Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Todd Linden, CEO at Paysafe Payment Processing:
What does your company do?
Paysafe is a leading provider of payment solutions that connects businesses to consumers around the world. Whether you're accepting payments in your store or on your website, or you're looking for alternative ways to transact, we offer a complete portfolio of solutions including payment acceptance, digital wallets, online cash solutions, as well as fraud, risk management and analytics services. We have over twenty years of online payment experience, and offices in 12 global locations, which enables us to offer reach, relevance and intelligence to our customers around the globe.
What is your role? What do you enjoy most about your role?
I'm the CEO of Paysafe's Payment Processing business for North America. I develop and manage the implementation of our overall strategy, oversee all payment operations within Canada and the U.S. and manage a wonderful team of employees across our North American offices. In addition, I serve as a liaison for industry relations, associations and card brands. I particularly enjoy the strategic aspects of my role, which allow me to run a forward-thinking payment processing company. Payments are evolving with today's consumer buying habits, and cash is increasingly being pushed aside for the convenience and security of alternative payment methods such as mobile payments and biometric verification. Paysafe is at the intersection of businesses and consumers, so my team and I are constantly enhancing our services and solutions to meet both consumers' and merchants' needs as the market, behaviors, and technologies evolve.
What are the biggest challenges in your business right now?
We recently published a study called Lost in Transaction which found that one in seven U.S. consumers have already started to use cryptocurrencies and one in six have used biometric identification. This core of early technology adopters will create the momentum for our next leap forward in payments, just as they did with mobile wallet use which has become more mainstream in North America. As consumer acceptance of cash-free alternatives grows, we are faced with the challenge of assessing long-term viability of new payment technologies and staying in front of the new payment options. Not only do we have to look at what is impacting the payments industry, but most importantly, how we support the merchant community by offering secure seamless multi-channel/omni-channel solutions.
If you could go back in time, what business advice would you give to a younger version of yourself?
Knowing what I know now, I would tell myself to trust what you believe the future holds. It is important to believe in yourself, have confidence in your knowledge and capabilities and act on the plan as you see fit. No change would happen if you were afraid of moving forward. I'd also tell my younger self not to be discouraged with the time it takes for businesses and consumers to adapt to new things like technology. Although you have a vision, it takes time for adoption to become a reality. As we see in this day and age, this is still a challenge we deal with on a daily basis.