Gartner Research

Payments Present New Strategic Implications for Commerce

Published: 04 November 2015

ID: G00273699

Analyst(s): Penny Gillespie

Summary

Simplified, innovative payment processing drives revenue and reduces costs, but emerging payment methods still require a "watch before you act" strategy. IT and digital commerce leaders should embrace the strategic value and expect some short-term complications as emerging payment methods shake out.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Payments have become strategic and, when simplified, can increase sellers' conversion rates and revenue; IT leaders should recognize this and help simplify payment processes for their organizations to reap new benefits
  • Many payment innovations create merchant complexity that requires new skill sets for merchants both in the back office and for those with a physical presence on the sales floor; IT leaders can improve the probability of success by ensuring their organizations are technically savvy when it comes to payment processes, vendors and new payment methods
    • Promoting Mobile Payment Adoption at the POS
    • Selecting Gateways and PSPs
  • New entrants to the payment ecosystem are starting to threaten the status quo by forcing change in the industry and experiencing varying degrees of success, creating a situation that IT leaders must monitor prior to taking action

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