PSP Angels VIKTORIA SOLTESZ Founder of PSP Angels
What’s hot in 2020
Q What can we expect regarding payments in 2020? When it comes to payments within the high risk industries, I am afraid, 2020 is not good news. The banks are getting more and more strict, so when it comes to opening an account or finding the right payment processor, there are definitely more dark clouds than sunny days. Back at the days we used to talk to our accountants when it came to setting up a company. We made the decision based on the tax benefits of certain jurisdictions. The tables have turned, and today, when it comes to company structure, the first person you need to consult is your payment expert. Payment is very complex when it comes to high risk. The prices usually depend on the relationship with
GAME CHANGERS Issue #25
your bank and on your individual circumstances, plus the laws are changing all the time. One mistake (eg an unmonitored email address which results high chargeback) can break your operation. During our work, we have noticed that several companies struggle to understand the ever changing banking requirements and do not have a dedicated payment department. This can be the biggest weakness for any business. We need to understand that our most important ally or the biggest enemy is our bank. They control our most important operation – our collection function. The challenge is to be sure that our payment providers allow our clients can pay us whenever and however they want to, the conversion rate is high, the costs are low and our money is safe. Getting it right is time consuming, but extremely necessary.