Matias Fainbrum, the Vice President of Worldline Consulting Services, sheds light on the pivotal role played by consulting services within the payments sector, pinpointing three critical domains where consultants can catalyse tangible enhancements.
Payment management is crucial to the financial health of any business but staying abreast of the fast-changing technology and market trends in this sector can be daunting. This is where payment consulting services step in, a somewhat untapped yet vital field, with only a few industry players offering these unique services.
These services aim to enhance payment efficiency and boost revenue growth. They are typically delivered by a global team of specialists who provide strategic insights on improving processes and the digital buying experience. There’s a growing need for bespoke services in this space that can fuel growth while minimising the costs related to online payment processing.
By stepping away from the conventional ‘plug and play’ approach that is so common in the industry, businesses can secure a competitive edge, ensuring they stay ahead in this increasingly dynamic market.
Consultants can make a significant impact in three major areas:
Firstly, they excel in solution design and enhancing checkout user experiences. They can craft seamless customer journeys that elevate the online checkout experience and incorporate industry-specific best practices. A proficient consulting team keeps clients informed of the latest market trends and encourages them to participate in innovative product pilot programmes for competitive advantage.
Secondly, consulting services play a key role in optimising one of the most vital KPIs in the payments industry – the authorisation rate for online payments. Experts can delve into customer payment data, scrutinise a merchant’s account setup, credit card BINs, rejection codes, among other data points, to boost payment performance. They also benchmark performance against other industry players and utilise data from stakeholders within the online payments value chain to maximise authorisation rates.
Lastly, consulting services significantly contribute to improving multi-currency pricing and FX management. These services enable merchants to price their products and services in approximately 150 different foreign currencies while still receiving settlement and reporting in their home currency. This could also encompass value-added services such as guaranteed FX and customised consulting services.
When clients harness the combined expertise of these three teams, they gain access to advanced industry practices that significantly boost online revenues. A hybrid strategy that blends top-tier software technologies with skilled payment specialists allows consulting services experts to collaborate closely with clients throughout each stage of their strategic journey. This includes helping them penetrate new markets and navigate local practices and regulatory challenges.
Embracing New Technologies & Growth Opportunities
Worldline data suggests that adopting this strategy can improve authorisation rates by up to 10%, depending on the industry and region. This leads to decreased chargebacks, fraud rejections, and errors related to 3D-Secure (3DS).
Adding a customised, value-driven layer to existing customer support can refine business operations- enhancing revenue and profitability. By integrating advanced technologies with market-leading payment processes, businesses can optimise their service proposition and generate a wealth of new growth opportunities.
The payments industry is currently in a significant phase of transformation. An array of new technologies, escalating expectations, integration with other industries, and rapid digital adoption continually shape its landscape. While payments are becoming faster, simpler, and more secure, the sector itself is growing more complex. Consulting service experts can prove invaluable in collaborating closely with businesses across all sectors to navigate this complexity. By harnessing their insight and expertise, organisations can build and scale, revamp technologies, manage risk, forge partnerships, and drive bottom-line growth.