Connect Custom offers deeper control, but true underwriting autonomy remains centralized under Stripe’s PayFac license

© 2025 Glenbrook Partners, LLC

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Stripe’s Support Model for Platforms Stripe’s Support Model  Self-service orientation through documentation and help portals  Support accessed via dashboard chat or email  No account management without paying for it  Reactive issue handling

© 2025 Glenbrook Partners, LLC

Typical Platform Needs  Dedicated contact familiar with business operations  Proactive support, optimization, and quarterly reviews  Strategic and consultative engagement for onboarding and growth  Direct phone and email access 62

Considerations for Nuvei Partners Stripe Constraints

Market Opportunities

Centralized control Stripe owns KYC, risk, and compliance

Partner autonomy Nuvei lets ISOs/ISVs manage merchants and underwriting

Fixed pricing model Limited margin and residual flexibility

Flexible economics Custom buy-rates, rev share, and residual ownership

Closed ecosystem Limited third-party and tool integration

Open platform Modular architecture and external integrations

API-first, enterprise-light Minimal ERP or B2B depth

Enterprise-grade orchestration Routing, reconciliation, ERP readiness

Narrow POS footprint Few devices, Tap-to-Pay focus

Full omnichannel stack Broad hardware and retail coverage

© 2025 Glenbrook Partners, LLC

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How Stripe Competes vs. Enables Dimension

Enables

Competes With

Go-To-Market

Acts as the regulated PayFac and lets partners embed features in their own products

Sells directly to end merchant and verticals that partners target

Product Layer

Provides APIs and compliance Launches native products (Billing, rails that partners build on Invoicing, Lending) that replicate what partners sell top of

Economics

Premium pricing, with revenue share available

No residuals, no ownership of MIDs

Control / Risk

Handles KYC, fraud, and funds flow

Centralizes control; can’t use alternate risk models or 3P providers

Strategic Dynamic

Enabler of software-led payment distribution

Competitor to legacy acquirers and fintech partners who want to own merchant relationships

© 2025 Glenbrook Partners, LLC

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Stripe Focused on Stablecoin Ecosystem Cross-border capabilities through stablecoin infrastructure  Acquired Bridge to integrate stablecoin-based payment and treasury rails  Enables faster, lower-cost settlement across global markets  Expands Stripe’s reach beyond card networks into programmable money movement  Positions Stripe to compete in the emerging stablecointo-fiat transaction layer © 2025 Glenbrook Partners, LLC

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Tempo: Stripe’s Blockchain for Payments High throughput, low-cost global transactions  Payments First

- Purpose built for stablecoin payments  Optimized for Scale

- High throughput - Quick finality  Predictable, Low Fees

- Compared to unpredictable “gas fees”

 Pay Fees in Stablecoins

- No need for a separate token  Payments Lane

- Don’t get stuck behind other blockchain activity

 Privacy

- Supports use cases like payroll

that can spike

© 2025 Glenbrook Partners, LLC

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Stripe Partner Directory A curated marketplace showing companies that build on, integrated with, or provide services around Stripe’s platform; Not an ISO/reseller directory

• Professional services firms and SIs with a proven record of implementing Stripe

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• Software platforms that embed Stripe (commerce, subscription, invoicing, marketplaces, vertical SaaS

• Prebuilt, ready-todeploy blueprints and integrations (connectors, templates, etc.)

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Stripe Connect for Third Party Payments  Connect is Stripe’s infrastructure for platform payments, enabling ISVs and SaaS providers to onboard, accept, and pay out merchants in supported markets.  Offers Standard, Express, and Custom integration models with built-in KYC / AML / verification flows managed by Stripe for hosted or embedded onboarding.  Handles payment collection, routing, and fee-splitting across supported payment methods once account capabilities are enabled.  Powers scheduled, manual, and instant payouts (where available) while Stripe retains regulatory responsibility for compliance and fund settlement.

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Stripe Connect Account Types •

Standard: The seller signs up directly with Stripe

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Express: Seller account under platform umbrella; Stripe-hosted onboarding UI

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Custom: Seller is a Stripe account, but fully white-labeled by the platform

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Stripe Connect: Deep Dive

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Stripe Terminal: POS Payments  Enables ISVs and SaaS platforms to embed in-person payment acceptance within their software.  Works with Tap to Pay and third-party POS integrations (FreedomPay, Cegid, Oracle Xstore) for omnichannel reach.  Provides single APIs and unified reporting across online and offline transactions.  Lets partners extend Stripe’s stack to retail without managing their own POS hardware or acquirer setup.

