Large international merchants will be the first ones to tell you that the more your business grows, the more intimate your relationship with payments becomes.
Nowadays, to initially get things up and running, you as a merchant would probably connect to a payment service provider that has just enough payment methods and acquirers to cover your needs. Maybe this PSP would even provide you with risk management tools along with some analytics or payment optimization capabilities.
This seems great, until something goes terribly wrong.
What if your payment provider stops supporting the exact payment method that is popular with your customers? What if, during the peak hours your payment provider suffers a system outage resulting in serious revenue loss for your business? Can you actually control your payments? Will your PSP cover the regions where you plan to expand?
Alone, these questions can cause quite a headache and hold on, we haven’t even considered all the requirements for regulations and compliance. Hoping to solve these issues once and for all, you connect to one or several back-up PSPs.
You link to the provider that promised you a future-proof expansion strategy. As you grow, you’ll need to integrate a more powerful risk protection solution among other great tools.
Of course, you’re thinking of your customers too, connecting to the hottest new payment method: the one that your payment providers have yet to implement. This solution gives you the feeling that, finally, you are in charge of your payments.
Sorry, it’s not that simple and the mess begins before you even notice.
You employ a growing team of technical experts who support your complex payment structure. Engineering efforts, time and money begin to pile on. Before you know it, you’ve been dragged away from your core business in your attempts to unravel the knot of payment complexity that you’ve created.
When did payments become this complex?