Selection and optimization of payment solutions
Losing a sale due to lack of payment optimization is costly, and paying too much for payment methods is a waste. Today’s payments market is very price competitive which means there should be a big opportunity for you. But there is more to it, a few questions for you to consider:
Am I fully leveraging my existing payment solution and does it help me to improve my KPI’s?
Am I missing out on features that could improve my conversion?
Are my rates still competitive?
Is my current PSP still the right fit for our growth plans?
Is my contractual set-up to my benefit still?
Is there an opportunity to consider a different PSP/gateway service model with improved performance levels?
Can I benefit from advanced features to improve my approval/authorization rates and/or to mitigate my online fraud ratio?
The payments market is dynamic and knowledge quickly becomes obsolete. You want to make sure that you have access to up-to-date knowledge. That is why it is often better to obtain payments knowledge externally. Up-to-date, flexible and independent. Available for you just when you need it, always. You should never again have a feeling that you could have gotten a better deal for your payment requirements and that you are missing out on value.
With EcomStream, you are always up-to-date and have access to most recent market knowledge.
EcomStream often works with its clients for the longer term in making sure they get value for money from their payment solution. Think about it, you do not need this payments knowledge every day, but you would like to be able to call on it at any time.
Your payment set-up should have your primary attention. Consider to bring in an independent specialist to help you out.
Option A: Benchmarks (no cure-no pay)
Let EcomStream benchmark your payment solution against the current market rates and analyze it from a cost- and feature optimization perspective. Are you getting value for money from your existing provider indeed? We’ll find out soon.
The benchmark analyses by EcomStream are based on a database of actual, up-to-date, market rates and features/capabilities of all leading (and many niche) payment service providers and payment methods. Whether your sales channel is online, omnichannel or a marketplace. Have a look here to see how this service “option A” works.
Option B: RFP (tender) management
Let EcomStream manage your PSP RFP project. When you feel your PSP is possibly falling behind or may no longer be a strategic fit in line with your company’s business drivers, possibly due to international expansion or omnichannel ambitions. Or would you just want to re-assure the fit with the existing provider?
It is sometimes a corporate policy to initiate an RFP on a yearly basis, and keep all the company stakeholders aligned/onboard with the payment solution that is in place.
The company KPI’s that result in business- and financial requirements are always the starting point. This is often a variety of factors. For instance performance improvement, cost savings, fraud mitigation, international expansion and additional features/abilities to generate more sales. This is how it works when EcomStream manages your PSP RFP, “service option B”.