Andrea Dunlop of Access PaySuite On The Top 5 Future Payment Processing Trends
An Interview With Francois Marchand, Editor of The Ecomm Manager
Payments are the lifeblood of so many businesses, so while an innovative or experimental approach could have huge benefits, the fear of making changes to vital infrastructure puts some off. However, innovation is crucial for e-commerce businesses, tech trends continue to evolve alongside consumer demands. By sitting on stability, businesses owners will find their slice of the industry pie will get smaller and smaller.
As we move further into the digital age, the world of e-commerce continues to evolve, particularly in the realm of payment processing. Cryptocurrencies, mobile wallets, contactless payments, AI-based fraud detection, and more are constantly reshaping how consumers make purchases and how businesses collect payments. Keeping abreast of these changes and understanding how to leverage them is crucial for any business operating in the e-commerce space. What are the upcoming trends in payment processing? How can businesses adapt to these trends to provide a seamless and secure transaction experience for their customers? In this interview series, we are talking to ecommerce experts, fintech innovators, and payment processing specialists, to share their “Top 5 Future Payment Processing Trends”. As a part of this series, we had the pleasure of interviewing Andrea Dunlop.
Andrea Dunlop is managing director at Access PaySuite, a leading provider of payment solutions to mid-sized UK organisations. Part of The Access Group, it combines payments expertise with unparalleled SaaS experience to help more than 5,000 customers across commercial and not for profit sectors improve their payment solutions, providing organisations with the freedom to accelerate their innovation and growth.
Andrea is highly-regarded in the payments industry; she has been recognised with numerous industry awards including previously being named one of the ‘Most influential Women in Payments’, and appearing in the Payments Power 10, a list of influential contributors to the payment industry.
Thank you so much for your time! I know that you’re super busy. Before diving in, our readers would like to get to know you. Can you tell us a bit about your backstory and how you grew up?
Having left school at the age of 16, I was really unsure about what I wanted to do, and what career I could see myself in.
At the time, my personal circumstances were such that I needed a job and somewhere to live, so the military seemed like an excellent option. I joined the Royal Air Force at 17, throwing myself wholeheartedly into all the training and exercises — I look back on the early years with very fond memories. There’s no doubt in my mind that my time in service has had a huge impact on who I am today.
I continued to serve with the Royal Air Force for 13 years, choosing to leave aged 30. I knew if I didn’t take the next step, it would be really difficult to start a second career later in life, and the reality was I had outgrown the person I was in the military. This gave me time to assess my own expectations of what I wanted in life and what I could achieve, and a career change gave me the means to facilitate this.
What led you to this specific career path?
To be honest, I fell into the payments sector by complete accident. In the Royal Air Force, I had gained experience in telecommunication engineering, and it was really this background knowledge that led to a chance role in Belgium. Employed by MasterCard, I worked on a platform transformation programme with banks across Europe.
Over the years I have taken a number of risks with my career, never shying away from new steps and bold moves. Unlike many people in senior leadership, my career path has certainly not been a straight trajectory. The broad range of experiences and multi-disciplinary roles I have held over my 35+ years career, have really helped me finesse my role as MD.
Can you share the most exciting story that has happened to you since you began at your company?
I think it’s the ability to drive mergers and acquisitions so fast in my division. Since working for Access, I have completed three acquisitions in just two years.
“While I won’t deny that these are tough projects, I do love the challenge of bringing a company in and working through the transformation — integrating new people, products and services, and finding how our new ventures are able to meld with the existing business.
What are some of the most interesting or exciting projects you are working on now? How do you think that might help people?
Access PaySuite recently completed an acquisition of Pay360, a secure payment provider which has served a wide variety of public and private sector markets for more than 20 years.
Right now, I’m deep in the centre of managing the merger — but what really excites me about this union is how we can leverage Pay360’s extensive public sector know-how to improve our public sector offering, and therefore improve the experiences of hundreds of thousands of people across the UK.