© 2025 Glenbrook Partners, LLC

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Seamless shopping across channels

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No need for separate acquirers or recon systems by channel

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Offer in-store capabilities to merchants without building a full POS stack

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Stripe Capital: Business Financing  Allows platforms and ISVs to offer embedded working-capital loans to their merchants.  Stripe handles risk, underwriting, funding, and compliance while the platform surfaces loan offers.  Merchants get fast, automated funding and repayment via sales volume.  Helps partners increase retention and payment volume without becoming lenders.

© 2025 Glenbrook Partners, LLC

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Earn referral fees without holding credit risk

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Deepens merchant relationships and increases stickiness

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Funding drives more transaction activity, compounding payments revenue 71

Issuing and Managing Cards  Lets SaaS and ERP platforms create branded virtual or physical cards for expenses, payouts, or rewards.  Partners control card design and authorization logic; Stripe manages banking, networks, and compliance.  Integrates with Financial Accounts and Connect for programmatic balance funding.  2025 updates allow partnerowned banking relationships, giving ISVs more flexibility.

© 2025 Glenbrook Partners, LLC

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Launch card programs without issuer bank relationships

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Keep capital cycling within the platform

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Enable controlled disbursements or expense management

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Stripe Financial Accounts  Provides embedded account infrastructure so platforms can let users hold, send, and receive funds.  Backed by Stripe’s partner banks, handling custody, KYC, and compliance.  Enables multi-currency balances and global payouts via Stripe APIs.  Empowers ISVs and SaaS platforms to embed “banking” functionality without becoming financial institutions.

© 2025 Glenbrook Partners, LLC

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Turns platforms into financial operating systems for their users.

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Captures float, transfer, and payout economics once money stays inplatform

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Increases merchant dependency and lifetime value through embedded accounts 73

Stripe Snapshot: 2025 Strong volume growth led by Ecommerce and Platforms

© 2025 Glenbrook Partners, LLC

Platforms and marketplaces have been a priority since 2012

Enterprise has been a priority for 2+ years 74

Stripe’s Value Propositions  Financial infrastructure for the internet

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A complete economic stack: banking, lending, payouts, stablecoins

 Develop first and API-driven

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Easy integration, technical documentation “as a product”

 Unified and Modular Platform

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One-stop-shop, but pick-and-choose modules

 Global reach and compliance-as-a-service

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Go global easily

 Embedded Finance and new revenue streams

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Enable partners to monetize

 AI-powered optimization and intelligence

© 2025 Glenbrook Partners, LLC

Smarter conversion and fraud tools 75

Stripe’s Unified, Modular Platform Payments • Online Payments • In-Person Payments • Payments Intelligence

Technical Integrations

© 2025 Glenbrook Partners, LLC

Revenue • Billing and Invoicing • Tax • Reporting and Data

Connect

Money Mgmt

• Onboarding

• Issuing

• Payouts

• Capital

• Monetization

• Financial Accounts

• Platform Management

3rd-Party Partners

• Stablecoins

Professional Services

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Partner Success: Aligning for Impact

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Evan Zach

Bridget Eurich

VP, Partner Success

Head of Partner Success

Partner Success Evolution

March 2024 Aligned partner support across all Nuvei

Oct 2024 Defined roles and responsibilities

Sep 2024

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Combined RM and support org

March 2025

Launched PS model

Model 2.0

2026

Partner Success Teams

PARTNER SUCCESS Manages daily operations and aims to improve overall satisfaction in support of our indirect channel partners in North America and beyond.

Durcell Lundy Director, Partner Support

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PARTNER SUPPORT Manages support requests for a wide variety of issues including system access, equipment and account change requests.

Dawn Martinez Partner Success Operations

Christine Poliquin Head of Partner Success

PARTNER SUCCESS OPERATIONS Drives operational efficiency across the organization, leading initiatives to maximize operational effectiveness and improve efficiency.

Bridget Eurich Head of Partner Success

Partner Success Support Model

We have redefined and segmented partners into Tiers of Services.

Gold Gold Silver

Bronze

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We have redefined the service model to align with the Tiers of Service. Intended to improve service for all tiers.

Key Initiatives

Cross Training • Success and support team members from Nuvei, Paya and Till • System access • Cross training team to support across previous entity lines – removing silos

KPI Development & Reporting • 100% of support requests now run through a centralized ticket management system • All cases tagged by consistent categories to allow tracking by case type which allows us to provide guidance on expected turnaround • Established support and relationship survey processes to capture transactional and overall partnership satisfaction • Detailed reporting enabled for top partners 81

Automation Projects • Driving process efficiency, optimization, AI and automation whenever possible − Daily reports − Weekly reports − Reduce inefficiency

Priority Management • Partnership Improvement Management • Identifying, tracking and executing on ways to improve overall partnership • Success Model cascaded to all Nuvei • Continuously working to ensure proper prioritization of internal service and support for top partners • Aligning geographical regions