We wanted to find out how businesses in the payments industry can remain on top of their game within the backdrop of a slow-moving economy. Aleksander Bobrov, CEO of COLIBRIX, has the answers for us.
In spite of the persisting economic challenges that are currently on heavy rotation, it remains imperative for the payments industry to persist in innovating and respond faster to the changes that might be closer than we think. The transformation is inescapable.
COLIBRIX (Formerly Paysage.io) is a UK-based FCA-authorised EMI that provides payment processing solutions for businesses of all sizes and types.
COLIBRIX is committed to helping its merchants make their businesses more efficient and profitable through easy-to-use, cost-effective payment solutions which include global card processing coverage, digital wallets operations around the globe, cross-border merchant accounts, multiple APMs support, and current corporate accounts for legal entities.
In general, we offer a broad range of services to cover all payment challenges using local and global networks with respect to social, commercial and governance criteria.
Different industries face various challenges when it comes to payments, depending on their unique characteristics and business models.
However, there are still a few things in common: all businesses have to deal with the risk of fraudulent transactions and high chargeback rates; complex payment terms and processes that lead to the risk of late payments and bad debt; also one of the biggest challenges is to ensure that customers' payment information is secure and protected from cyber attacks. These are just a few to mention.
As fintech and payment companies continue to navigate the uncertain economic environment caused by the pandemic, now in its third year, they must prioritise careful spending, strategic allocation of funds, and optimization of working capital.
Undoubtedly, the payment industry has become highly competitive nowadays. For example, offering low pricing alone is not sufficient to remain ahead of the game. Fintech companies have to remain competitive in their pricing strategies while also providing a variety of cutting-edge technologies such as Apple Pay and Google Pay, tokenization, and diverse checkout forms.
Moreover, it is crucial for them to focus on developing an all-in-one solution for merchants, thus positioning themselves as a one-stop-shop for their payment processing needs.
One of the biggest pain points for customers is a long and complex checkout process, and SMEs must keep that in mind while thinking about why there is such a high rate of abandoned carts. To improve the user experience, businesses should strive to make the checkout process as simple and straightforward as possible, with minimal steps and data entry requirements.
User experience is an endless ongoing process that requires continuous testing and iteration. Businesses should gather feedback from users, analyse user behaviour, and make improvements to their services. By leveraging third-party payment providers and the payment insights, these steps can be achieved with greater success.
I would say that any payment service provider can become the best friend to the most complex business, proving instrumental in guiding it towards growth-oriented decisions by providing valuable customer insights such as consumer segmentation, preferences, and spending patterns, or by identifying pain points and offering tailored solutions to improve the payment experience.
When every business is a unique puzzle to solve, COLIBRIX brings all its creativity to the table, and the turbulent times are not an exception. So, we think it is crucial to assist our merchants by providing them with valuable insights that will show what resources need to be focused on places where they can have the greatest impact.
The least, but not last - the history is repetitive and economic downturns present major opportunities for entrepreneurs and innovators. Such periods can prove advantageous for introducing revolutionary products or services for significant industries, such as healthcare, government, education, public sector, by implementing diverse strategic business decisions, and providing affordable solutions to customers.
Firstly, a lot of traditional offline merchants made a backup online shop. And of course, this has resulted in the spike of card-not-present transactions, open banking transactions and digital wallet transactions. Payment companies are still looking for a balance between best user experience and security and I believe we are in the very beginning of the digital payments area.
COLIBRIX will continue investing in product differentiation and sales capabilities while strengthening its customer-oriented operating model to ensure that customers across the leading markets benefit from our innovative products and unique services.
COLIBRIX is one of the UK’s leading payment service providers that was designed to solve the exciting challenges of business of any size and type. We are a brand that aims to deliver exclusive experience through genuine and relatable partnership, as well as to build momentum and generate results whatever the idea is sky-high.
www.colibrix.io Twitter: @colibrixio LinkedIn: COLIBRIX.io
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