What does a payment consultant do?

1 Payment consulting services

A payment consultant can offer a range of services to help you improve your payment operations. From designing and implementing a payment strategy that aligns with your business goals, customer preferences, and market trends, to optimizing your payment performance, efficiency, and security; a payment consultant can provide invaluable assistance. They can help reduce payment errors, fraud, and chargebacks, and increase payment conversion, speed, and reliability. Additionally, they can assist in negotiating better rates and terms with your payment providers while leveraging data and analytics to monitor and improve your payment outcomes. Furthermore, they can help you comply with the relevant payment regulations and standards, such as PCI-DSS, GDPR, PSD2, and KYC. Through assessing your current level of compliance, identifying any gaps or risks, and implementing best practices and policies; they can ensure your payment systems are safe and legal.

2 Payment consulting skills

A payment consultant needs to have a combination of technical, business, and interpersonal skills to succeed in their role. They must possess payment knowledge, such as an understanding of the payment industry, the different payment methods, channels, and platforms, and how to evaluate and compare different payment options. Additionally, they should have business acumen to align with the needs and goals of their clients, analyze and interpret data, communicate effectively, and build trust. Finally, they need to have problem-solving skills to identify and diagnose payment issues, devise strategies for resolution, anticipate risks, and adapt to changing situations.

3 Payment consulting qualifications

A payment consultant does not require a specific degree or certification to enter the field, but they may benefit from having some relevant education and experience. For instance, a degree in finance, accounting, business, or a related field could be beneficial. Additionally, certifications or trainings in payment systems, such as the Certified Payment Professional (CPP) or the Accredited Payments Risk Professional (APRP), and payment compliance, like the Certified Information Systems Auditor (CISA) or the Certified Information Systems Security Professional (CISSP), could also be useful.