How Many People Does It Take to Change a Payment Strategy?

There are plenty of lightbulb jokes out there. One of my favorites could be applied to the payment strategy question posed above: How many board meetings does it take to get a lightbulb changed? Answer: This topic was resumed from last week’s discussion but is incomplete pending resolution of some action items. It will be continued next week. Meanwhile…

There is truth in this joke. The development of a payment strategy is a project that often languishes at the bottom of an organization’s to-do list. A common part of the problem is the lack of ownership. Everyone might agree with the concept of a payment strategy, but the right team is never formed. So, how many people does it take? Not surprising, the answer will depend on the size and structure of your organization. However, every organization can begin by answering the questions below. This will guide you on who should be involved with a payment strategy project.

For more insight, I will be delivering a webinar on September 21: Your Organization’s Payments Might Cost More Than You Think. It will be hosted by MHC, a global enterprise automation software solutions provider. The link to register and learn more is included at the end of this post.

Who’s Who

Do you have a payment strategy vision for your organization? Assemble the right people to get started.

  • Who has the authority to put the project at the top of the priorities list? Further, who will need to approve a payment strategy before it is implemented? Whether we are talking about a p-card program or, more broadly, an overall payment strategy, having executive management support is critical.

  • Who can define, or at least informally articulate, what the organization wants to accomplish by having a specific payment strategy? What problems could a payment strategy solve?

  • Who (which departments) will be most impacted by the development of, or changes to, a payment strategy?

  • Based on your answer to the previous question, who should actively participate on the project team? Beyond these core departments/people, does your organization have a risk function that should be notified or invited to participate? Far too often, projects get initiated by a small group who is not aware of a bigger organization picture. This leads to key considerations ultimately getting missed.

  • Who has the expertise to serve as the project manager?  

  • Who has, or can obtain, data related to today’s payment practices, which will figure into the business case for change?

  • Who will draft the business case?

Related Resources

Even when you pull the right people together, unifying the stakeholders is another matter. This is something I will address in my webinar presentation next week, hosted by MHC. To learn more, visit https://hubs.ly/Q01kthw60.

See also additional content pertaining to payment strategy.

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About the Author

Blog post author Lynn Larson, CPCP, launched Recharged Education in 2014. With 20 years of commercial card experience, her mission is to make industry education readily accessible to all. Learn more…