Viktoria Soltesz on Why Brokers Struggle with Payments - Article at the GameChangers Magazine Issue 54
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Viktoria Soltesz's article at the GameChangers Magazine Issue 54
Trading companies operate in fast-moving markets and are considered as high risk which means they face continuous payments and banking issues.
While clients expect instant deposits and fast withdrawals, the actual process runs through multiple payment menthods, banks, card schemes, and providers, each adding checks, delays, and friction. Maintaining account stability, reasonable fees and technical efficiency are ongoing challenges.
Unfortunately many brokers rely on introducers to access payment solutions who all work for commission; they all sell, rather than strategize and truly understand what's the best option for the business - it's not only unethical but also very dangerous.
Moreover, the ones who manage payment and banking tasks are not adequately trained to do so. Key areas, such as how payments and banking affect technology, UX, compliance, and other essential aspects in a business, are absent from accounting, economics courses, and MBAs.
Fragmented payment flows, multiple currencies, and cross-border requirements increase operational pressure, especially as companies expand internationally. Even small details in transactions can lead to delays or rejections.
The Chief Payment Officer role ois a must - but unfortunately still do not exist in many organisations. This key function is responsible for overseeing payment and banking strategy across the business, ensuring control, stability, and alignment with growth.
