PCM Vol.3 Issue 12

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The third big trend we are seeing is around the ‘omnichannel’ experience. I hesitate to now use the term omnichannel because the word ‘omnichannel’ is arguably losing relevance. It might have sufficed in the e-commerce landscape of five years ago, but today’s scenarios are vastly more complex. The big problem with omnichannel is that it isn’t nearly omni enough. The idea that payments organisations can design their services around specific payments types for specific situations looks increasingly old-fashioned as the geographical and technological barriers between consumers and merchants become ever more blurred. In effect, they want a unichannel – not another loosely connected set of tools for a set number of scenarios, but a single, consistent platform that gives them control over every present and future aspect of their commercial payments activity. PCM: How will these developments impact the future of selling online and in-store? Daniel: The impact will be, and already is, massive. In terms of the ongoing digitization of payments and the evolution of cash, we’re seeing a huge adoption in the use of mobile wallets and other alternative forms of payment. The move to digital solutions has manifested itself around the world in some significant social changes such as last year’s demonetisation in India and the rapid introduction of biometric-based authentication in numerous countries. Uber and Ola are great examples of getting this consumer experience right – you can walk away from the car without having to handle cash, worry about tipping the driver or collecting a receipt. This is incredibly easy and transparent for the passenger. More and more we’re seeing eCommerce merchants connect with consumers via integrated apps and platforms, with payments coming along for the ride, frictionlessly. Against the backdrop of providing a frictionless experience, eCommerce merchants also need to continue being laser focused on protecting themselves and their customers from fraud. Recent Paysafe research found that the majority of consumers today believe fraud is inevitable when shopping online, and, as a result, are willing to accept heightened security and authentication measures. The challenge facing merchants is how to enhance security while at the same time not detracting from the overall customer experience. Big Data provided by payments partners is increasingly becoming a critical business tool. The opportunity of further impact is enormous – think about how the data can be truly leveraged and supported by AI to achieve mass-personalization, recreating the historical, highly personal relationship between store owner and customer. The eCommerce merchant is now better able to fully understand the customer’s unique needs and preferences and deliver a truly exceptional online retail experience. Some eCommerce players are already well on the way to achieving this. In terms of the new omnichannel, or unichannel, approach, this is now driving a more seamless commerce experience and generating some fantastic opportunities for eCommerce. For example, now when a customer goes in store to buy a new product, a TV for example, and they don’t find the one that exactly meets their requirements, they will now use their phone to order it, while still in the store. Is this an in-store, an eCommerce or a mobile commerce purchase? I think it’s all three! PCM: What are the most important factors in an eCommerce transaction and what do retailers need to pay special attention to? Daniel: Unsurprisingly, delivering a frictionless customer experience continues to be a huge priority. The retailers who thrive online are those who continue to invest in this and are mindful that it also needs to include the broad range of payment options that people now expect. PCM: You say a frictionless customer experience continues to be a high priority for eCommerce players, how do payments affect the process? Daniel: The payments process plays a critical role in today’s customer experience. Now it’s not just about how quickly the page loads and how well it renders on mobile but also about the range, relevance and efficiency of the payment methods offered. Millennials have been trained by the Apples and the Ubers of this world, to expect flawless, intuitive payment experiences. In general, it’s fair to say that all consumers view “their last experience as their next expectation.” So, keeping up with, and exceeding, those high baseline expectations is an absolute must. 16
For example, one of the areas that I believe needs some clear focus in terms of resolution is the pernicious incidence of “false declines” when a legitimate customer is declined his order purchase. The indications are that lost sales due to false declines can be even costlier to merchants than fraud itself. PCM: In summary, what are the main payment-related challenges in eCommerce? Daniel: The main payment-related challenge for an eCommerce player is simply choosing the right technology and payments partners. My advice is to do the necessary research and demand a lot from whoever is selected. For example, the right payments partner should be able to offer the broadest variety of both traditional payment methods as well as all the emerging solutions that are now widely available and growing fast in popularity. Their payments partner should also guide them on what tools and processes to put in place to severely curtail the incidence of fraud. This is critical to building customer trust and brand loyalty. As mentioned earlier, the same partner can also provide extensive and invaluable Big Data insights, above and beyond what was previously available, to help them strategize and thrive in today’s highly competitive eCommerce world. I know I’m biased, but selecting a superstar payments partner can be a make or break business decision for any retailer, but probably even more so the online retailer who is typically selling to very time-poor and highly discerning shoppers who are spoilt for choice in terms of retail options and can be a lost sale in a single click! eCommerce players should not be daunted by this, but see it as a huge opportunity. Digital technologies are the “great equaliser” of our time and it’s now easier than ever to reach new customers in new sectors, markets and even countries. Because of this, the global cross-border B2C e-commerce is expected to reach US $424 billion by 2021, double what it was in 2016. Against this backdrop, businesses can no longer afford to treat payments as a mere commodity. Daniel Kornitzer Chief Product Officer Daniel Kornitzer is EVP and Chief Product Officer, Paysafe Group plc. He has over 20 years of experience in technology management during which time he has pioneered groundbreaking initiatives, from one of the world’s first over-the-phone speech recognition systems at Nortel Networks and the ISO/ITU standards for video coding in use today, to FirePay’s digital wallet and industry-leading risk management processes. About Paysafe Paysafe is a leading global provider of end-to-end payment solutions. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through its industry-leading capabilities in payment processing, digital wallets and online cash solutions. Delivered through an integrated platform, Paysafe’s solutions are geared towards mobile-initiated transactions, real-time analytics and the convergence between bricks-and-mortar and online payments. 17
Page 1 and 2: Vol.3.Issue 12. December 2017 PCM Y
Page 3 and 4: Contents 6 BANKING CIRCLE: OPENING
Page 5 and 6: The Thought Leader rubric is a coll
Page 7 and 8: Anders la Cour Co-founder at Bankin
Page 9 and 10: Data science By the end of 2016, th
Page 12 and 13: Banks Need More Robust Analytics to
Page 14 and 15: EXPERT INTERVIEW This is our cover
Page 18 and 19: You think you have what it takes to
Page 20 and 21: After we signed our first few custo
Page 23 and 24: To get a complete view of all the b
Page 25 and 26: PCM: If that “dream concept” ev
Page 27 and 28: Arby’s Paul Brown By Robert Green
Page 29 and 30: The company provided Comedy Central
Page 31 and 32: PCM: What can people expect? Matthi
Page 33 and 34: Events DANA POINT, US DECEMBER 3-5

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