3 Payment Growth Blockers Most Companies Fail to Recognize
By Whitney Troxel – Industry Correspondent on June 17th, 2022
The less acknowledged part of this truth is that payments are ever-changing, complex, and fragmented. The faster and larger your business grows, the worse it gets.
It’s easy to fall in the trap of focusing on an immediate need. Many companies decide to partner with payment service providers based solely on their current business needs. However, the decisions you make today may severely limit your growth tomorrow.
Here are three major growth blockers companies fail to recognize when developing their long-term payments strategy.
1. Non-Portable Tokenization
Tokenization is a critical component of your payment stack. It maintains PCI compliance, protects sensitive customer information, and securely stores credit card data. However, some tokenization providers lock your data into a singular platform. This blocks your ability to grow by not allowing you to migrate your tokens when you need to make a strategic change to your payments service provider.
A good tokenization partner—like TokenEx—allows you to maintain control of your data so you can transition between merchant or payment service providers as needed. Maintaining control of your tokenized data today ensures you won’t be limiting your choices tomorrow.
TokenEx’s unparalleled portability ensures the ability to migrate your data whenever and wherever you need to.
2. Lack of Data Redundancy
The cold, hard truth is nothing is 100 percent reliable. Servers go down, software gets hacked, and companies go out of business. If your data is only stored in one system, you are severely limiting your ability to pivot and react to unforeseen events.
Minimizing the damage from unexpected disasters is a key factor in your company’s ability to scale. Securing your data in multiple locations and formats allows you to implement new solutions quickly if one aspect of your payments system fails.
3. Fragmented Payment Systems
It’s somewhat paradoxical that providing customers with a simple, one-step payment option on the frontend requires multiple complex and fragmented systems on the backend. Ensuring your payment stack integrates seamlessly at every step of the process can be a never-ending task.
Utilizing a payment orchestration platform lowers your technological burden and frees you to focus on the future of your business.
Minimizing Growth Blockers
Companies wanting to scale quickly and successfully need to have a future-conscious payments strategy. It is easy to find a solution that fits the current needs of your business. However, if you don’t want to limit your growth potential, you must think ahead. The following questions will help you analyze the right payment solutions for your business.
- What are the long-term visions and goals for your company?
- Will the payment solution you’re considering still work for your company at your next stage of growth? The stage after that?
- What will it cost to change to another provider if this solution can’t scale with your company? How long will the transition take?
Nexio’s Payment Solution
Nexio empowers you to swiftly adapt in a constantly changing payments industry. Our flexible architecture guarantees portable data and tokens, ensuring your growth will never be limited by borders or technology. Send and receive payments globally, increase sales with diverse checkouts, conquer fraud, and win control over your payment stack through a single point of integration. Contact us today to see how Nexio can future-proof your payments.
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