EMERCHANTPAY The dynamics of payment
Gambling operators cannot continue to neglect payments performance. So says Jonas Reynisson, CEO, emerchantpay.
P
Jonas Reynisson, CEO, emerchantpay
Jonas Reynisson is the founder and Chief
Executive Officer (CEO) of emerchantpay, responsible for the strategic direction of the emerchantpay business. Prior to his career at emerchantpay, Jonas was the managing director of one of the local savings banks in Iceland for 13 years, chairman of a life insurance company, and a board member of one of the leading investment banks in Iceland at that time.
Jonas has a BA Honours degree in business and economics from the University of Iceland and an MBA degree from the Edinburgh Management School.
ayments is one of the most dynamic areas of technology, and the speed of innovation continues to accelerate. Within the gambling industry, we are continually looking for the next big disruptor within payments, offering customers as ever-greater number of alternative payment methods (APMs), in the endless battle to optimise the customer experience and drive both loyalty and growth.
Innovation within payments has already delivered significant benefits to end users, and those operators that have successfully integrated, localised and personalised new innovative technologies and APMs into their payments infrastructure have undoubtedly stolen a march on the competition. However, whilst innovation is unquestionably a good thing for our industry, the pressure for everybody within the payments eco-system to continually innovate and look to the future, means that we’re now at risk of overlooking the fundamental principles of effective payment processing. Innovation brings with it serious challenges and complexity for payments professionals within the gambling sector, who are already under pressure to drive innovation and customer experience, whilst also ensuring compliance, managing security risks and fraud, and increasing conversion rates within a payments eco-system that is becoming more fragmented and fluid. For many payments professionals within the gambling sector, they simply don’t have enough time and resource to do it all. The result is that payments teams struggle to give sufficient focus to ensuring that their day-to-day payments operations are optimised and delivering maximum value to the business. In the hurry to embrace the next new payment method and second guess the future, our industry too often overlooks its performance today.
The pressure for everybody within the payments eco- system to
We recently undertook global research into the current payments landscape, exploring challenges and priorities for payments teams across a wide range of industries, including the gambling sector. In particular, the study examined the extent to which performance is becoming a critical factor within payments strategy, and the challenges facing operators as they look to optimise performance across all areas of their payment infrastructure.
continually innovate means that we’re now at risk of overlooking the fundamental principles of
effective payment processing
98 SEPTEMBER 2019 GIO
PRESSURE TO PERFORM Payments teams within gambling operators are
coming under increased pressure from senior leadership to improve in all areas of payments but, most often, this means driving optimisation of existing payments systems.
More than two thirds (70%) of payments leaders in the sector report that they are coming under
increased scrutiny to improve performance, which is hardly surprising given that, staggeringly, 50% of operators are currently losing revenue to due shortcomings with their payment gateway. This is an astonishing admission on the part of payments leaders and something that they acknowledge needs to be addressed as a matter of urgency. Indeed, almost two thirds (60%) of payments leaders within the gambling sector believe they need performance over the next 12 months in order to avoid With customer experience and personalisation now the major battleground for all operators, the hard truth is that they can no longer afford to deliver poor payment experiences. Customers, particularly millennials and those digital natives who have grown up expecting first-class, personalised experiences at all time, will not tolerate it; at best, they will leave and never come back, at worst they will share their grievances far and wide on social media, doing immense damage to a brand.
Currently, however, there is not a single area of payments where payments leaders in the gambling sector are fully satisfied with their performance. Less than a third (30%) are fully satisfied with their ability to analyse decline codes, and only 22% with their ability to analyse fraud data to set better rules. Worryingly, given the associated risks, only 22% of payments leaders in gambling are fully satisfied with their current ability to monitor fraud in real-time, a lower proportion than in any other sector. What’s more, gambling operators trail behind businesses in all other sectors when it comes to regularly reviewing and optimising the performance of payments pages. Only 42% of operators are reviewing and optimising their payment pages on a monthly basis.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26
