The payment system continues to change, legally, but also with new innovative possibilities. What is interesting differs per company. Trends such as digitization, centralization and putting the customer ‘at the center’ should be considered in your vision on payment transactions. The needs of your customers change and require adjustments to your payment instruments, payment processes and payment architecture. It is necessary to develop a vision and to prepare the route to the desired final situation from here. Multiple developments must be included in this vision and the roadmap towards that destination.
Every month a new payment instrument is introduced worldwide and existing instruments disappear or are replaced by new instruments.
Legislation and regulations mean that the pricing of payment instruments will also be adjusted and become more attractive for merchants. The digitization trend means that there are also more payment instruments and services that can be used fully digitally on mobile phones and tablets. This ensures further process efficiency and more ‘paperless’ processes.
How important is freedom of choice of payment instrument and payment moment for your customers? Which instrument best suits your own working capital needs and risk appetite and how do you organize that payment instruments can be offered as well. Practice shows that the current payment instrument ‘mix’ does not always match the desired mix and that reconsideration is desirable.