The public sector is historically an area that hasn’t been able to thrive in customer service and streamlined experiences, but we’re at the very forefront of addressing this. In the not too distant future, Access PaySuite will be making a big difference.
You’re a successful business leader. What are three traits about yourself that you feel helped fuel your success? Can you share a story or example for each?
1 . Transformation and analysis
By this, I mean the ability to view a business analytically and be able to visualise how you can transform it for greater success, before going on to implement this evolution.
This wasn’t a skill that I immediately recognised within myself — but, overtime I’ve realised that I’m able to see the larger picture with real clarity when looking at payments businesses, and questioning how I can deliver greater value. This skill not only benefits the Access Group or the business I’m working for, but our customers and our employees too.
I suppose this trait is a skill I have developed through vast experience. Having seen and been a part of so many companies, products, systems and teams, I honed my intuitions for what needs to be done, and how to go about doing it.
2 . Industry knowledge
Having such a broad range of skills and experiences across the payment industry has really helped me progress my career, and thrive in the new roles I’ve taken on — seeking out opportunities for personal and professional development.
One area of payments that I feel really quite passionate about is the increasing investment in regulations and compliance to protect both consumers and businesses. Where I am, I’m really lucky to have a brilliant team who share the same passion and commitment to working through the various regulatory commitments — but for many companies, this cause will require more of a push from senior management, and this is where industry skill really comes into play.
By fully understanding how your business fits into the wider ecosystem and specific landscape of your chosen industry, leaders can prioritise real world impacts, and identify the changes that must be made to benefit both the business and its end users. Only by wholeheartedly committing to better ourselves professionally, can we go on to deliver the best outcomes.
3 . Building great teams that perform
I’ve always been decisive, and everyone I work with knows how to balance that — I work closely with my teams, we make plans and decisions, and we move forward on them. I rarely procrastinate. In any business, mistakes happen, and if something goes wrong, we hold our hands up to it, analyse the process and change tact. Accounting for your mistakes is just as important as celebrating your successes.
I’m a firm believer in investing in people, as I know I’m only as good as the team I surround myself with.
I know what it’s like to work for a ‘faceless’ leadership team, and I recognise the importance of developing professional, amicable relationships with those who you may not get to work with closely, day to day. To get the best out of the individuals I work with, I put time aside to build those relationships, creating strong avenues for dialogue and communication, while fostering a real sense of belonging and team spirit.
I like to be hands-on with my team, such as performing regular off site visits with my management team. I know that this simple gesture helps motivate my colleagues, and in turn motivates me. As a MD, I love witnessing the energy and buzz from all my team members, and seeing the passion that they have for their current projects, as well as the exciting future plans on the horizon.
Excellent, thanks so much for sharing that. I want to shift gears and talk about e-commerce. What was the original vision for your business? What pain point(s) were you trying to solve for your customers?
Getting paid should be simple — and that’s where we come in. Backed by The Access Group, one of the UK’s leading software companies, our vision is to enable businesses and organisations of all sizes to make the most of new developments in payments technology, and reap the benefits without having to become experts themselves. By providing seamless solutions that remove friction and complexities from payments, we offer greater value and opportunities where payments are part of an integrated service.
Problems with payments present significant challenges for all businesses — impacting cash flow, customer satisfaction and overall business efficiency and profitability. Common pain points include delayed payments and stifled cash flow, high transaction costs, fraud and security risks, integration challenges and a lack of automation, to name a few.
Playing such an integral part of a business’s success, those who have invested in their payments software reap the rewards, benefiting from seamless, embedded solutions.
How do you see the e-commerce industry evolving in the coming years?
Like all things, the e-commerce sector is moving towards greater adoption of digital technology — as such, the ecommerce industry will see a significant payment evolution in the next couple of years.
Although already highly adopted by millennials and Gen Z, digital wallets and mobile payments will gain further prominence, offering convenience and speed for consumers. As cryptocurrency becomes more mainstream and regulated with the introduction of legislation, we are likely to see greater acceptance of the digital currency amongst retailers. As such, e-commerce platforms and payment facilitators will be exploring secure and user-friendly crypto payment solutions.
