In an era where payment technology evolves at breakneck speed, the importance of universal payments education cannot be overstated. Did you know that over 67% of CFOs at billion-dollar consumer businesses anticipate a rise in specialized payments leadership roles? As payments evolve from a cost center to a strategic asset, it's crucial for professionals to stay ahead and thrive.
We recently launched our educational partnership with the Merchant Risk Council, unlocking access to MRC’s Payment Essentials course. In a recent LinkedIn Live session, Julie Fergerson, CEO at MRC, and our CMO Rory O'Neill discussed why now is the perfect time to invest in universal payments education.
Why payments education matters
"Empowering professionals with the right knowledge isn't just important - it's crucial," emphasizes Julie Fergerson. She highlights how payments have evolved from being a cost center to a pivotal part of business strategy, thanks to the rise of the internet and new payment methods.
Education has been a cornerstone of this transformation, with the MRC leading the charge in creating certification programs and online learning opportunities. "This initiative aims to provide professionals with the knowledge required to effectively navigate the complexities of modern payments, with the partnership with Checkout.com expected to enhance and accelerate this effort."
Looking ahead, MRC and Checkout.com believe that the payments industry is shifting towards prioritizing exceptional consumer experiences.
"Consumers now expect seamless payment processes,” Fergerson points out. "It's about making payments so effortless that they become invisible." Moreover, with the regulatory landscape growing more intricate - impacting over 2,500 card network mandates last year alone - businesses must stay informed and compliant.
“Here at Checkout.com, we believe in empowering professionals at every career stage with essential payments education,” O’Neill added. “Just as consumers expect frictionless payment experiences, businesses must equip their teams with the knowledge to navigate regulatory complexities and ensure seamless transactions."
Building a Common Language in Payments
One of the biggest challenges in the payments industry is the lack of a common language. Terms like "authorization" can vary in meaning across different organizations, leading to confusion and inefficiencies. The Payment Essentials course aims to standardize terminology and create a shared understanding among professionals.
The rise of the Chief Payment Officer
According to LinkedIn, there has been a 45% increase in open positions¹ in the payments field. This surge reflects a growing recognition among businesses of the strategic importance of payments and the need for specialized knowledge and expertise.
"We're seeing a rise in payments roles across diverse industries," noted Fergerson. "Payments are no longer just a function; they're a strategic asset."
Given these developments, it's not surprising that 67% of CFOs at consumer businesses with revenues over $1 billion anticipate a rise in specialized payments leadership roles such as Head of Payments or Chief Payment Officer in the coming decade. Fergerson remarked, "It is absolutely becoming a C-suite role. In fact, I was reflecting on this the other day in my career. I've seen the rise of the chief security officer and the chief privacy officer. I thought, 'Wow. How did that happen? What made that happen?'"
Businesses are acknowledging the increasing importance of the Chief Payments Officer role, foreseeing its expansion alongside strategic partnerships and greater involvement from the C-suite in payment operations.
We heard from our CMO Rory O’Neill that: "With businesses prioritizing payments excellence, the role of the chief payments officer is evolving to focus more intensely on optimizing payments performance and maximizing ROI, while maintaining a strong commitment to enhancing customer satisfaction through every payment interaction."
At the end of the day, Fergerson and O’Neill agreed that this new C-suite position underscores the deepening complexity and strategic importance of payments within organizations. Fergerson pointed out that 25 years ago, payments were often relegated to the backroom, rarely discussed in boardrooms. Today, however, they are front and center, driving consumer experience and revenue.
This evolution mirrors the path of other critical roles in response to external pressures and the growing complexity of managing payments. By elevating payments to the executive level, companies can better navigate regulatory landscapes and enhance consumer experiences.
The power of partnership with the MRC
With a footprint in 79 countries and events spanning the globe, MRC is dedicated to educating professionals, advocating for best practices, and fostering innovation. Our partnership with the MRC was born out of a shared belief in the necessity of education within the payments industry.
Payments are complex and pivotal, requiring specialized focus and deep understanding beyond traditional business roles. That’s why we’re excited to sponsor the Payment Essentials course, offering foundational knowledge and practical skills for professionals at every level. This mission aligns with our goals at Checkout.com, where we prioritize training and education through our internal Payments Academy for our global team of 1800 members.
The future of payments
The future of payments? It's bright, it's dynamic, and it's centered around education, collaboration, and innovation.
“Payments professionals, known for their tenacity and versatility, drive business success by ensuring fluid financial operations. With enhanced training and education, their potential knows no bounds. At Checkout.com, we are committed to nurturing and expanding payment expertise at every career stage - from aspiring students and early-career professionals to cultivating tomorrow's Chief Payment Officers.” O’Neill pointed out.
Both MRC and Checkout.com are working to ensure the payments industry not only keeps pace with technological advancements but also leads in providing exceptional consumer experiences.
As Fergerson aptly put it, "Education is the key to unlocking the full potential of the payments industry, and we're committed to being at the forefront of this journey."
Join us in shaping the future of payments education. Enroll in the Payment Essentials course today and be part of a community of professionals dedicated to mastering the future of payments. Empower yourself and your organization with the knowledge to navigate and lead in the digital economy.