• Delia Pedersoli, COO at MultiPay Global Solutions


• 11.12.2023 11:30 am
#APM #payments

Selecting and installing a new payment system is a daunting task. Besides the financial investment, there is the disruption and impact on customer experience (CX) to consider. Yet get it right, and a new payment system can liberate retailers, laying the foundations for long-term success and growth. 

To help you make the right decision on your next payment system, here are seven often-overlooked steps you must consider:

Think of the future

Ask yourself, ‘How long will your ‘new’ system be compliant for? Is it going to integrate with accountancy software? How easy will reconciliation be?’ Payments touch every part of the business, and it is easy to overlook how a small system change can massively affect other departments. Have at least one member from each department involved in selecting a new system, not just the CFO, COO, and IT.

Get a partner, not a supplier

While getting the right technology is essential, so is the service and technical support. When something goes wrong, will you get through to a trusted payment partner or is your call outsourced to an unknown services company with no knowledge of your unique payment system? Sometimes, you need more help than being told to ‘turn it off and on again.’ Having a partner who can provide consultancy and knows your solution inside out saves a lot of time when the worst happens. 

Proactive not reactive

An easy trap to fall into is waiting until a fault, compliance issue, or other major challenge happens. During the tender ask for examples of how payment partners have thought on their feet and helped customers avoid problems, such as not having access to enough payment terminals during the recent chip shortage.

Never ignore employees

Don’t ignore the needs of employees. Employee needs are as important to the success of a new payment system as those of customers. Payment systems need to be simple to use and come with plenty of training and tech support. Having a payment system employees can quickly and easily use empowers them in their role. 

Simplify to success

Installing new payment infrastructure offers the chance to reduce the complexity of existing payment systems. Consider how your current setup can be simplified and what tasks and features your new payment system can take over. For example, having a single payment gateway for all payments, regardless of currency, location, or type, reduces complexity while creating one central view of all payment data. 

Security and fraud 

Check a payment system has up-to-date and relevant security certificates. A simple check now can save a lot of pain later.

APMs

Alternative Payment Methods (APMs) like crypto payments, Apple Pay, and Google Pay have become common payment methods. Stay vigilant for what comes next and be ready to embrace new APMs by checking if your new payment system can accommodate emerging payment methods such as Pay By Bank. Pay By Bank is a new APM that eliminates interchange and scheme fees, resulting in significant cost savings for merchants while enhancing CX.