Embedded Payments Essential Merchant Success Fintech & Banks

The Business Benefits of Embedded Payments

Depending on your business model as a fintech or non-financial services company, you may seek to partner with an established embedded payments provider or build your own embedded payments solution. To do so, your company can work with a BaaS platform to embed accounts and various payment rails into your applications. Depending on the payment rail you wish to support, you can also partner with a merchant acquiring bank. Another major example is payments processor Square, which utilizes embedded banking and embedded payments features across their system and products. The company owns a bank, which is embedded in its offerings to businesses. Businesses can use Square’s Merchant Acceptance Platform to embed payment options in their shopping platform.

• Monthly or annual subscription fees for access to an embedded payment system can include additional features such as advanced analytics, fraud detection, and customer support.
• Global Payments Accept payments online, in person, or through your platform.
• This is one of the most common methods of monetizing embedded payments since it doesn’t require any upfront costs for sub-merchants and their customers, and it’s easy to implement.
• By the time a resolution is found, that’s one fewer customer your business is going to retain.
• When you aren’t using a third-party provider, everything from PCI compliance to storing customer data securely is on your shoulders.

Embedded payment systems operate via third-party payments as a service and open application programming interfaces – which are channels for quickly exchanging data – that embed a payment processing tool within a website or app. This helps companies recoup significant revenue otherwise lost in payment processing fees paid out to third parties. For every $100 million processed, businesses can realize an additional $3 million in revenue, according to current payment processor rates. Outside the accounting department, this means your engineering team can refocus on core products. These allow your customers to spread the cost of their payment out over time with instant financing approval, making purchasing easier. Customers enjoy interest-free loans, fully integrated with their purchases.

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