Payment strategy: why money flows come before the product - Article by Viktoria Soltesz at Norbr

Viktoria Soltesz, Founder of PSP Angels and The Soltesz Institute, was recently featured in NORBr's #TheShot Season 7, sharing her expertise on why businesses should plan their payment and banking strategy before developing their products.

A payment and banking strategy decides how money enters a company, who holds it, what each flow costs and which payment methods each market needs, before the product is built.

Most companies build a minimum viable product first and look for a bank and a payment provider afterwards. Viktoria argues for the opposite order. Money flows have to be planned first, and why the decisions around them need an owner who is not only the finance team.

That is why businesses need a dedicated Chief Payment Officer (CPayO).

"Companies are coming up with a minimum viable product. They are rushing, they are creating the service or product at a bare minimum level, and then they try to find a bank and payment provider after that. What we are advocating for is the complete opposite. You need to understand how the money is flowing through your organization, what you are allowed to do, and then build the operation around that."

Read the full article: "Payment Strategy: Why Money Flows Come Before the Product" on NORBr here: https://norbr.com/insights-blog/payment-strategy-money-flows-before-product