For those of you not aware of what happened with Wirecard, and its card payment and banking solutions, the company which is also one of the biggest fintech firms in the industry, has gone from segment leader to bankrupt shell of its former self within the span of less than a month after it was revealed that a supposed $2 billion reserve didn’t actually exist. Recalling the complex accounting methods of previous scandals like that of Enron and Worldcom, Wirecard’s demise was swift, ignominious, and final. There will be a hard coming back from this and the whole solution has highlighted the need for agile, modern firms to have robust lists of options when it comes to digital payment and digital banking solutions.
Research has identified five primary reasons for the need for diversification in digital payment solutions. These are the potential loss of revenue for the merchant, disruption in the flow of business for clients and customers, potential liquidity crises, an inelegant pivot to new vendors, and quirky tech solutions that do not work with your operation.
Possibly the single biggest problem with relying upon one payment solution provider is the fact that you could potentially get cut off – whether by your own actions or through no fault of your own – and thus also have your business’s connection to the flow of money in the market severed as well. But it isn’t the loss of revenue in the immediate sense that will make life difficult but rather the loss of potential revenue and customers. You cannot let your business falter or stumble for even a second or you will lose the confidence of your customers and clients. And they have plenty of other options. You should have plenty of other options when it comes to how you handle payments.
Having to explain technical difficulties with payments is perhaps the most painful thing a company can do. It not only raises questions about the stability of your operation but also it makes clients wary. That doesn’t mean they won’t give you space or exercise some patience but “time is money.” You cannot suffer a disruption to your business that could be caused by using one virtual IBAN and digital banking solution. You should have a range of people that you work with and many partners upon which you can call when things get difficult.
If you are facing a payment issue, you will need to rely upon your credit lines and cash reserves. Not every company keeps these on tap for such a purpose and, indeed, it would almost seem to be a waste of capital to have money sitting around waiting for a what-if your payments processor stops working. A liquidity crisis will not only cripple your company’s ability to do business but could put even a healthy business out to pasture if it lasts long enough.
If you are facing a payment issue, you will need to rely upon your credit lines and cash reserves. Not every company keeps these on tap for such a purpose and, indeed, it would almost seem to be a waste of capital to have money sitting around waiting for a what-if your payments processor stops working. A liquidity crisis will not only cripple your company’s ability to do business but could put even a healthy business out to pasture if it lasts long enough.
For companies that rely upon eCommerce and the Internet, you can’t have a complicated or highly centralized payments issues holding you back. Not only does implementing a new system take time and expertise, but also it requires testing – outside of the real world and within it. Depending on how complex your website technicalities or business model are, this could be a huge hassle – not to mention extremely expensive.
Concluding on the above sated we have to repeat that indeed “time is money”. There are numerous advantages of Monneo’s digital banking services that we have successfully deployed among our client’s business operations. Spend your time wisely. Contact us to learn more about how can help you with digital payment solutions or apply directly for your virtual IBAN on our website.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
