- Vice President Product, B2B Payments
- Partnering with the CPO, CCO, VP Engineering & executive team
- Dallas-Fort Worth Area
BSG has commenced an executive search for VP Product, B2B Payments for our client, one of the only B2B payment providers that serves both hotels and travel distributors with their commission processing needs. Key to the position’s responsibilities includes responsibility for all product management methodology creation and management, as well as company leader on all business and product strategy related to the B2B payments business.
Vice President Product, B2B Payments
Frictionless-free Commerce between Hotels and Travel Agents
Our client came together because they saw an opportunity to better serve their customers on a global scale. Rather than serving either hotels or travel agents for their commission processing needs, they could “close the loop” and serve both sides of the network to optimize the ecosystem. Because if they can enable hotels to be more commission friendly to travel agents, agents will re-book those hotels, which generates more revenue for the hotels and in turn more commissions for the agent, a “virtuous circle,” if you will.
In 2013, our client spun out of a global technology provider for the hospitality industry, and is backed by pre-eminent private equity investor. Our client’s headquarters is in Dallas, TX with significant additional staff based in Norway and Spain.
OUR CLIENT'S PRODUCTS & TECHNOLOGY
Below is brief summary of a number of the products and offerings our client provides to both their constituents—hotels and travel agents.
Commission Payment Processing Solution — timely payments, happy agent. As the leading commission payment solution in the industry, our client’s single data collection and funding system eliminates redundancies and streamlines the commission process, making sure that the agents who bring you the business are paid in an accurate and timely manner. Their tools allow you to reduce your administrative burden, provide critical tracking and controls and enable you to focus on generating revenue and not managing commission processing.
- Reduced administration cost and effort
- Improved travel agency relationships
- Global reach
- Commission reporting and insights
- Pay only validated stays
Payment Distribution Solution — optimizes payment processing to anyone, anywhere, anytime. It is a global payment platform through which any B2B payment in the travel industry can be processed, and an essential tool for hotels to pay their affiliates.
- Due to their payments infrastructure, our client’s payment distribution product can be a cost-effective alternative to virtual credit cards (VCCs) in distributing pre-payments to individual hotel properties, or local banks.
- With this product, you provide weekly payments in the currency of your choice to your affiliates, in a wide variety of payments methods: Wire Transfer, Direct Debit, & Credit Card
- Gives you 24/7 visibility and access to reports through our client’s portal, as well as ensures legal and banking compliance
- Recipients receive electronic payments from local banks in their local currency
Billing Process Solution — seamlessly automates hotel internal billing process. Streamline the invoicing process between you and your affiliated properties by letting our client handle your internal invoicing. They work with your team to understand your billing needs and then automate the process for transaction, membership, database, and marketing fees, making it more efficient, more reliable and more accurate.
- Since outsourcing internal billing streamlines the process, your staff is freed to focus on revenue generation.
- Receive weekly payments in your preferred currency of choice.
- Hotels are invoiced in the currency of their choice and pay our client in the same currency
- Through their system you will have access to invoices that have been posted to their web portal on your behalf, with up to date status
- By managing both your commission management and internal billing automation, it simplifies the process for you and your hotels and ensure both processes are managed through a single portal.
For Travel Agents
Commission Payment Solution — the most pain-free way to collect agency commission payments. This solution is an industry-leading hotel commission system for travel agents worldwide, helping hotel bookers in more than 160 countries recover their hotel commissions in a more cost efficient and timely manner.
Our client is looking for a VP Product, B2B Payments, who will partner with the Chief Product Officer, Chief Commercial Officer, and VP Engineering along with the rest of the executive team in a hands-on, active role. Key to the position’s responsibilities includes responsibility for all product management methodology creation and management, as well as company leader on all business and product strategy related to the B2B payments business.
This new role will not only be responsible for driving the product success in existing and new products soon to be launched, but will be the face of the company at industry events, and thought leader involved on key industry ecosystem conference panels.
Success in this role will lean on 4 pillars of skills and experience:
- Proven functional depth in product management, product strategy and strategic marketing
- Expertise in B2B payments ecosystem
- Deep understanding and evangelism of Agile Product Management
- Prior privately held, PE-backed growth-stage company experience
IDEAL CANDIDATE PROFILE
A summary of key competencies required to be successful in this role include the following:
FUNCTIONAL Prior Success In
- B2B payments SaaS software experience
- Strong Agile product management methodology and process adoption
- New product go-to-market and launch experience
- Business and product strategy leadership
- Building rapid product prototyping engine capable of 2+ alpha/beta/pilots in parallel
- Product leadership capable of generating revolutionary product innovation based on both market and consumer data, as well as intuition around unidentified consumer needs
- Deep international customer development experience (incl. EMEA, APAC and LATAM)
- Moving from customized product to configurable product design and delivery
- Creation of product roadmapping processes and discipline
- Consumer focused UX/UI design leadership
- Market research via partners, consumers and industry future trends
- Web/mobile content product development and management
- Feature/functionality trade-offs analysis
- Education: BS/BA with MBA
MANAGEMENT & LEADERSHIP Experience
- Pied piper for A player hiring
- Player-coach style, using influence over dictation
- Managing remote, multi-cultural, multi-continental teams
- Evangelism for Agile Product Management philosophy across all functions, products and levels
- B2B enterprise SaaS software, with specific experience in—
- B2B payments software
- Commissions tracking software (travel. insurance, finserv)
- B2B SaaS middleware
- B2B travel-related software (GDS's etc)
STAGE OF COMPANY Experience
- Working with privately-held investor-backed businesses (PE)
- Sales growth from $75M—> $250M+
- Taking company through multiple value creation inflection points with ultimate harvest/sale/liquidity
- Experience with high growth businesses
Finally, this individual should have as many as possible of the traits required to succeed in this leadership position:
- High levels of intelligence, analytical strength and conceptual ability.
- The ability, and willingness, to set and communicate demanding standards for professional staff and to hold people accountable for their performance; at the same time, sensitivity to, and insight into individuals’ capabilities and development needs, and the combination of firmness and likability that all good leaders possess.
- Decisiveness when necessary, coupled with a willingness to seek input and build consensus as much as possible.
- Unquestioned honesty and integrity; also, loyalty to colleagues and to the organization, and the ability to inspire loyalty. This person should have the ability to identify and focus on the Company’s best interests, rather than the agenda of any individual or group within the firm.
- A very high level of energy and commitment, combined with enthusiasm and a positive attitude.
- Excellent writing and speaking skills; this individual must be able to communicate complex ideas and information clearly and concisely.
- Outstanding planning and organization skills.
- Good strategic instincts and long-term vision; the ability to address both big-picture issues and detailed, day-to-day management concerns.
- In general, the business and personal skills, and the absolute commitment required to make a major contribution to The Company during the coming years.
- Attention to detail required to deliver consistently accurate data, information and reporting on time and on budget
- A sense of ownership, not just of his or her own work, or that of their department, but a sense of ownership for the company as a whole.
- Work ethic required to do what it takes to get the job done, and invest the time required to deliver on key responsibilities in a timely fashion
Our client’s team currently numbers approximately 125. The team reporting into the VP Product would include 3-5 direct reports.
Our client is backed by a pre-eminent private equity firm, which took controlling interest of our client in 2013, and since then has backed 2 strategic acquisitions and a multi-pronged new product development initiative with several launches in 2017 and slated for 2018.
Compensation is competitive with the position’s requirements. In a performance-based environment, this will include base salary, bonus structure based on corporate qualitative and quantitative strategic KPIs.
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