According to Euro News, Poland has sustained 4.2% economic growth per year since 1992, which is better-than-average in Europe. The payments landscape is also becoming more digitalised, with cash only being used in a small number of transactions.
This progress, however, has presented some challenges for businesses. For example, emerchantpay research found that 76% of professionals in Poland believe that a lack of payment efficiency is a challenge for their business. But before we discuss how this problem can be solved, let’s first look into how and why they’re struggling.
Key problems
The majority of monetary concerns in Poland appear to be linked to fraud and security. Our research revealed that 91% of payments professionals believe that improvements in these two areas are a challenge for them. Additionally, fewer than three-tenths expressed satisfaction with their real-time fraud monitoring efforts. Since many businesses have been unable to combat issues that they know are prevalent, it’s not surprising that this is a source of frustration for them.
Ever-changing consumer tastes is another area that could be linked to Poland’s fast-developing economy. Going by what payments professionals said when we interviewed them, 86% believe that customers’ increasing demands and expectations are difficult to contend with at the moment. When you also consider that keeping up with the latest payment methods was another of businesses’ top three challenges, it’s easy to see why efforts to boost efficiency have been halted.
How do we solve these issues?
The best way for Polish businesses to stop security-related issues is to act on them before they turn into a problem. One way to do this is by choosing a payment technology partner with good fraud monitoring tools. This is even more applicable when you bear in mind that increasing efficiency across the whole business is a priority for most merchants over the coming two years.
To keep up with the latest payment methods and increasing customer demands, having a team with the right skillset can go a long way in achieving this. Indeed, an inhouse payments team will bring great benefits to businesses looking to realise payments efficiency. But, much of this skillset should also be made available as part of the overall value proposition offered by the payment provider. Although realising payment performance efficiencies is a long-term game, much of the pain points experienced by polish businesses can be solved fairly quickly with the right payments expertise, be it in-house or externally.
Conclusion
Tweaks must be made in certain areas, but payments professionals in Poland are in a good position to boost their efficiency. It’s possible for fraud and security concerns to be reduced by choosing a solution with advanced mitigation features. Another way to increase satisfaction could be by ensuring that whichever solution they choose also has an experienced support team. By becoming more educated in fraud and security, along with attracting payments specialists either internally or externally, Polish businesses will be able to improve across multiple business areas.
emerchantpay offers extensive risk mitigation tools, in addition to round-the-clock monitoring and expert support. Find out more.