How to Avoid Common Pitfalls in Payments Leadership 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 leadership is fierce.

Our recommendation: Simplify and streamline your interview stages. Three to four stages should suffice for senior leadership roles, while junior or mid-level roles should require no more than three. Keep communication open, clear, and engaging throughout the process, ensuring that the candidate understands the relevance of each stage. It’s also a good idea to have multiple people attend the same interview, as this will save time for the candidate and shorten the process for both parties.

Payment’s professionals are in high demand, and a cumbersome process can exhaust candidates and lead them to accept offers elsewhere. Strike a balance between thorough evaluation and swift decision-making to ensure you don’t miss out on the perfect hire.

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 lead to losing highly qualified candidates who could have significantly impacted your business.

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. This clarity enables you to move quickly while maintaining confidence in 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 a Chief Compliance Officer or bring in additional developers. But is that the best solution?

Our advice: Instead of rushing into hiring a full-time senior executive, take a step back. Do you really need a permanent leader, or could fractional or interim support bridge the gap while the business grows? A fractional Chief Financial Officer (CFO) or Chief Technology Officer (CTO) can offer critical guidance without the long-term commitment, giving you time to assess whether the need justifies a permanent role.

Making the wrong hire, especially in senior roles, can have lasting negative effects on your company’s culture and operations. Take a strategic, measured approach to hiring key leaders—after all, securing the right leadership talent is crucial to maintaining your competitive edge in payments.

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 leadership talent for payments companies. Our expertise in payments recruitment ensures you’re set up for long-term success. Let us help you find the leaders who will shape your future.