Mo Chaar of Givex On The Top 5 Future Payment Processing Trends

An Interview With Francois Marchand, Editor of The Ecomm Manager

Social and Live Purchasing: As e-commerce continues to evolve, there’s a noticeable shift towards integrating shopping experiences within social media platforms and live streaming events. This allows consumers to make instant purchases while engaging with content, making the shopping experience more interactive and seamless. Brands can showcase their products in real-time, answer questions and process payments without the consumer ever leaving the platform.

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 Mo Chaar, Chief Commercial Officer of Givex.

Since joining Givex in 2007, Mo Chaar has helped Givex expand its North American footprint. Chaar began his tenure as a Business Development Manager before becoming Vice President of Sales for North America and then moving to his current role as Chief Commercial Officer. In this role, Chaar oversees commercial strategy and development worldwide as well as managing the sales teams within North America. His experience in gift card, loyalty and POS has assisted to the success of their largest partners.

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? What led you to this specific career path?

I joined Givex in 2007, initially serving as a Business Development Manager before ascending to Vice President of Sales for North America. I currently hold the position of Chief Commercial Officer, overseeing global commercial strategy and development. I work closely with Givex’s North American-based sales teams and stay committed to steering the company towards innovative solutions that meet evolving consumer demands.

Can you share the most exciting story that has happened to you since you began at your company?

Seeing the Growth of Givex over the years. When I started we had 60 employees and have since grown to just under 400.

What are some of the most interesting or exciting projects you are working on now? How do you think that might help people?

At Givex, we are dedicated to enhancing our payment systems with cutting-edge engagement tools to provide even greater efficiency and user-friendliness. The future trends and predictions in digital payments technology are also quite promising. Advancements in this area could lead to faster, safer, and more convenient payment methods for consumers and we continue to focus in this area to enhance the merchant and consumer experience.

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. Adaptability: Being able to quickly assess changing market conditions and adjust our strategies accordingly. For example, As e-commerce becomes more prominent we adapted to this changing landscape by investing in our Online Ordering Platform and BYOD (Bring Your Own Device) Technology. With this digital platform it allows merchants to focus on customer engagement and unique consumer experiences.
2. Resilience: As leaders we must weather setbacks, failures, and challenges with a positive attitude and determination.
3. Effective Communication: Communication is key to leading a team and navigating complex business relationships. This is constantly being done during contract negotiations to clearly communicate the benefits of our product.

Excellent, thanks so much for sharing that. I want to shift gears and talk about e-commerce. What was the original vision for your e-commerce business? What pain point(s) were you trying to solve for your customers?

The original vision for Givex was to create technology solutions that unleash the full potential of e-commerce. Since 1999, we’ve been focusing on developing innovative and state-of-the-art e-commerce tools and services, to provide an omni-channel consumer experience through our products as gift cards, loyalty programs and GivexPOS, that foster powerful connections and provide strategic insights to empower brands.

The main pain points we aimed to address were the complexities and challenges businesses faced in cultivating meaningful relationships with their customers. We aimed to streamline workflows and transform intricate data into actionable insights, allowing businesses, regardless of size and industry, to grow and develop stronger, more meaningful connections with their customer base.

Our services are designed to provide reliable technology and exceptional support, enabling brands to focus on what they do best while ensuring a seamless and rewarding experience for their customers.

How do you see the e-commerce industry evolving in the coming years?

There’s been quite a lot of innovation and evolution in the e-commerce industry over recent years. As we look to what’s next in the industry, the biggest trend we see would be continued growth in the digital payment space. Currently, over 85% of retailers in the U.S. accept Apple Pay, but we expect to see a sharp increase in the number of customers actually taking advantage of those mobile capabilities.

1. Increased Personalization: E-commerce companies are investing heavily in personalization technologies. They are using data analytics, machine learning, and AI to understand individual customer preferences and provide tailored shopping experiences. This could include personalized product recommendations, pricing, and content.
2. Augmented Reality (AR) and Virtual Reality (VR): AR and VR technologies are being integrated into e-commerce platforms to enhance the online shopping experience. Customers can virtually try on clothes, visualize furniture in their homes, or even “walk through” a virtual store.

How do you balance the need for innovation and experimentation with maintaining a stable, reliable e-commerce infrastructure?

Balancing innovation and stability is crucial. We focus on implementing new technologies while maintaining rigorous testing and monitoring to ensure reliability and security. Developing robust infrastructures and adhering to best practices allows us to innovate without compromising stability.

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?

1. Social and Live Purchasing: As e-commerce continues to evolve, there’s a noticeable shift towards integrating shopping experiences within social media platforms and live streaming events. This allows consumers to make instant purchases while engaging with content, making the shopping experience more interactive and seamless. Brands can showcase their products in real-time, answer questions and process payments without the consumer ever leaving the platform.
2. Blockchain for Real-Time Payments: Blockchain technology is revolutionizing the way payments are processed by offering real-time, secure and transparent transactions. This decentralized ledger system eliminates the need for intermediaries, reducing costs and increasing the speed of transactions. For e-commerce businesses, this means quicker payment processing and enhanced trust among consumers.
3. Digital Currency (Gift / Loyalty): The adoption of digital currencies, especially in the form of gift or loyalty points, is on the rise. These currencies offer a flexible and often more engaging way for customers to shop. E-commerce platforms are integrating systems where customers can earn, store and spend these digital currencies, enhancing customer loyalty and encouraging repeat purchases.
4. Biometrics Payment Systems: The security of payment processes is being elevated with the introduction of biometric systems. These innovative methods, such as the Amazon One’s palm signature scan, offer a contactless payment solution that is both secure and convenient.
5. Improving Security using AI: Fraud detection and security has always been central to payment processing. Make fraud controls too strict and you risk rejecting legitimate transactions and creating a bad experience for the customer. But relaxing controls too much opens a business up to increased fraud. AI can analyze large amounts of data to detect fraudulent activity and create new models for identifying suspicious transactions. It shows a lot of promise in improving the success rate of catching fraudulent transactions while minimizing friction for the customer.

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?

One trend that has become common practice in payment processing is the shift towards digital and mobile payments. This includes the use of mobile wallets, contactless payments, and other forms of digital payment methods.

Consumer Convenience: Digital and mobile payments offer a level of convenience that traditional payment methods can’t match. They allow consumers to make purchases anytime, anywhere, and from any device.

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 opportunities lie in advancing technologies to make transactions more secure and efficient, but the challenge is all about how we can integrate these advancements seamlessly to ensure e-commerce experiences stay user-friendly and intuitive.

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.

Global Digital Literacy and Access for All. This movement would aim to bridge the digital divide, empower individuals, and address various social and economic challenges.

How can our readers further follow your work online?

For a more in-depth look at our work and ongoing projects at Givex, readers can follow us on our official website, our LinkedIn page or subscribe to our newsletter for regular updates and insights.

What “next big thing” tactic or strategy should leaders in e-commerce be digging into? Exploring advancements in biometric payment systems for secure transactions and investing in SoftPOS for mobile capabilities.

What is everyone wrong about in e-commerce? That innovation and security can’t coexist. Both are crucial for a progressive e-commerce landscape.

What are you reading right now? The Billion Dollar Metaverse Challenge: Making Sense of Virtual reality By Daniel Hawes

What product, tool, or service do you wish existed? Universal Digital Identity and Payment Integration

What product are you obsessively using right now? There is not just one product, but currently I am learning more and more about Language AI and the applications it can be used for.

This was very inspiring. Thank you so much for the time you spent with this!

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