Solution Portfolio - Page 65



DATA, IT’S A NECESSITY
Successful management of payments must be supported by a structured set of goals and objectives, ensuring
performance is measured and maintained on a constant basis. These measures, or key performance indicators
(KPIs), have evolved alongside the transition seen in the Payment function. Traditionally, cost based KPIs were
the primary measure used to track payments performance. However, a cost centred approach alone is unable
to capture the wider impacts made by the Payment function today. Payment managers now use a mix of KPIs
that cover a broad range of performance measures, allowing them to drive improvement across their Payment
strategy. This is increasingly important as merchants are able to capture valuable consumer behaviour
insights based on payment interactions.
Our last study identied that successful Payment managers are setting clear objectives by which to measure
their performance. Today’s survey ndings show that 75% of merchants specically dene objectives for their
payment team, clearly demonstrating recognition of the importance of implementing KPIs and challenging
their Payment function to excel.
Furthermore, our ndings clearly show the positive impact of payment teams pursuing their own objectives.
Of merchants with specic payment objectives dened,
68% state that they had also experienced a reduction in
check-out abandonment rates as a result of payment user
experience improvements.
In contrast, of merchants that do not specically dene payment objectives, only 27% had experienced such
a reduction in check-out abandonment rates. Payment teams operating with a dened purpose and direction
will drive greater benets.
The evolution of the Payment function has made successful performance tracking increasingly benecial,
however, with this comes additional complexity. The various cross-departmental projects identied above (e.g.
market entry, customer acquisition, customer retention, nance and user experience) are examples of how
widely spread Payment function interactions have become. Evidently, as the role has expanded across the
organisation, Payment managers are faced with a much broader selection of potential performance measures.
The Impact of the Payment Function Today
The Quantitative Insight Into the 7 Habits of Successful “New” Payments Leaders
21

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