Payment Processing Platforms | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to Payment Processing Platforms Procurement

Overview

Several macro changes in the dynamics of overall End User Software and Hardware as well as Payment Processing Platforms procurement trends are poised to change the business practices and procurement thumb rules. Rise in the cost of certain essential assets and supplies required to deliver Payment Processing Platforms is making a significant addition to the supplier's overall expenditure. This could have an inflationary impact on buyer's procurement expenditure in the Payment Processing Platforms market.

New locations and vendors are emerging as cost effective suppliers of Payment Processing Platforms, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

Global market is facing a shortage of professionals with requisite skills and training. Minimum wages and stringent regulations are compelling suppliers to increase their employee expenses which are expected to have an inflationary impact on buyer's procurement cost.

Category managers need to take note of the potential of these developments and reassess the changes required in their procurement practices.

Payment Processing Platforms Procurement Best Practices

As market conditions become more dynamic and procurement practices get more sophisticated, category managers need to be cognizant of the best practices that work for their Payment Processing Platforms category procurement. The report offers a succinct analysis of Payment Processing Platforms procurement best practices.

For example, It is important for category managers to track and measure the performance of suppliers against a defined set of KPIs that are agreed upon by both parties. Buyers should engage with providers that offer mobile applications and online dashboards to monitor essential performance parameters of the products and services procured.

Buyers must clearly define clauses pertaining to the ownership of subcontracting services that are not a part of preferred suppliers' portfolios. Subcontractors should be bound by the same terms and conditions as the main contractor to ensure consistency in quality and manage any adverse event such as data breach.

Needs of buyers can vary depending on the industry where buyers operate. For instance, buyers from the financial services industry give high importance to regulatory compliance and data security, whereas buyers from the e-commerce industry prioritize high throughput, low response time, and high scalability. Hence, service providers with a strong knowledge of the security, compliance, and governance needs of buyers' industries and a proven track record of performance with respect to these aspects should be prioritized.

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Risks in Payment Processing Platforms procurement

Payment Processing Platforms procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Payment Processing Platforms procurement. Some examples include:

Consistent evolution in the technological landscape of IT support services is increasing the risk of technology used by service providers becoming obsolete, which can prevent buyers from engaging with them
An increase in the integration of IT systems is amplifying the risk of cyberattacks and theft of sensitive data
Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance

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Who should read this report

The report is intended to serve as a one-stop reference guide for Payment Processing Platforms procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Payment Processing Platforms: Procurement Report 101” as well as for category experts actively tracking the global Payment Processing Platforms procurement market.

You may have just initiated your research to design a winning Payment Processing Platforms procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Payment Processing Platforms procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The Payment Processing Platforms procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the Payment Processing Platforms market?
What is the correct price to pay for Payment Processing Platforms? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Payment Processing Platforms Suppliers Market?
Who are the top Payment Processing Platforms suppliers? What are their cost structures?
Which negotiation levers can reduce Payment Processing Platforms procurement cost ?
What are supplier margins in Payment Processing Platforms market?
What are the best practices for Payment Processing Platforms procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Payment Processing Platforms Category Insights: What is inside

The Payment Processing Platforms market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Payment Processing Platforms procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Payment Processing Platforms. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Payment Processing Platforms market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Payment Processing Platforms category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of Payment Processing Platforms procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.