What Does a Payments Consultant Do?

John Rozek

Director, Polar Moment

From the largest multinational retailer to the smallest local shop, having a seamless, secure, and cost-effective payment system in place is vital. But with so many choices, regulations, and technologies, navigating the payments industry can be a daunting task. That’s where a payments consultant comes in.

As one of the founding directors of Polar Moment and with over 30 years of experience in the payments industry, I’ve had the privilege of helping businesses of all sizes get to grips with this essential part of their operations. In this post, I’ll be walking you through what a payments consultant does, why businesses need one, and how a payments consultancy like Polar Moment can deliver real value.

What Is a Payments Consultant?

Essentially, a payments consultant is someone who advises businesses how to select, implement, and manage payment systems. Whether you’re a retailer, a bank, or a payment processor, understanding how to take payments securely and efficiently is critical to your success.

As a payments consultant, I help my clients develop strategies that align their business goals with the best payment solutions available. This means everything from selecting the right payment processor to ensuring compliance with the latest security standards like PCI DSS. We even help businesses expand into new markets or get a detailed understanding of the technology of a company that they’re considering buying.

With so many moving parts – different payment methods, regional regulations, emerging technologies, and evolving customer expectations – businesses need the expert guidance of a payments consultant.

What Does a Payments Consultant Do?

The role of a payments consultant is varied and depends upon the specific needs of the client. However, there are some key responsibilities that often come with the job:

1. Strategic Planning and Advice

A big part of what I do as a payments consultant is helping businesses develop a strategic plan for their payment systems. Whether you’re a small business looking to streamline costs or a large enterprise expanding globally, it’s essential to have a clear payments strategy that fits your needs. For example, when working for a very large oil and gas company, I helped devise their business and technical strategy for implementing Chip & PIN technology across their fuel cards globally. This was a complex challenge given the scale of their operations.

2. Technical Expertise

The payments industry is highly technical, and navigating the various technologies involved can be a challenge. From ensuring PCI compliance to integrating with payment gateways and point-of-sale (POS) systems, I provide the technical expertise necessary to make sure clients’ payment systems are robust and future-proof. For instance, I worked with a multinational supermarket chain to review their approach to PCI ( we used point-to-point encryption) and reduce the impact on their IT systems.

3. Market Entry and Expansion

For businesses looking to expand into new markets, having a payments consultant on board is essential. I’ve helped one of the largest payment businesses in the world with the market entry of their new customer-present solution into multiple countries. I made sure that they understood the local payments landscape, regulations, and consumer behaviour in each region. This kind of local expertise can make the difference between a smooth expansion and a costly failure.

4. Vendor Selection and Partnerships

Choosing the right payment processor or software vendor can be a critical decision for any business. As a payments consultant, I help clients assess their options and select vendors that meet their specific needs. For example, I assisted a major charity in the UK in selecting their payment processor, ensuring that the solution they chose aligned with their operational requirements.

5. Mergers & Acquisitions

I’ve been fortunate to work with investment firms such as Bain Capital and Advent International, providing due diligence and consultancy during several key acquisitions in the retail payments sector. Understanding the intricacies of payments systems is critical to ensuring a smooth acquisition process and long-term success.

6. Problem-Solving & Troubleshooting

In addition to planning and strategy, payments consultants are often called in to solve problems. Whether it’s addressing compliance issues, resolving inefficiencies, or troubleshooting technical challenges, having a fresh perspective and an in-depth understanding of the industry is vital. My work with one multinational retailer involved reviewing their approaches to PCI P2PE compliance across the US, Canada, the UK, and Europe. This was a complex and multi-faceted project.

Why Do You Need a Payments Consultant?

Many businesses find it difficult to keep up with new technologies, regulations, and security requirements. That’s where a payments consultant proves very valuable.

1. Expertise and Industry Knowledge

With over three decades in the industry, I’ve built up a deep understanding of the payments ecosystem, from the technical side of integrating payment systems to choosing the right strategic partners. Whether you’re looking to streamline your operations or prepare for future growth, a payments consultant brings expertise that can save you time and money.

2. Compliance and Security

The payments industry is heavily regulated, and keeping up with those regulations is critical. For instance, any organisation processing card payments must comply with PCI-DSS. A payments consultant can help you navigate these regulations, ensure compliance, and avoid costly penalties.

3. Bespoke Solutions

No two businesses are the same, and what works for one may not work for another. As a payments consultant, I take the time to understand each client’s unique needs and tailor a solution that fits. Whether you’re a global retailer like Marks & Spencer or a smaller organisation like The National Trust, I work to find the best payment solutions that align with your business objectives.

Case Studies: How Polar Moment Has Delivered Payments Consultancy

Over the years, Polar Moment has built a reputation as a leading payments consultancy, working with a wide range of clients across various sectors. Some of our notable projects include:

Goodbox Case Study

GoodBox started as a social impact startup and is now a successful fintech company, creating bespoke fundraising contactless solutions for charities and not-for-profit...

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Bringing electronic payments to a cash-driven industry

Secure, scalable, and cashless: How Polar Moment's AWS-hosted solution transformed gaming payments for Game Payment Technology.

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Deployment of payment system at Mi-Pay

Polar Moment has considerable knowledge and expertise of the Postilion solution and has worked with Mi-Pay on a number of projects including the...

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Conclusion

In an area as complex as payments, having the right guidance is essential. A payments consultant helps businesses navigate this complexity, offering strategic advice, technical expertise, and valuable insights that drive success.

At Polar Moment, we’re proud of the work we’ve done to help our clients stay ahead in the world of payments. If you’re looking to optimise your payment systems, expand into new markets, or ensure compliance with the latest regulations, get in touch. We’re here to help.

Get In Touch

At Polar Moment, we are committed to delivering payments consultancy and software development services that drive tangible business results. Whether you need strategic advice, technical implementation, or training, our team is here to help. Contact us today to discuss how we can support your business.