Emerging from the pandemic, companies need to put payments at the center of their strategic roadmaps, according to Nuvei Chief Revenue Officer Laura Miller.
For Miller, the “one thing” that’s top of mind for her firm’s enterprise clients is understanding the best practices within their own chosen verticals, she told PYMNTS in an interview for the latest installment of the “One Thing” series.
Most merchants want to know what their peers are doing that’s different, that may be making an impact in terms of competitive positioning, she said. And that includes payments, as companies seek to optimize their operations, boost conversion rates and reduce fraud.
“Payments are changing at an incredibly fast pace, and the experience for the end customer has become paramount,” Miller said.
Beyond the confines of a particular vertical, companies can take a cue from other industries that have managed to go digital to offer a range of targeted payment options that are optimal to the markets and geographies they serve, she said.
In her own conversations with clients, Miller said she emphasizes that it’s critical to understand an enterprise’s vision and strategy, and how payments can be a core component in making that vision a reality. Payments, when optimized, can be a revenue source for forward-thinking businesses, no longer solely a part of a transaction.
In short: Payments need a seat at the table, said Miller.
“For the merchants that are lagging, they’re leaving an incredible asset on the table that is right at their feet every day,” she told PYMNTS.
She offered up an example in which a firm eyeing global expansion will need to explore alternative payment methods (APMs) to maximize conversions — and in turn can boost their revenues by as much as 30%. Optimizing payments is no easy task when, as she noted, some companies may juggle dozens of payment providers in a given market.
In discussing the emerging consideration of payments as part of an overall corporate strategy, she said, there’s a broad range of executives within a firm that are entering the conversation — and they’re not necessarily finance or treasury executives, although payments experts are always key. Many of these individuals hail from the tech or customer service teams and can offer insight as payments roadmaps take shape.
As companies enter new markets and as they fine-tune their payments strategies, fraud is always top of mind. Miller emphasized the importance of having professionals on board who can help grapple with the regulatory complexities and standards that might be specific to a certain geography or country.
Asked by PYMNTS about short-term and long-term trends within payments, Miller noted that payments orchestration remains a key area of consideration for merchants of all sizes and across verticals. Getting there requires scale and flexibility when it comes to payments stacks. The need to have several providers in a region can lead to technical complexity; partnering with a firm such as Nuvei can streamline that complexity by offering a single point of integration, routing payments according to the best results in revenue and cost.
The long-term trend?
“Digital, digital, digital,” said Miller.
There’s going to be more emphasis on digital identities, digital currencies and open banking. Payments orchestration will help speed up and improve cross-border connectivity and fund flows, she said.
No matter what comes next, she said, “payments will continue to be an ever-changing industry at the forefront of technology … and you’ll need to have the reporting and visibility to help optimize those payments, and the assets they are, each and every single day.”
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