Payment Operations Associate

1 week ago

Mumbai, India The Sleep Company Full time

Position Overview:


The Payment Operations Associate will play a key role in supporting the day-to-day payment operations of the company. This includes assisting in onboarding new banking partners, managing vendor relationships for POS systems and payment gateways, and helping to monitor and analyse payment transaction data to identify areas for improvement. The associate will work closely with internal teams to ensure that payment processes are seamless and cost effective, ultimately driving better conversion rates and customer satisfaction.


Key Responsibilities:


Onboarding Bank Partners for Bank Offers:


  • Assist in researching and identifying new banking partners for best in class Bank Offers that align with the company's payment processing needs and business goals.
  • Support the onboarding process for new banks, ensuring all required documentation and compliance requirements are met.
  • Collaborate with the legal and compliance teams to ensure smooth integration of new bank partners into our payment ecosystem.


Negotiating Bank Discount Rates (MDRs):


  • Help analyze and assess various bank offers and payment processing solutions to secure the best merchant discount rates (MDRs) available in the market.
  • Support the negotiation process with banks to achieve favorable terms that lower processing costs without compromising payment security or customer experience.
  • Work with senior stakeholders to develop strategies for optimizing payment processing costs through competitive bank offers.


Vendor & Bank Relationship Management:


  • Assist in managing relationships with existing banking partners, ensuring they provide the required services and meet agreed-upon service level agreements (SLAs).
  • Track the performance of banking partners to ensure reliable and cost-effective payment processing.
  • Resolve any issues with bank partners, escalating problems as necessary to senior team members.


Data Analysis & Reporting:


  • o Assist in monitoring payment transaction data to identify any trends or patterns related to bank fees, processing costs, or payment failures.
  • o Prepare and present reports on the performance of different banking partners and payment methods, providing insights into areas for cost savings or performance improvements.
  • o Help track the impact of negotiated bank discounts and payment processing terms on overall payment costs.


Cross-Functional Support:


  • Work closely with the finance, product, and customer support teams to ensure seamless onboarding of new banking partners and effective communication regarding payment processing issues.
  • Collaborate with the tech and operations teams to ensure smooth integration of bank partners into the company's payment systems.


Key Requirements:


Experience & Expertise:


  • 1-2 years of experience in payment operations, banking, finance, or a related field.
  • Familiarity with merchant discount rates (MDRs) and payment processing systems.
  • Experience in vendor management or working with banking partners is a plus.
  • Strong interest in negotiating financial terms and optimizing payment costs.


Skills & Competencies:


  • Strong analytical skills with the ability to assess bank offers and payment processing costs.
  • Excellent communication skills, both written and verbal, with the ability to collaborate effectively with external banking partners and internal teams.
  • Detail-oriented, organized, and proactive in managing tasks and deadlines.
  • Ability to quickly learn new systems and processes related to payment processing and financial technologies.
  • A proactive approach to problem-solving and a desire to contribute to the optimization of payment operations.

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