Fintech Insights

Hello New Business Model.

Being a customer of payment solutions is not easy at this time and age. Many objectives need consideration: simplicity, cost-efficiency, future proof are just a few examples. As a provider, the only way we can stay relevant is to meet all our customer's needs with the right toolbox and a modern playbook. At Westpay, we are now expanding and clarifying our business model to make it even easier to analyse, identify, and consume next- generation payment solutions.In this article I like to pinpoint how we, from a business perspective, are extending our go to market strategy. The new, extended business model is a result of an evolution and will help us grow our market share and expand our footprint .

We help customers knowing where they are.

Westpay has a great legacy where innovation and a pragmatic approach have been fundamental parts of our journey. Now, looking at all the new demands and change we see in the fintech business, I am happy to say that our way still stands strong. In fact, our knowledge about the essentials and core insights has never been more relevant than now.
When the choices are many, and the complexity is vast, we see that more and more of our customers are reaching out, asking for guidance. To meet these demands, we launched "Payment Solution Advisory Assessment" earlier this year. This service is the perfect start for any customer to find out their current situation and identify how they should move to the desired position.

Simplicity and Plug and Play

Another topic where we need to be at our best due to today's demands is onboarding. Time to market is a prioritized objective for most customers. Once our customers know what they need, they want to go there as quickly as possible. We approach this from two directions.

We have an ongoing activity where we are teaming up with leading point-of-sale (POS) Partners. By doing that, we are creating something of a plug and play scenario. In a situation where the customers are using a known POS system, we don't have to start from an integration point of view. Instead, we can offer an onboarding that is easy, secure, well documented, and immediate.

Secondly, we are embracing standard protocols and well-known processes. Trust and security are a well- known currency in our vertical. By embracing best practice and offer a solid, proven solution we are playing on a level where our customer expect us to be.

The good thing is that our customers become predictable and compliant once we are supporting their overall payment solution.

Hello to our customer's customer.

During the past year, we have seen a movement in our business that speaks to our favour. The merchant needs first-hand information from providers like us. Only then will they get the insight necessary to become future proof. With our new, extended model, we provide the flexibility that lets us, together with our POS partners, choose the most efficient way to approach the customers. Case by case, we can decide if we should have a direct dialog with the merchant or do it in cooperation with the POS partner. And since we already established "plug and play" with the POS provider, nothing stands between the merchant and us. On top of that, we continue to offer an acquirer independent solution that lets the merchant do its cherry-picking when building their best payment solution.

By 2021, I am sure that this strategy will amplify our reach, opportunities, and market share.

Published oktober 13, 2020

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