Solution Portfolio - Catalog - Page 53

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Solution Portfolio - Page 53

Payment teams are frequently involved in supporting Finance projects (73%), which aligns with the traditional
placement of payment teams, that is in Finance departments. However, user experience was the most popular
project type (80%). This support aligns closely with ndings from our last study that highlighted the value of
payment experience as a key factor in conversion. Merchants continue to recognise the importance of
user experience in payment processes and are increasingly collaborating with marketing departments
during Payment strategy development.
Size matters
Business size plays an important role in the development of Payment strategies. Of merchants who have a
designated payment team, 69% are large rms (USD 50M or greater revenue). As online businesses grow, there
is typically greater complexity within their payment acceptance strategy, which necessitates additional dedicated
resources to effectively manage the requirements. Furthermore, 67% of large merchants state that their payment
team participates in cross-departmental committees. Through this internal collaboration, payment managers can
leverage additional expertise to effectively manage the increased complexity of their Payment strategy.
5%
Yes
26%
43%
$1B
Figure 11: By rm size, yes, our company has a designated
payment team
$1B
Figure 12: By rm size, yes, our Payment function participates
in cross-departmental committees
In contrast, survey ndings show that only 14% of small merchants (revenue less than USD 5M) have a designated Payment team. In addition, ndings indicate that only 17.5% of small merchants state that their Payment
team participates in cross-departmental committees. Small merchants, in many cases, are operating simplied
payment strategies, with fewer payment partner relationships and smaller payment volumes. Payment
managers in these businesses feel comfortable managing their payment strategy independently.
Clearly, these ndings highlight that the payment team is transitioning into a more distinct function within
merchants. However, this transition comes alongside increased complexity in payment strategies. To respond
to this, payment managers are leveraging collaboration with other departments to manage this evolution.
Evidently, there is value in operating a dedicated Payment function, with strong interconnectivity within the
overall business, as the size of the business grows.
The Impact of the Payment Function Today
The Quantitative Insight Into the 7 Habits of Successful “New” Payments Leaders
9

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