I need a business proposal from someone who understands the payments industry. A payment provider who offers services to online businesses. Below is a brief and I require someone within the payments industry to provide me with a proposal. Two separate stages of info (no limit) addressing the items below.
Document Review (Business Improvement Proposal) The following is an overview of the problems faced in the business. Please outline how you would solve them, progress, and build the business structure and environment, including a roadmap (including timeframes), using charts, diagrams, or text.
Overview of the Previous Business Model: The parent company is one of the leading Forex companies listed in providing online Forex trading services. Currently, daily transactions amount to 300-400 billion dollars, and the business is expected to continue growing.
In 2020, the company obtained an FCA API License (Authorised Payment Institution) and began operations. Given the groups background specializing in Forex, the company started payment services targeting Forex merchants, which are relatively easy to understand in terms of merchant needs. However, entering this industry with a business model targeting Forex merchants only in the UK has been challenging. Despite our efforts with three employees working in collaboration with the parent company, they have not been able to achieve the expected results, and progress has been limited since the start of our operations. In the process of improving the business, we are now open to considering expanding our services to industries other than Forex only if necessary.
Issues: 1st Stage: A) Acquirer Selection Issue: Forex is a high-risk product, and finding an acquirer (settlement partner) that can settle transactions from Forex merchants at competitive rates is difficult.
B) Lack of Bank Accounts: We have been working on opening bank accounts, including dollar accounts, to mitigate risk and improve services. However, acquiring bank accounts in the industry has proven to be challenging, and the results have not met our expectations.
2nd Stage: A) Insufficient Marketing: Our company lacks industry information, and there is a lack of information related to settling Forex transactions. Competitors have overcome this challenge, but we are lagging in constructing a suitable business model. B) Decreased Competitiveness: The above problems have led to a decrease in business competitiveness, constraining the expansion of performance and market share.
