The Payments Strategist | Helping Payments Companies Scale. Sharing Research, Strategy & Tactics.
How To Solve Payment Problems Without Any Hacks or Machine Learning... The number one compliment I get from salespeople and account managers in Payments is that I tell it like it is. So often, starting payments professionals in large Payments companies are looking for guidance, which they can't seem to find in their organizations. So, when they read my content, many reach out, thanking me for what I share, and often follow that up by asking if they can "pick my brain" for a few minutes. In most of those conversations, we discuss the challenges of selling payments to merchants. Especially on a Medium to Enterprise level, the sophistication at the Merchant side has grown so much so that the majority of payment teams are not looking to be sold; they are looking to be helped. Let me explain... Payments is no longer about access and connectivity, as it was in the early 2000s. Payments is everywhere. From simple plugins or 3 lines of code with Stripe to solving the most complex payments challenges with J.P. Morgan. So, when it comes to selling merchants on your Payments solution, it's not about listing a bunch of features; it is about helping them SOLVE their Payment Problems. However, in a world that is obsessed with Artificial Intelligence, and selling solutions to problems that don't really exist, I wanted to share a quick reminder of how easy it is to help merchants solve their payments problems, without any hacks or Machine Learning. Here are the 7 default solutions you should be recommending. Delayed Payments → Verify Payment Details (Account Updater...) High Fees → Compare Payment Providers (or Acquiring Routes) Fraudulent Transactions → Implement 3DS Customer Disputes → Provide Clear Communication (before and after the transaction) Currency Conversion Issues → Use Reliable Forex Services (or Multi-Currency Settlement) Integration Problems → Consult Integration Documentation Low Checkout Conversion → Expand Payment Methods (or Domestic Acquiring) Anything outside of these seven main issues, feel free to send me a DM, that is where I specialize, but in 99% of the cases, one of these would suffice. P.S. Check out my newsletter https://buff.ly/3RXzt7Z
Great insights on solving payment problems without relying on hacks or machine learning!
Your FinTech & Payments Guy | Gaming | Casinos |
3wWhat I think is most payment professionals, in the beginning, focus too much on problems which clouds the easy solution option