5 Payment Challenges CEOs of Fast-Growing SaaS Companies Face in 2023 | CatalystPay

5 Payment Challenges CEOs of Fast-Growing SaaS Companies Face in 2023

  • 8 min read
  • 12 may 2023

Payments keep evolving and facing its ups and downs along the way, so if you think that the pandemic was the worst that could’ve happened to your business operations, think twice. Because the year 2024 comes with various challenges that CEOs of fast-growing companies like yours have to overcome. 

Here are five payment challenges you might face this year, and the effective solutions to help you boost your potential:

1.Businesses can lose $48 billion to fraud - will you be one of them?

With the global population about to hit eight billion, you might be surprised that an astonishing 27% of people shop online. This increasing amount of online transactions, however, comes not only with new business opportunities but an increased risk of fraud. 

Given the increasing volume of payment transactions,  operations migrated to the cloud and third parties involved, it’s no surprise that fraud attempts, chargebacks, and security breaches have become more sophisticated over the past years. Alarmingly, recent reports show that businesses might lose $48 billion to fraud globally. As a result, according to PwC, over 48% of CEOs and business owners admit they need advanced mechanisms and AI-powered solutions to detect financial and data processing risks, as well as geopolitical challenges, and combat cyber fraud.

If you don’t know what to do to protect your business, the good news is that we at CatalystPay can help you implement such advanced tools - including 3D authentication, tokenization, and PCI DSS - and boost your risk management strategy beyond 2023.

2.Tech advancements and regulations: A gap to be bridged

Crypto, social payments, P2P transactions - you name it! Since the fintech sector has been developing at a rapid pace, we shouldn't be surprised that over 75% of CEOs do not hesitate to invest in financial processing automation, novel platforms and upskilling to stay relevant this year. 

At the same time, it’s not a secret that regulatory requirements have a lot to catch up with, creating a gap between tech and regulation. Unfortunately, with regulatory data privacy and documentation requirements still evolving and varying across countries, it’s harder for businesses to stay compliant. 

Having worked with numerous businesses across verticals, we at CatalystPay know that compliance is a major obstacle, so we are here to change that. How? By providing state-of-the-art tools and ongoing support to help you stay ahead of onboarding and PCI DSS and SCA regulations at no extra cost.

 

3.Keeping customers satisfied is not an easy task (but it’s a must

While in 2023, inflation, ROI uncertainty, and competition remain a main concern for ⅔ of CEOs globally, another challenge to be tackled is… keeping customers satisfiedTo do that and optimize conversion rates in 2023, SaaS companies need to focus on: 

But that’s not all! Given that customers are becoming more and more informed, businesses should also listen to end users in order to improve their financial payment services and customer support practices. CatalystPay can help you embrace such a client-centric approach by giving you access to a versatile range of payment options and advanced reporting and visualization toolkits to regain control of your customer data and boost brand loyalty.

4.Many payment solutions. 0 integration.

But while we all talk about cross-border payments, positive UX, reduced churn rates, limited failed payments, and secure payments, the truth is that, as the saying goes, it’s easier said than done. Because - although technology innovations are on the rise - not all payment processing solutions for SaaS out there are tailored, fast, and easy to integrate, which is a major challenge for CEOs and their teams. 

Having a fintech solution that is easy to integrate and navigate can save time and money, as well as boost employee productivity. Thus, we at CatalystPay do not believe in one-size-fits-all approaches and offer an intuitive payment gateway with customizable features and access to a network of partners to help you find a solution tailored to your business needs. 

5.Falling behind on financial trends (with a focus on sustainability)

In the end, with user preferences, regulations, and fintech innovations changing at a rapid pace, we should note that many CEOs fear they may fall behind in keeping up with the latest payment trends and lose competitiveness. One particular concern is reputational damage due to a lack of focus on sustainability and ethical operations - something today’s users demand. No wonder that according to a study by EY, 33% of CEOs of SaaS companies felt the need to take action in the months to come to create an effective ESG foundation for their operations.

We at CatalystPay can help you stay informed and retain both staff and customers by providing consulting and ongoing support in 2023 and beyond. Simply contact us to learn how you can take your business to the next level and deliver a real social impact. 

Conclusion 

In the end, the year 2023 is not without its challenges, and CEOs of fast-moving SaaS companies need a reliable payment service provider to streamline payment processing and grow their business. 

Are you ready to overcome all these potential challenges? Because we are!

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