Insights
Cutting Payment Development Costs: A Strategic Approach
Case Study: How TRENDY Slashed Payment Development Costs and Conquered New Markets
Navigating the complexities of payment systems can be a costly endeavor. For large retailers like TRENDY, expanding into new markets brings with it the challenge of high payment development costs. The need to integrate multiple Payment Service Providers (PSPs), enhance fraud prevention, and maintain compliance can stretch resources thin. This is compounded by the necessity to employ specialized developers and consultants, adding another layer of expense. Let's dive into TRENDY's journey and discover how strategic solutions can alleviate these burdens.
The payment development challenge - Case study
TRENDY, a large retailer venturing into new markets, faced significant hurdles in managing payment development costs. The complexities were numerous:
Internal Development Struggles: Developing a robust payment system internally requires a team of experts with deep technical knowledge. This includes developers who understand the intricacies of payment systems, specialists in data security, and consultants who ensure compliance with international regulations. Not only is assembling such a team costly, but the ongoing need for training and development adds to the financial burden.
Adding New PSPs and Services: Expanding into new markets often means integrating additional PSPs, each with its own set of requirements. The lack of standardization across providers complicates this process, as does navigating varying regulatory landscapes. This lack of uniformity demands significant time and resources to ensure seamless integration and functionality.
Fraud Prevention and Compliance: As TRENDY expanded, the need for advanced fraud prevention measures increased. Implementing these measures required not only sophisticated technology but also experienced personnel to manage and monitor the systems, further driving up costs.
TRENDY's Experience
Cutting Payment Development Costs
TRENDY's journey revealed several key insights about the high costs and challenges associated with payment development:
Resource-Intensive Processes: The need to hire and retain specialized staff was a significant cost driver. TRENDY's management realized that their internal teams were stretched thin, struggling to keep up with the pace of market expansion.
Complex PSP Integration: Each new PSP brought with it a unique set of technological challenges. The lack of industry-wide standards meant that TRENDY had to customize solutions for each provider, increasing both the time and cost of integration.
Regulatory Hurdles: Operating in multiple jurisdictions required constant vigilance to remain compliant with local laws, a task that demanded both internal resources and external consultants.
Payment orchestration: Unak's Strategic Solution
Faced with these challenges, TRENDY sought out a solution that would streamline their payment development processes and reduce costs. Enter Unak, whose open architecture and modular design offered the flexibility TRENDY needed.
Open, Modular Architecture: Unak's platform allows for standardized development, making it easier to integrate new PSPs and services without the need for extensive customization. This reduces both time and costs associated with integration.
Scalable and Adaptive Infrastructure: With Unak, TRENDY could scale their payment infrastructure as needed, quickly adapting to new market demands without incurring substantial expenses. This adaptability was crucial for managing the pace of their expansion.
Efficient Resource Utilization: By leveraging Unak's technology, TRENDY was able to optimize their use of internal resources, reducing the need for costly external consultants and allowing their teams to focus on strategic growth initiatives.
TRENDY's partnership with Unak not only cut payment development costs but also positioned the retailer for sustainable growth. By embracing a strategic approach to payment infrastructure, businesses can overcome the challenges of expansion and focus on delivering exceptional customer value.
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