A clear understanding of both the current situation and the end objective underpins any effective payments strategy. From this a payments roadmap can be developed.

1. Identify – Identify stakeholders in the business who are impacted by payments solutions and capabilities. Payments should not be left to the finance team to manage. It underpins and links many strategies, such as marketing, sales and operations. Typically stakeholders are drawn from IT, Sales, Operations, Marketing and Finance.

2. Workshop – Workshop each stakeholder presenting their plans and, as a team, consider what payment solutions are in place, and what is needed or available to facilitate the plans’ delivery. In our experience this session justifies the whole process by itself, as functions start to see how they can work together more effectively and feed off each other’s ideas.

3. Agree –
Agree common goals and identify the steps needed to achieve them.

4. Assess – Assess the capabilities held in-house for delivering these steps and where further research or external expertise is necessary.

5. Budget – Consider the budgetary needs for delivery (remember to take account of the expected sales uplift generated by the improved solutions). Consider whether there is potential to release some or all of this budget from within existing spending.

6. Draw up – Draw up the agreed Payments Strategy and roadmap, allocating roles and responsibilities for delivery.

Summary – 2016/17 provides major opportunities for companies to reduce costs and drive revenue by smarter use of payments solutions.

There are pitfalls to avoid as suppliers have shown that they are naturally protecting their interests and taking the opportunity provided by market turbulence to improve margins.

ERA stands ready to be your specialist partner of choice. We have already guided substantial companies in achieving a robust Payments Strategy to deliver to their bottom line.