Today, if you run a mid-sized or even more so a larger SaaS (Software as a Service) or e-commerce company, you should undoubtedly have a dedicated payments specialist. Let’s not kid ourselves; without one, the company is losing money in real terms. But what are the important questions you should ask the Head of Payments in 2023?
Whether they are titled as a Head of Payments, a payments specialist, or something else entirely – that is not the crucial aspect. What truly matters is that you ask them the following questions during the interview.
Or perhaps you have already brought such an expert on board? Excellent! In that case, do not hesitate to pose these questions to ensure you’re steering your company in the right payment direction.
And remember to inquire along similar lines in each subsequent year of collaboration.
As for 2023, here are the questions to ask the Head of Payments I’d recommend asking:
What new payment technologies have emerged in the market recently, and should we consider integrating any of them into our business?
It is essential to stay on the lookout for innovations that might surpass our current solutions. There could be opportunities to streamline processes, automate tasks, cut costs, shorten purchase cycles, or boost revenue. It is also worth keeping an eye on market-disrupting technologies like BNPL (Buy Now, Pay Later), payment orchestration, and digital wallets, as they may hold significant potential for our business.
What are the latest trends in payment security?
Payment security is extremely important. And for the company, and for customers. That’s why it’s worth keeping an eye on the pulse here and looking at the latest cybersecurity trends. Are the safeguards you are using optimal, should you take a closer look at some additional tools, is it worth changing some process or maybe some procedure? Or maybe some new solutions?
Tip #1: Delve into the realms of behavioral analysis, PAM and/or ZTA, cyber insurance, and automatic vulnerability scanning.
Are our payment processing costs optimal?
We are not fans of annual pilgrimages to the payment operator with texts like ‘because the competition gives cheaper’. More often than not, they do not lead to anything constructive and cause unnecessary frustration over time. Which does not change the fact that the costs incurred by the business should be adequate to what you get.
Tip #2: In 2023, it is recommended to explore alternative payment methods, PIS services, digital wallets, and closed-loop payments.
How can a company increase its turnover through payments?
Well-implemented electronic payment systems can significantly increase sales. Not only do they speed up the purchasing process and offer convenience to users, but they also have a noticeable impact on increasing revenue
Tip #3: Pay more attention to recurring payment mechanisms, Apple Pay/Google Pay, deferred payments, and account updaters.
Do we have the right payment methods in the markets we operate in?
Different payment methods are popular and often necessary in different countries. Depending on the market segment, industry or target group, different payment methods work better or worse.
Tip #4: Take a look at how the distribution of popular payment methods looks in the 5–10 countries where I sell, and scrutinize them more closely.
Do the payments we have in place support our sales strategy?
Some sell exclusively online, others also sell in the real world. Some exclusively at their site, others also on external platforms. And the payment strategy should support this sales strategy.
Tip #5:In 2023, it is recommended to examine omnichannel payment solutions.
Is the way we handle payments in compliance with regulations and security standards?
The payments’ industry is a regulated industry, subject to many regulations, with various types of security standards. It’s good to be aware of them and keep up to date with the changes that occur every year.
Tip #6: Consider exploring PCI v4.0, the omnibus regulation, and the Data Act.
Interested in learning more?
If you have any additional questions, contact us.