1. Define your business proposition


The payment services you require will depend on the products and services you wish to offer to your customers (e.g. bill payment; instant payments; Direct Debit). Defining your customer proposition will help you work out which payment system(s) you need to access and will support you in deciding whether you opt for membership of a scheme or to access payment systems via a sponsorship arrangement.

Questions to answer include

  • What is your customer proposition?
  • What are the customer needs that you’re designing your product or service to meet?
  • What are the benefits of your offering?
  • What are the key features of the product or service you wish to offer – consider functionality, quality, service, timing, delivery, price and any technical characteristics
  • Why will your customers use this product or service?
  • How will your customers use this product or service?
  • What is your target market?
  • What are your competitors’ products and services in this space?
  • Why is your product or service better than others in this space?
  • What is your operating model e.g. is the offering online only, or will there be a telephone and/or physical presence?
  • Do you have a longer-term strategy for how your products or services might change and develop in the future?
  • What are your anticipated payment volumes and forecasts for growth?