Solution Portfolio - Page 71



While still in transition, the Payment function has evolved from a necessary cost centre to a centralised role,
recognised as a revenue and prot driver within the business. Merchants are clearly acknowledging the
potential competitive advantage and performance enhancements that payments can offer and are
responding to this by building dedicated payment teams with wide-reaching remits and direct links into the
most senior levels of the business.
Partnering with the right payment solution provider is critical to achieve the full potential that a localised and
optimised payments offering can deliver. “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.
With consumer preferences changing on a day-to-day basis, it is crucial that merchants ensure that they
provide positive payment experiences, untarnished by complicated processes or declined transactions. There
is a constant need to innovate and test their offering to ensure their purchase experience remains best in
class. This can be supported by active performance monitoring, moving beyond the cost focused
measurements of the past. A/B testing, KPI monitoring and data analysis are all vital, as well as working with
the correct partner to support these activities. Such a partner will provide the correct monitoring tools,
real-time benchmarks and automation of processes 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 are now well and truly a key element in deciding whether your business thrives or dies.
The Impact of the Payment Function Today
The Quantitative Insight Into the 7 Habits of Successful “New” Payments Leaders
27

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