If you’re having a hard time winning over skeptical colleagues about the merits of a consolidated payments service, here are eight great reasons to help convince them.
8 benefits of a consolidated payments service
If you have global expansion ambitions now or in the future, you’ll need a payments partner who can make this as simple in practice as it is on paper. Pick a partner with all the necessary licences, card scheme memberships and acquirer connections, so you’re set from the start.
Many merchants settle for separate interfaces either by channel or market, but there’s really no need. Trading across multiples of anything — channels, countries, currencies, payment methods — is complex enough. Pick a partner able to consolidate everything into a single payment gateway for in-store and online sales. It helps cut complexity and the speed- and time-to-market for changes and upgrades.
Lower IT costs
Why replicate the cost of IT and systems development? A consolidated global payments service should be built around managed services. That way, you’re leveraging the experience, expertise and investment of your partner, for example around data security and EMV roll-outs.
If you’re unable to accept payment from customers at any time, it will directly impact your bottom line. Quiz your payments partner on the three ‘Rs’: reliability, resilience and redundancy. A robust, consolidated payment service reduces the risks of localised outages, giving you peace of mind that you can trade and keep trading.
Economies of scale
A single, global payments provider should be able to offer you great rates through economies of scale across your whole portfolio. This is likely to be better than sourcing separate domestic suppliers who base their rates on your domestic volumes.
It’s hard to overestimate the benefits of a single statement, settlement date and reporting suite. A good payments provider should be able to supply this in real-time for a holistic view of your business by country, channel, store — even down to the terminal level. If you contract with separate suppliers, good luck trying to compare apples with pears!
Predictions are difficult, especially about the future. A consolidated payments service gives you predictability in budgeting and forecasting as your business changes. Whether you’re looking to expand across channels or borders or roll out changes across your estate, a consolidated service helps cut costs and risks.
Experience (staff and references)
Experience is everything. Choosing an experienced payments partner with a proven record in servicing multi-channel clients is reassuring. It also helps minimise your implementation risk and deliver projects on budget and on time.
For more information take a look at our factsheet The business case for an omni-channel payments service.
PXP delivers a consolidated payments service to clients ranging from domestic retailers to strong regional players and global multi-channel giants.
To find out more or for a free 30-minute consultation on your payments requirements, please complete the form below or call us on 0844 209 4370.