The adoption of open banking will continue to grow over the next couple of years, allowing more industries and businesses to benefit from third-party financial service providers accessing customers’ financial data. With this, the ecommerce sector will benefit from enhanced payment options, personalised financial services (such as customised budgeting advice or financing options), and streamlined checkouts.
Cross-border payments solutions will cater to e-commerce global expansion, offering businesses greater access to international markets with competitive exchange rates and minimised currency conversion fees. Worldwide, regulatory compliance will be essential for shaping payment practices, especially as data becomes increasingly utilised for personalised shopping experiences.
With this evolution, and growing reliance on digital, building trust in payment security for both consumer and business will be paramount. Transparent and secure practices are a must.
How do you balance the need for innovation and experimentation with maintaining a stable, reliable e-commerce infrastructure?
Payments are the lifeblood of so many businesses, so while an innovative or experimental approach could have huge benefits, the fear of making changes to vital infrastructure puts some off. However, innovation is crucial for e-commerce businesses, tech trends continue to evolve alongside consumer demands. By sitting on stability, businesses owners will find their slice of the industry pie will get smaller and smaller.
With this in mind, payments providers such as Access PaySuite offer e-commerce businesses a means of innovation without the experimentation, delivering both stability and reliability. Providing seamless, secure and transparent payment solutions for all businesses takes the leg work out of progression.
Ok super. Here is the central question of our interview. What five emerging trends do you believe will have the biggest impact on payment processing in e-commerce? Please explain each in detail.
1 . Open banking
Open banking allows third-party financial service providers to consensually access a customer’s financial information through Application Programming Interfaces (APIs) provided by their traditional banks.
With the potential to revolutionise payment processing, open banking fosters innovation by enabling third-party developers to utilise this data to create new payment solutions and services — leading to a wider choice of payment options for consumers to choose from. Customers can also enjoy seamless, user-friendly payment processing, simplified by the automated transfer of personal information from banks to businesses. Not only does this make the consumer experience more convenient, business leaders can benefit from reduced cart abandonment rates and boosted conversion figures.
While this data transaction may once have caused alarm bells to ring for some, bank-grade security measures and robust authentication protocols significantly reduce the risk of fraudulent activity. With this, businesses are protected and trust is built among customers.
Open banking also promotes competition amongst financial services providers, meaning that businesses and consumers alike can benefit from cost-effective solutions and competitive pricing. With more choice for payment processing, merchants can cherry-pick the solutions that suit their specific needs best, enabling them to ultimately reduce transaction costs.
2 . Embedded payments
Embedded payments removes the burden of lengthy checkout pages, giving customers a range of flexible and secure payment methods without any added steps. We already know that consumers increasingly demand a choice of easy to use payment methods and integrating payment methods into your site or app removes barriers. Simplifying the payment process can help e-commerce businesses to reduce customer churn and cart abandonment, as well as potentially increasing purchase frequency.
Embedded finance is another closely related trend which involves integrating financial services directly into an e-commerce platform — enabling businesses to offer a broader range of financial services, including loans, insurance, and saving accounts. By doing so, e-commerce companies can enhance revenue streams and amplify customer loyalty by simplifying the consumer journey, providing all services in one easy-to-use place.
3 . Recurring payments
Experiencing exponential growth during the pandemic due to the rise of subscription services, recurring payments are set to make a significant impact on the e-commerce industry.
While demand may fluctuate with financial conditions, the benefits of predictable and consistent cash flows have become apparent to businesses. This steady revenue stream allows for better financial planning and improved customer retention. Despite economic challenges, such as the cost of living crisis, consumers are increasingly inclined to sign up for recurring subscriptions — drawn to the convenience and value these services offer.
E-commerce merchants are recognising the value of integrating recurring purchase and payment options, ensuing they remain competitive and adaptable to changing consumer preferences.
