The payments market has been in a funny place during these last few years. Having been on the inside of the industry shift as banks stopped being the payment providers of choice and successful tech companies were formed, the three overriding knowledge points I’ve gained are:
- Each merchant has their own requirements and they should understand those better before making a selection of provider
- Since there’s so much investment in the payment industry, it’s important to understand where your potential partners are in their journey.
- There is no silver bullet – no one single provider who performs the best in every scenario imaginable – and it’s hard to see one forming in the next five years.
If you blindly look towards the top-right of the Forrester diagram you could easily make a less than optimal purchase decision for your business. This is the second Forrester report produced since 2018 and since that last report there’s been a lot of movement which isn’t fully explained. Thus, judging this change with a simple graph oversimplifies the payments landscape and merchant needs. There are a couple of providers that I would say are missing,
Whatever the reason for this, it would be interesting to see how Forrester would have ranked them.
Here are a few key points which are worth calling out.