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How to Secure Your Business Against Payment Platform Challenges

How to Secure Your Business Against Payment Platform Challenges
rohit
Rohit2 December 2023

It’s no mystery that payment systems are pivotal in your business's success. From ease of collection to scale to gross margins, your payment systems influence how much you sell. If the last few years are any indication, fintech will completely transform payments in the coming decade.

How can you overcome payment challenges and ensure that your business reaches its absolute potential?

Understanding the Payment Platform Challenges and How to Navigate Them

In today's fintech landscape, four challenges demand your attention. 

1. Regulatory Changes and Compliance Requirements

Every new technology will create unique risks, and regulators will construct rules to mitigate those risks. It will impact settlement days, modes, rates, and value-added services like BNPL. 

“Adoption of any new such platform will come with uncertainties of regulatory changes and new compliances,” says Rohit, a seasoned Chartered Accountant well-versed in the financial seas.

Ensuring compliance is more than meeting the minimum requirements—it is your compass to safe waters. Non-compliance can lead to costly penalties and reputation damage. To avoid such pitfalls, here’s a helpful checklist to stay aligned with the latest regulations.

A Helpful Checklist to Keep Your Ship Aligned With the Latest Regulation
  • Regularly review and update your internal controls/compliance policies.
  • Educate your crew (employees) about compliance standards and best practices.
  • Conduct internal audits to identify and rectify potential compliance gaps.
  • Collaborate with reliable partners experienced in navigating the regulatory landscape.
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