Selecting a New Payment Vendor? Gartner Recommends Asking These 12 Questions

According to Gartner, “Application leaders responsible for payments can optimize customer experience and save time and money by asking payment vendors 12 key questions.¹”

Consumers are increasingly demanding frictionless, fast and easy online payment experiences. Current global conditions have accelerated large scale behavioral shifts toward ecommerce, mobile and the gig-economy. This shift has put increasing pressure on businesses to identify the right payment vendors to localize payment methods and to meet consumer expectations on a local and global scale.

With this in mind, Gartner recently published valuable research on the key questions to ask when choosing a digital commerce payment vendor. This report discusses Gartner’s recommended approach to identifying the right payment vendors, what questions to ask, and how to evaluate the responses.

An Approach to Identifying Payment Vendors that Meet Digital Commerce Needs

The Global Payments Landscape is Changing Fast. How Can Merchants Select the Right Vendors to Keep Up?

To grow and expand into new geographies, companies must localize payment methods, currencies and the entire user experience. The need to be agile can be hindered by slow-moving payment vendors or an inefficient vendor portfolio that adds complexity and still doesn’t offer all the solutions you need.  

Take a Cross-Organizational Approach to Payment Decisions

Start by identifying all internal stakeholders and working together to strike the right balance between cost, customer experience and risk reduction. This will enable you to effectively evaluate which payment solutions align with your strategic needs and to anticipate future requirements as you expand into new channels, service and regions.

With these requirements in-hand, use Gartner: 12 Key Questions to Ask when Selecting a Digital Commerce Payment Vendor to make better-informed decisions that will align with your short-term and long-term needs while saving you time and money.  

This Guide Will Help You:

• Align your local payment methods with customers’ expectations
• Address regulatory and legislative concerns
• Improve the customer experience and merchant experience
• Satisfy internal operational needs from application leaders, finance and operations 

Payments Aren’t a Stand-Alone Solution

Rapyd knows payments are part of a comprehensive set of considerations your business must take into account to be successful as you enter into new markets and geographies. Implementing payment solutions needs to be fast and efficient, and your solutions need to include integrated fraud monitoring, foreign exchange, security and reporting. 

Without a vendor that can meet consumers’ expectations for local payments, you can spend a tremendous amount of time and money navigating complex network integrations and regulations. 

Read the Gartner 2020 Report, 12 Key Questions to Ask When Selecting a Digital Commerce Payment Vendor.

Sources:

1- Gartner, Inc,. 12 Key Questions to Ask When Selecting a Digital Commerce Payment Vendor, Ford, Dayna, 12 March 2020

*This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Rapyd.