Why is the payments function important?

Posted by Modo on Jun 4, 2020 1:36:47 PM

Modo CEO, Bruce Parker, discusses the broad impact of payments within your organization and why delivering a good payments experience is important to you and your customer.

Payments touches almost every aspect of a business. The payment is, I'll say, the most important part of any customer journey. Obviously it's the part where you actually earn your money or parts of it. I think the interesting thing is when you're thinking about payments and particularly when you're thinking about how payments sits within your organization - regardless of how high or low it is on the CEO's dashboard - is it's going to, of course, touch finance, treasury, accounting and all of those kinds of functions. It’s probably also going to touch sales, marketing, product, and the delivery of your experience. And then, of course, you have the entire customer support operation and customer functions as well. 

So the ongoing day-to-day, what does it mean to interact with your business and ultimately pay your business. It's well understood and well demonstrated that bad payments experiences will destroy customer experiences. So, if you delivered your good or service perfectly, on time, with a bow on top, but during the course of that experience something went wrong from a payments perspective - for instance you charged them twice or too much or something like that - you'll find that you're destroying customer goodwill as bad or worse than if you'd actually mis-delivered on your value proposition.

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Topics: bruce parker, payments stack, modo, modopayments