PayRetailers, is one of the leading payment service providers in LATAM. Its quick rise is based on the foundation of an agile business development approach that has helped to position the company for substantial growth from day one. The company has built a unique client-portfolio that not only serves as bread-and-butter-business but fuels innovation when it comes to the creation of new products or conquering new markets.
According to us, building a business is based on:
1) Defining new opportunities: Existing and unknown.
PayRetailers defines existing opportunities as providable by the current state of its environment. Once they have been identified from the Business Development team, the Product-team takes over and starts to develop a plan for implementation.
To make new roll-outs work effectively, PayRetailers emphasizes its local presence in the markets and uses its in-house local country managers to gain a closer vision of the reality and needs in the different markets.
The second type of opportunity are the unknown ones. This refers to the creation of new needs or serving the changing demands that come with an ever-evolving payment sector. In this regard PayRetailers uses a repeating process that involves the Heads of the departments, to share their experiences and get feedback. With this process the company is able to recognize the missing pieces of the puzzle and help the clients offer a product that, although not initially part of the clients’ strategy, fits the need of the market.
A strong catalyst for PayRetailers is the highly integrated technological foundation behind the processes. PayRetailers was founded with the goal of employing a magnificent IT team that works with the speed of a startup but the experience of a very consolidated company. This allows the company to adapt quickly and ad hoc to customer needs.
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The Covid pandemic uncovers the quality of companies’ products as it forces every company to adjust its product portfolio. Formerly you could sell your product at events where commercial skills play a fundamental role, but now these events are all held virtually and the benefits that direct contact provides are no longer showing themselves. Now a company must be able to improve a product so well that it can sell itself. It is impossible to grow with the same product you already have for 5 years – you have to adapt quickly to the circumstances.
2) Forming strong alliances
The second pillar of the strategy is the formation of suitable alliances.
Silvia Rodriguez points out the details: “To grow a business it is necessary to form alliances with external entities to help you expand. They are a good fit if you want to make use of their strengths, in a way that they enrich the product you already offer. At PayRetailers we actively look for and form alliances with the main players in each sector and market. This allows us to go further and leverage our product and client portfolio.”
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