How to Avoid Common Pitfalls in Payments Recruitment

Hiring for a rapidly growing payments company can be a balancing act. The fast-paced nature of the industry, coupled with the need for niche expertise, often leads to common recruitment mistakes. Whether it’s a rushed hire to fill an urgent vacancy or prolonging the interview process in search of the “perfect” candidate, these pitfalls can delay growth and harm your organisation’s long-term success.

At Mostyn Chase, we understand the complexities of hiring in the payments industry. Drawing on our extensive experience, we’ve identified key recruitment mistakes to avoid—and how you can adopt a strategic approach to secure the right talent.

Mistake 1: Overly Lengthy Interview Processes

In pursuit of the “perfect” hire, there's a tendency to prolong the interview process. However, an overly drawn-out process can frustrate candidates, causing you to lose out on top talent. This is particularly risky in the payments sector, where competition for skilled professionals is fierce.

Our recommendation: Simplify and streamline your interview stages. For most roles, two to three stages should suffice. Keep communication open, clear, and engaging throughout, ensuring that the candidate understands the purpose of each stage. It’s also a good idea to involve multiple stakeholders in the same interview session where possible. This not only saves the candidate’s time but also accelerates your decision-making process.

Payments professionals are in high demand, and a cumbersome process can exhaust candidates, leading them to accept offers elsewhere. Strike a balance between thorough evaluation and swift decision-making to avoid losing out on great talent.

Mistake 2: Assuming the Grass is Greener

It’s natural to want to hire the best possible candidate, but in a fast-moving sector like payments, speed and decisiveness are key. Moving too slowly can mean losing highly qualified candidates who could have made a significant impact.

Our approach: Define a clear scope of what “great” looks like for the role from the outset. Understand your company’s culture and the personalities that will thrive in your organisation. With this clarity, you can move quickly and confidently in making your hiring decisions.

Remember, in a dynamic payments environment, the impact of each hire is amplified. A strong recruitment process allows you to act with urgency, giving you the competitive advantage of securing top talent without unnecessary delays.

Mistake 3: Rushed or Emotional Hires

The payments landscape is evolving quickly, and it’s easy to fall into the trap of making emotional or hurried hiring decisions. For instance, you might realise your compliance function is lagging or that your payment infrastructure needs urgent improvements. The immediate response? Hire someone quickly to plug the gap. But is that the best solution?

Our advice: Instead of rushing into hiring full-time, consider whether interim or fractional support could address your immediate needs while you assess longer-term solutions. For example, a fractional compliance specialist or developer could offer the expertise you require without the long-term commitment. This approach allows you to evaluate the role’s ongoing necessity before committing to a permanent hire.

Making the wrong hire at any level can disrupt your company’s culture and operations. Take a strategic, measured approach to hiring, ensuring you match candidates with both your business’s current needs and future goals.

By avoiding these recruitment pitfalls, you can build a high-performing team that drives growth, fosters innovation, and propels your organisation forward in the evolving payments industry.

At Mostyn Chase, we specialise in finding the right talent for payments companies across all levels. Our expertise in payments recruitment ensures you’re set up for long-term success. Let us help you find the professionals who will shape your future.