Introduction
Vaisala, a global leader in environmental and industrial measurement, selected Payments Advisory Group to resolve a practical issue in their current online customer payment process. Simultaneously, the company was looking to consolidate its current network of card acquiring processing payment service providers across its global markets and legal entities.
About Vaisala
Vaisala is a global leader in weather, environmental and industrial measurement. Building on over 85 years of experience, Vaisala provides observations for a better world. Vaisala is a reliable partner for corporate and government customers around the world, offering a comprehensive range of innovative observation and measurement products and services, including data. Headquartered in Finland, Vaisala employs over 2,000 professionals worldwide and with over 25 offices around the world Vaisala operates on a global level. Vaisala is listed on the Nasdaq Helsinki stock exchange and reported 2022 net sales of € 514.2 M.
Objective
As an immediate priority, Vaisala wanted to focus on resolving a practical issue and optimizing the customer experience in their online store. Through its subject matter expertise and high-quality industry network Payments Advisory Group was able to quickly resolve this issue and greatly improve the online customer checkout experience.
Secondly, Vaisala was looking to improve and unify their credit card payment system across all its operational countries, legal entities, currencies, and sales channels. The current payment provider set up could be described as scattered, with up to 6 different platforms in use across the company. The new infrastructure should improve operational and financial efficiency and control as well as ensure regulatory compliance. At the same time the new provider should be able to facilitate subscription-based payments for Vaisala’s growing data services. Lastly, the new provider should be able to integrate into Vaisala’s existing and developing CRM and ERP environments.
Approach
Payments Advisory Group used its proven and phased approach as well as tested template documents which allow our projects to run more efficiently and at a higher quality level to the benefit of our clients.
Starting with establishing a clear and shared understanding of the current situation, we then moved on to describing Vaisala’s needs and requirements of a future solution in line with its business model and objectives. This was captured in a Target Blueprint (TBP) document, and marked the first deliverable. After successfully validating the feasibility of the designed TBP with selected (existing and new) market vendors through a Request for Information process, it was decided to enter into Phase 2 and run a formal Request for Proposal process.
Payments Advisory Group lead these processes on behalf of Vaisala, engaging with market vendors while maintaining direct lines into Vaisala’s internal stakeholder groups.
Result
- Resolved practical issue improving customer checkout experience
- Provided insight in current situation re incoming customer payments across channels; i.e. through sales agent/mail order telephone order (MoTo) and e-commerce.
- Designed a new and improved incoming payments infrastructure
- Drafted requirements (technical/functional/non-functional/commercial/legal)
- Selected global providers to deliver newly designed target blueprint
- Ran RfI/RfP process to select new single service provider for Vaisala’s global business
- Commercial negotiations
- Preparation of legal contracting
Once implemented Vaisala will have a far simpler and more customer friendly payments infrastructure. The new set up will deliver improved control, more uniform and cost-efficient processes, while meeting regulatory compliance standards such as PCI/DSS, allowing Vaisala to further grow its global business.
Vaisala quote
“We are very happy that we engaged Payments Advisory Group to help us improve our customer payments infrastructure. The consultants from Payments Advisory Group displayed remarkable expertise and were extremely patient during the project. Our collaboration with them was characterized by transparent and open, clear communication. They not only fulfilled the agreed objectives but also exceeded them.
Given the opportunity, we would be delighted to work with Payments Advisory Group again, and highly recommend them to any company or retailer seeking to streamline their customer payment processes.”
Suzette Patricio-Ahonen, Payment Process owner Vaisala