What is a Payments Strategy?
When it comes to accepting payments, improving one aspect could significantly impact other payment processes.
For example, reducing checkout friction could potentially lead to an increase in payment fraud.
That's why it's essential to take a step back and consider the bigger picture by developing a Payments Strategy.
A Payments Strategy is a comprehensive plan that addresses all aspects of payment processing. Typically, a Payments Strategy includes various payment processes.
Here are 10 key components that your payments strategy may include:
Checkout flow and user experience
Geo strategy and specifics of the local markets
Payment methods and supported platforms
Vendor management and payment partnerships
Compliance and payment regulations
Fraud and trust and safety
Payment Intelligence, monitoring, and insights
Operational processes
Accounting and reporting
Other components specific to the business model
In the future posts we will discuss each of the components listed above.