By Business & Finance 
Serial paytech entrepreneur Donal McGuinness is CEO of Prommt. He studied Information Technology at DCU and Telecommunications Engineering at DIT and spent the early years of his career in the telecommunications industry. His experience in mobile payments dates to 1999 when he founded his first mobile payments company, ItsMobile and since then has been working areas covering payments, money remittances and digital identity.
What are your main priorities and goals in your role?
The overriding objective is to grow the business and bring value to the shareholders. However, it is also important to keep focused on our core objectives and avoid the distractions that arise almost daily in the vibrant environment that is fintech and payments.
What are your biggest challenges as CEO?
The biggest challenge is to spend more time on the key strategic items and a longer term view of where we are going. It’s very easy to always live on a ‘this month or next month’ basis.
How do you keep your team/ staff motivated?
We have built a great team at Prommt, and the importance of teamwork is paramount. We get together as often as we can in various groups and manage the new hybrid working pretty well. Teamwork has been aided by collaborative tools such as Slack, Miro, and plenty more. Our KPIs are openly shared and we discuss on a monthly open forum, so everyone knows they are key to meeting these objectives and are motivated to see the results.
What are the challenges facing the industry going forward?
Regulation is gradually creeping deeper and broader into the fintech ecosystem. Regulation is a good thing, but it does introduce significant costs to fintechs and adds barriers to entry, which in turn can stunt innovation. It’s a balance.
What new trends are emerging in your industry?
Payments have become an important operational part of business success. You have no business unless you get paid. Different industries have all kinds of problems around getting paid. Often times people get too hung up on the transaction charge itself and ignore the operational costs around the process. Lots of new tools are emerging to help businesses get paid quicker, cheaper, and with less effort. Prommt is leading the charge here, particularly with our Open Banking tools.
Are there any major changes you would like to see in your sector?
Too many to mention, but certainly the introduction of Faster Payments (such as what’s available in the UK, Ireland, and other European countries) would be of great benefit to businesses.
As an employer are you finding any skill gaps in the market?
Generally we have been lucky and have built a great team, and tend to find the right talent. The removal of the geographic barrier here has also been key as working from home has eliminated the physical boundary and allowed for a broader talent pool.
How did your strategy develop in the context of the banking crisis and economic crisis?
As businesses become more aware and focus on operational costs, increasingly payments come into focus. Prommt offers businesses the ability to get paid the most cost effective and efficient way possible with the highest completion rates on the market today.
How has the COVID-19 crisis affected your business/sector?
Prommt was 80 percent hospitality focused in March 2020 when the COVID-19 pandemic hit. In turn, it accelerated our diversification to the point that only 23 percent of our customers today are hospitality, and while it still is one of four core sectors for us, we were pushed to diversify. COVID did force a cohort of stragglers to embrace online payments and that has been a positive thing.
How do you define success and what drives you to succeed?
Achieving our revenue targets and growing Total Payment Volume.
What’s the best advice you’ve been given in business?
Never underestimate the importance of listening. That applies to customers and team members alike.
What advice would you give to others starting out in business?
There comes a point where you need to be all in. It’s fine to start while earning some money elsewhere, but you will never make real progress until you make that leap and do it full time.
What have been your highlights in business over the past year?
Growth in open banking payments has been phenomenal. For example, we have experienced 100 percent growth in our client base adopting our solution Pay by Bank in the last six months. We have also signed a few key partnerships in North America, but, most of all, it’s been the significant growth of direct inbound enquiries from global iconic brands in our key sectors. This indicates we must be doing something right!
What’s next for your company?
International expansion has been an ambition for a while. We made some progress in North America this year and expect to build on this growth in 2024.
Where do you want your business/brand to be this time next year?
To be recognised and trusted as the global leader for businesses looking to streamline the process of collecting higher value payments.
What is the best book you’ve ever read (non-business) and why?
“Miracle in the Andes” written by Nando Parrado, one of the survivors of the plane crash in Peru where the survivors had to resort to cannibalism to live. The will to survive in the most extreme environment was inspirational.
What is your favourite hobby and why?
It’s more of a sport. I have been involved in rowing since I was 15 years old and competed at a high level. I still try to get out in a boat a few times per week. Anyone who does it will know that the feeling and noise of a boat traveling through the water underneath you is hard to beat.
What is your mantra for life?
Treat people with respect and not to take yourself too seriously.
READ MORE CEO Q&As:
Kevin McPartlan, CEO, Fuels for Ireland
Deirdre Mortell, CEO, Rethink Ireland
