Marc Docherty is Head of UK Acquiring / Large - Strategic Business, at Worldline. With more than 20 years’ experience working for blue chip organisations within the banking and payments sector, including Bank of Scotland, RBS, Barclaycard, AMEX and Visa, Marc’s expertise lies in business banking, factoring and invoice discounting, and cross border payments. He also has extensive experience in acquiring, having focused on the large corporate sector across the UK and Europe for several years.
Marc is passionate about driving solutions that deliver real value to customers whilst helping organisations reduce complexity and enhance the customer experience by providing a complete end-to-end payment solution.
Payments processing can be a minefield, especially for merchants that are new to dealing with its complex systems and terminologies. Historically, they’d have to get to grips with every aspect of the system, whether that’s the pad itself, gateways, acquiring or processing, and source suppliers for each aspect of the chain.
Many merchants of all sizes, particularly those operating a smaller business, are hard pushed for time and resources as they focus on ensuring their business not only survives, but thrives. So, how can they take the hassle out of managing payments processing, making it run more effectively, efficiently, and securely, while offering a better user experience for their customers? Here, I’ll explain how.
Many business owners are notoriously pushed for time, often taking on a multitude of tasks and duties. Dependant on size, this can include running the marketing department, organising logistics, and ensuring the best customer service is being delivered, all at the same time. Unsurprisingly, with so many different facets of a company to be managing, payments processing is not always at the forefront of merchants’ minds. But the fact is it should be, as optimising payments is an essential component in many aspects of the business journey and it should not be overlooked.
By optimising payments, you have the power to create a profoundly positive effect on the user experience (UX), transaction conversion, and provide merchants with crucial data to improve their operations. What’s more it can also enable merchants to monitor their costs efficiently, if they work with the most competitive acquirer for each payment method used by consumers.
Ignoring payments optimisation risks not only alienating and losing customers but also inefficient management of their costs by missing important savings on acquiring fees.
As technology advances and payments are increasingly made online, fraud cases are unfortunately on the rise too. This can come in many guises, from traditional ‘phishing’ cases, to data breaches, and ever-increasing ‘friendly fraud’. Whatever the method, fraud can have devastating effects on businesses, their reputations, and finances. It was reported that in 2018 alone, criminals successfully stole £1.2 billion through fraud and scams, so it’s more important than ever to keep up to date with the latest information on how to prevent your business or customers falling victim.
Payments are essential to every business, but they are not all that meets the eye on a day-to-day basis. Behind every transaction there are multiple players working tirelessly to ensure payments are being made quickly, correctly, and securely. However, as is often the case with so many moving parts, there remains the possibility of error and/or additional time added to the transaction, leaving the customer with a poor experience and make them potentially less likely to return. Additionally, multiple failed transactions can ultimately prove costly for retailers over time.
Open Banking, the UK’s implementation of Europe’s Second Payment Services Directive (PSD2), has had something of a slow start, with limited adoption, then COVID-19 and Brexit hitting but the principles behind it are solid. Its fundamental changes to how banks handle financial information mean that banks can now share the kind of information that you would see on an account statement with authorised providers – with a client’s permission of course – and add a host of security, scalability and flexibility features that open up the possibility for new revenue streams for merchants.