Solution Portfolio - Page 113

The Payment Function within online businesses is transitioning from being an
“un-sexy’ cost centre without a clearly dened home in the operational structure to
having a more central role as a prot-driving element within the business and
demarcated as a department within its own right. Online merchants have clearly
identied the competitive advantage that payments can offer and are responding
by providing the Payments Team with a larger remit and a higher level of interconnectivity to other departments necessary to full its role.
Critical to achieving the full potential that a localised and optimised payments
offering can deliver is the requirement to partner with the right payments solution
provider. “New” online merchants are increasingly changing their payment service
provision models to meet modern day requirements. Whether they adopt a third
party gateway service with connections to multiple acquirers or adopt a proprietary solution, local market knowledge is always a ‘must-have’. Partnerships with
organisations that have local knowledge is a must.
Demands from consumers are changing by the day. It is therefore crucial that merchants provide positive consumer experiences that are never tarnished by negative
memories of a declined transaction. The need to innovate and constantly test your
offering to ensure that it is best in class has never been greater. This can be done
by measuring performance – instead of simply monitoring costs like in previous
times. A/B testing and KPI monitoring are crucial, as is the data and correct partner to assist you in these activities. Such a partner must provide the correct monitoring tools, performance benchmarks in real time and automated processes for
reviewing information that can provide valuable insights to your business.
Overall, Payment Teams are becoming central players in the online merchant
space. They drive innovation and growth within businesses by taking a leadership
role and connecting dots that were previously not visible. Payments is now well
and truly a key element in deciding whether your business thrives or dies.
The 7 Habits Of Successful “New” Payments Leaders
Best practices and insights by industry front runner


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