For many of us, the beginning of a new year is typically a time when we set personal ‘New Year’s Resolutions’. Just as we do this for ourselves, it is important for businesses to set them as well, in early Q1 each year. Confucius had it right when he professed, “study the past if you would define the future.” The aim is always to look to the future when setting these new expectations, but don’t forget that in order to do so effectively, you have to look to your past to get the true picture of where you are going and where you want to be.
Reflection: Study the Past
Especially after the transformation the Fintech industry went through in 2016 and for its sustainability in 2017, it is important for each of us in this industry – Credorax included – to reflect on the past in terms of what worked and what we could have done better. There is one big lesson we collectively learned. In order for the industry to continue to flourish, it must focus on creating very pragmatic solutions for its audiences (consumers and businesses) vs. frivolous concepts that will never be adopted. In other words, the focus needs to be on the ‘need to have’ rather than the ‘nice to have’ solutions. To do this wisely, companies need to really listen to their customers and react to their needs spot on.
From its inception, Credorax committed itself to being a Merchant Acquiring Bank that would exemplify true Customer Advocacy by staking its claim as the Acquirer to create ‘tailor-made’ business and technology solutions. While standardization in payments is critical for industry growth, the reality in acquiring is that every merchant is different, and therefore each one requires very specific solutions in order to enable them to flourish.
Was this mission an easy one to take on? Absolutely not and anyone in this industry with similar ambitions that claims the opposite is, let’s face it, not being truly transparent. Because here is the deal: off-the-shelf Acquiring & Payment solutions do not answer every customer’s needs and frankly do not exist.
Since we as a company approach everything ‘head-on’ and do not drink the Kool-Aid of unrealistic undertakings, our adopted, transparent philosophy with our clients has become and continues to be: “We may not have the answer today, but we’ll find it quickly and fix it smartly.” We therefore embrace the challenge gladly, understanding that we have the ability to carry out this mission.
The proof of success of this mission? Looking back at our previous year’s accomplishments, which were only made possible because of this commitment! Global payment service providers and merchants have continuously made it clear that they select Credorax as their preferred merchant acquiring bank over competitors due to this tailor-made approach. Examples of partners secured in the last year alone include: Arvato, Vantiv, Simplify by MasterCard, Acceptacard, Computop and EasyPay. In addition, Credorax recently won several awards, including the Emerging Payments Association’s 2016 ‘Best Gateway/PSP/Acquirer’ solution provider, due to this unique business approach. This award is important to us because it is a concrete example of true measurement against this goal.
Moving Forward: If You Would Know the Future
Circling back to our 2017 Q1 resolution… Customer Advocacy will absolutely continue to be our number one priority to ensure that our customers and partners continue to be successful this year. Credorax’s business model is solid yet dynamic enough to meet these undertakings once again, as it is built on the following three-pronged paradigm which when combined continuously ensures success for our stakeholders, both internal and external:
- Trust built on skilled and caring talent: We have built a talent pool of technology and payment professionals that not only excel at their crafts, but care deeply on a personal level about our customers’ successes. Whether it’s waking up in the middle of the night to fix a technical issue, or bringing every C-level to clients in-person to solve their business issues, the staff treats partners and customers like family.
- All roads lead to a common ground, ePower: In order to support our business philosophy of tailor-made acquiring and payment solutions, we created ePower, our patented single and unified acquiring and payment technology platform. This platform acts as the underlying, centralized infrastructure that serves as a common denominator for all the payment processing needs of all our partners and customers, as well as the foundation on which all tailor-made business/technology solutions are built.
- Tailor-made technology & business solutions: For every client, we start off with a personalized Solution Architect that maps out a blueprint of how Credorax will support their individual needs and through the duration of the relationship we create and implement these solutions.
Signing off, we can’t stress enough how important it is for every business – not just Credorax – to make customer advocacy the core focus. Starting off with the right ‘mantra’ at the start of the year will surely lead to success and sustainability throughout the year!
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