4 . Monetisation
Looking to achieve substantial growth, various players in the industry — software vendors, platforms, marketplaces, and merchants — are rethinking their approach to customer onboarding, service activation, and adaptability.
Viewing payment processes as potential monetisation opportunities, these leaders are exploring additional revenue streams, both implicitly by reducing cart abandonment and enhancing user experience and explicitly. For instance, merchants may seek accelerated cash flow and be willing to pay a premium for it, while platform owners can tier their offerings and charge commission for faster payments. Monetisation can extend to platform fees and expanding value-added services.
This means that businesses are able to maximise the profitability of their own services, enabling leaders to assess and adjust strategies to reap the rewards. For example, businesses may opt to seize opportunities to monetise users in place of heavy reliance on advertising revenues. Embedding payment solutions at the checkout, enabling consumer financing, and optimising payment plans are all means of diversifying income streams.
5 . Brand integrity and personalisation
Maintaining brand integrity across all aspects of a business is vital, and the payments experience should be no different. Inconsistency in the consumer experience can erode trust and harm overall perception.
Personalisation, which is driven by embedded payments solutions, enables businesses to deliver tailored shopping journeys to individual customers, enhancing consumer satisfaction and rewarding loyalty. Recognising and accommodating preferred payment methods seamlessly is a crucial aspect of this.
With third party payment providers, businesses can easily tap into this trend, benefiting from customer-centric, flexible solutions — offering customers online card payments, direct debits and everything in between. Creating a cohesive, trustworthy, and highly customised payment process, sets the stage for improved user experience, increased brand affinity, and ultimately, higher conversion rates.
Is there a past trend that’s now common practice in payment processing that you would have spent 50% more time focusing on? Which one and why?
In the early days of e-commerce, online security was a significant concern, and consumers were hesitant to share their personal banking information online. However, as the industry grew and consumers became more comfortable with online shopping, the need for secure payment processing became increasingly evident.
Payment gateways and secure payment protocols were developed and refined to protect the customer and their sensitive data during online transactions. These practices, and other means of consumer protections have become commonplace today, enhancing customer loyalty and confidence (leading to increased sales), aiding the prevention of data breaches and reducing the risk of fraudulent activities. Additionally, legal requirements call for security measures to be in place, with non-compliance resulting in hefty penalties.
Looking ahead, what are the biggest opportunities and challenges facing payment processing for e-commerce, and how do you plan to address them in the coming years?
The biggest opportunities lie in technological advancements. These innovations have the ability to enhance customer experience and boost revenue streams, however, they also come with challenges like regulatory compliance, security and customer education.
In the coming years, Access PaySuite, will continue to help businesses access up-to-date solutions by facilitating secure payment processes, and offering insights into emerging payment trends. Adaptability, a commitment to security, and a customer-centric approach will be key to seizing future opportunities and overcoming any looming challenges.
You are a person of significant influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
Real life training on financial needs with proper financial education in schools: covering valuable lessons on how to manage your money. Topics would cover how mortgages work, how to save and manage your bills and monthly outgoings, credit cards, pensions and interest payments, buy now pay later schemes, and repaying debt — such as student and other types of debit like car financing.
With thorough real-world financial skill education, we’ll see better individual and social outcomes for everyone — but this needs to start with schools. From my own experiences, I know some schools are starting to introduce this — my step children have received mentoring on financial wellbeing — but initiatives such as this should be part of the curriculum and introduced nationwide.
How can our readers further follow your work online?
For more information about Access Paysuite and the services it provides, visit https://www.accesspaysuite.com/.
I want to thank you so much for your time and for sharing your expertise with us. I wish you continued success!
About The Interviewer: Francois Marchand is the editor of The Ecomm Manager. Throughout his 20+ years in journalism, communications, and marketing, Francois has created and managed high-value content for Postmedia, Vancouver Film School, and Unbounce. He loves helping business leaders grow their skillsets and knowledge base to stay ahead of the competition. Visit The Ecomm Manager: theecommmanager.com
