Each business has its own structure, smaller or bigger, less or more complicated. There are people responsible for certain business areas, like customer service, project management, accounting, and others.
Although it may seem reasonable to have different employees dealing with separate company issues, there is one aspect which is frequently omitted or understated: PAYMENTS. Seldom do we see a job just and exclusively dedicated to payments in a company – a Product Manager for Payments. It would be understandable if money was actually not that important, so it could be dealt with by anyone from the staff. But here’s the thing, money is ESSENTIAL to business, of course if you want to make a living on it.
Finances, revenue, income, payments – all of it breathes life into the business. Without money there is no business, it’s as simple as that. If we don’t get a revenue from customers, we don’t have an income.
Without any income, how on earth can we manage to cover the expenses? It’s an inclined plane – we close the business faster than we opened it. Such an essential factor of any company deserves a person responsible for it and trained for it.
During my career at PayLane, I have encountered numerous people who were supposed to take care of finances. They were of different professions: accountants, lawyers, IT ninjas, members of controlling departments, customer support, there were project managers, product managers, and finally even COOs, CFOs and CEOs.
What struck me in those days was the fact that I hardly ever met people appointed exclusively and especially for the position in payment services. How disappointing! Such a person has the potential to benefit his or her company in so many ways and to facilitate and improve the aspect of money – which is, as we’ve established, a dealmaker in the business.
How exactly can your company benefit from Product Manager for Payments? Here are 10 advantages of having him or her by your side:
10 Advantages of Product Manager for Payments
- Taking responsibility for talks and negotiations with partners dealing with payment services. This way, you can be sure that Product Manager is thoroughly prepared for such discussions and has a vital insider’s view in company’s finances. This is a huge plus of one person focused solely on money, whereas someone working half-time in a different position wouldn’t be that effective and well-informed.
- Dealing with financial settlements, such as statements, invoices, correct wages calculation, timely and correct withdrawals and deposits, accounting and keeping records of everything on the website. There is a myriad of tasks related to the money flow and managing them, as well as making sure no mistake or omission rocks the boat of your business. You want the person to devote here, not someone unable to think on his or her feet because of other duties, like drawing up an agreement in the meantime (in case of having a lawyer performing also the role of payment manager).
- Researching the best solutions on the payments market. Such research includes a variety of payment methods and numerous ways of accepting them while taking into account markets where your company is present. Providing clients with an array of payment options is a brilliant step both towards marketing and, of course, clients, who will be content with the convenience you ensure.
- Optimization of the conversion rates related to online payments. It means improving the whole checkout process, so that it is smooth and as easy as pie for online customers. The tasks involve reducing the number of steps necessary to complete the purchase and the payment, and addressing the issue of abandoned carts. The above actions, among many more, necessary to minimize a churn rate prove to be fruitful. Having a Product Manager performing such a job is a move your business will be thankful for.
- Automating payment processes. Payment Product Manager can automate recurring payments, single-click payments and the very process of accepting payments on the website. It allows your business to spread its wings and go full speed, instead of performing tedious tasks each time a payment comes.
- Implementing innovations. Each business pursuing the path towards making it big, needs to be innovative, also in terms of payments. If you are present on diversified markets, you need cutting-edge payment methods, so your customers can feel at home while purchasing something from you, without unnecessary hurdle. What matters is also customers’ age, millennials tend to choose mobile solutions while the older generation still holds on to their desktops – that influences payment options they go for. Similarly, younger ones eager for state-of-the-art payments made within a blink of an eye, whereas the older prefer safer, even if a bit longer, payment methods. Having a Product Manager dedicated to payments allows you to cater to your customers and modernize your business to their payment preferences.
- Designing the UX of the crucial website elements – the checkout and payment processes. Product Manager for Payments has vital and extensive knowledge in these areas, consequently he or she knows best what online customers expect. Why not make good use of it and let such a person build or re-build your e-commerce so that what users experience is pure pleasure of shopping?
- Reporting and analyzing. Keeping a good track of financial operations is not to be underestimated; it’s a solid foundation of each company. There is an abundance of reports and analysis to be prepared, they include cash incomings, flows, improvements proposals, analyzing payment and shopping trends in a given company or regarding a certain product. And it is only a fraction of what needs to be recorded. That’s why it demands a person to be well-focused on what’s financially going on in the business, that’s why it should be a Product Manager for Payments.
- Assuring products and services compliance. All the products and services sold by your company, as well as implemented processes and business models, have to be compliant with the current law, regulations of financial institutions, acquirers, banks and card brands. Securing such compliance demands constant and thorough preparation, research, knowledge and time. All of it comes with a Product Manager for Payments. Not an IT guy, not a lawyer or accountant, but a person especially appointed for the job.
- Implementing internal payment processes. Product Manager for Payments is an ideal person for implementing processes related to payment services and accepting payments, for instance PCI, MOTO payments, chargeback actions. All these activities require experience and focus. If you have been burying your staff with them, the staff that wasn’t properly trained or lacked time and focus, you may need a leader to make the implementation right.
A company is like a ship on the ocean, anyone can steer it for some time, but only the captain navigates it home. Different employees can scratch the surface of payments while performing their usual job, but only a specialist, a Product Manager for Payments can take care of finances properly. If you want to stay afloat and navigate towards the success, hiring such a person is a strong blow of wind in your sails.
Money ensures the existence of business, it’s no rocket science, it deserves a Product Manager.