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German B2C and B2B transactional portals run on the framework we are developing! From tax advisor to payments pioneer – Viktoria Soltesz’ journey and lessons for success
Viktoria Soltesz, Businesswoman of the Year 2023 in the payments industry, shares her incredible journey and invaluable insights in this insightful interview. Her story is a masterclass in navigating the complexities of international finance, building a successful consultancy, and creating a much-needed educational institute.
Navigating the global payments
Viktoria’s career began unexpectedly. Starting as a tax advisor in Cyprus during the EU boom and the rise of the internet, she quickly found herself grappling with the increasing complexities of international banking and payment systems. Her initial focus on tax optimization evolved into a deep expertise in payments, driven by client needs and the ever-tightening regulatory landscape. This led her to work with high-risk clients in sectors like iGaming, forex brokerages, and crypto exchanges, leading to extensive travel across Malta, Dubai, London, and her current base in Barcelona.
The birth of PSP Angels
Initially, Viktoria’s firm, PSP Angels, operated on a referral commission basis. However, she quickly realized the ethical shortcomings of this model, prioritizing client needs over profit. PSP Angels now provides independent, unbiased advice, guiding businesses through the often-overlooked complexities of payment processing. This includes navigating chargebacks, SEPA, SWIFT, and other critical aspects often mishandled by finance departments lacking specialized expertise.
Why payments should be a strategic function
Viktoria passionately advocates for elevating payments and banking from a mere finance task to a strategic function. She highlights its impact on customer experience, finance, compliance, marketing, data security, and technology. Settlement timelines, bank location, and even basic cash handling procedures are crucial risk factors often overlooked. This lack of understanding, she argues, leads to significant costs and risks for businesses.
The power of education
Recognizing the widespread lack of knowledge in payment processing, Viktoria founded an educational institute. This initiative, complemented by her book, “Moving Money,” aims to demystify complex payment topics and empower businesses to make informed decisions. The institute offers both free and paid courses, addressing the urgent need for financial literacy in the industry.
A blue ocean strategy
Viktoria’s venture is a prime example of a “blue ocean” strategy – identifying and exploiting unmet market needs. She contrasts this with the “red ocean” approach of intense competition, emphasizing the importance of functionality over perfection in creating a successful business. This strategy is particularly relevant in the payments industry, where many large firms address specific aspects but lack a holistic solution. Viktoria cautions against blindly pursuing blue ocean strategies. She emphasizes the importance of legality and market viability, noting that repeated rejections from banks and payment providers often indicate underlying issues. A strong business plan, understanding compliance regulations, and a clear understanding of the market are crucial for success.
Common pitfalls and lessons learned
Viktoria frequently encounters startups facing payment issues after initial success, often due to illegal handling of client funds or a lack of understanding of financial licensing. She highlights the challenges faced by offshore crypto operations, even those operating within legal boundaries. She emphasizes the importance of flexibility within legal constraints, careful risk assessment, and understanding the potential consequences for all parties involved.
Viktoria shares her insights on building and managing remote, diverse teams. She stresses the importance of clear communication, well-defined KPIs, and self-motivated individuals who can make independent decisions. She emphasizes the importance of finding a unique mission to attract and retain talent in a field that isn’t inherently exciting to many.
The importance of structure, follow-up, and adaptability
Viktoria’s daily routine is structured and focused on consistent follow-up. She highlights the importance of organized communication, meeting deadlines, and managing client expectations. She emphasizes that attentiveness, not necessarily expertise, often differentiates successful professionals. She also stresses the importance of adapting plans and letting go of projects that no longer support the overall vision.
Advice for aspiring professionals in the payments industry
Viktoria’s advice for those starting their careers in payments is simple: don’t be afraid to start, even if imperfect. Embrace continuous learning, learn from others’ mistakes, and overcome imposter syndrome. The industry is full of opportunities for improvement, and those who are willing to learn and adapt will thrive.
This article is based on an episode of the CEOpen mic podcast. For the full conversation and more insights, tune in to CEOpen mic on YouTube and Spotify – don’t forget to subscribe so you never miss an episode!
