Ecommpay, a payments provider, recently released a white paper that highlights the pivotal role of payments professionals in driving profitability. This report, titled Making Payments a Profit Centre, underscores the transformation from viewing payments as merely an expense to recognizing them as a critical revenue generator.

To further explore this shift, Ecommpay conducted research among various ecommerce businesses, which revealed several key insights. One significant finding is that internal support from C-suite executives is crucial in elevating the payment function within an organization. This aligns with the experiences of companies like Spotify and Blink Pet Foods, who have embraced payments as a fundamental component of their customer experience strategy.

The white paper also suggests that outsourcing can lead to substantial cost savings—potentially reducing account-to-account transaction costs by 12.5% and cutting manual work by up to 520 hours annually. Moreover, integrating Large Language Models for fraud detection could streamline processes, leading to a 60% faster response time to fraudulent activities.

Strategies for Enhancing Payments

• Gaining C-suite support significantly enhances the chances of turning payments into a key driver of profitability.
• Fostering cross-functional teams dedicated to payments can streamline operations and improve efficiency.
• Optimizing routing and fee calculations may yield up to 26% savings on certain debit card fees.

Apart from these findings, the white paper emphasizes that with global ecommerce poised for accelerated growth, recognizing the value of a robust payments strategy is more crucial than ever. Companies featured in the research include Spotify, Blink Pet Foods, Vendorcom’s payments community, and Finisterre, all of which have successfully integrated payments into their core business strategies.