How coronavirus has changed merchant acquiring
Suneera Madhani, CEO of the digital acquirer Fattmerchant, tells PaymentsSource how the coronavirus pandemic has affected how her employees go to market with new payments technology — and how making the shift to digital helps both the acquirer and its clients.
The business of merchant acquiring is one that relies heavily on relationships, face-to-face interactions and handshakes. In a world where retailers can only serve consumers at the curbside, and shoppers are ordering more goods online, how can an acquirer seek new business and grow its existing relationships?
We also discuss with Suneera Madhani the growth of specific payment categories such as virtual gift cards, which are seeing fresh adoption among small businesses that have otherwise closed their doors.
Even in a normal environment, "we don't actually meet our merchants one-on-one. We conduct all of our business online ... we do our consultations over the phone and over Zoom, and we do demos online" Madhani said. "Even their integrations into their point of sale systems [are] also done virtually."
Finally, Madhani shares the lessons of leadership — Fattmerchant is one of PaymentsSource's Best Fintechs to Work For, and Madhani is a past honoree in PaymentsSource's Most Influential Women in Payments — and how those skills apply during the current crisis.