Streamline Platform Payments with Embedded Payments
The embedded payments market has gained significant traction over the past few years, providing marketplaces, SaaS companies, and platforms with intelligent payment tools designed to reduce customer friction and improve security, accessibility, and speed.
Embedded payments are fast, efficient and accessible. They allow customers to bypass traditional, clunky payment processes that are often complicated, ask for extra authentication, require that customers leave your ecosystem to manage payments, and involve extra admin to maintain.
They are also transforming how marketplaces are approaching service delivery.
The Embedded Payments Model
Digital platforms and marketplaces can use embedded payments to increase revenue by creating financial products that cater to the needs of their customers. You can offer your customers various services and payment capabilities, which they can then leverage to create powerful solutions for their own customers. Embedded payments redefine customer service throughout the platform ecosystem, smoothing over the financial bumps in the road to create sticky and frictionless experiences.
Think Beelivery. They promise grocery delivery within 15-60 minutes, which is a huge win for consumers. They also provide drivers with the opportunity to earn extra income very easily. Drivers join, select the jobs and hours they want to work and get paid directly through the app. And all this is powered by embedded payments.
Think on-demand transport. There have been several innovations in this space as marketplaces leverage embedded payments and easily accessible apps to put transport at anyone’s fingertips. Companies can use apps to manage their logistics without investing in a fleet and individuals can use apps to manage their own transport without purchasing a car. And again, drivers benefit as they can enter this ecosystem to make a living that suits their needs and hours.
Think mechanics. The days of panic driving out to the mechanic in a car that’s barely able to move are gone. Now, consumers can use an app to order a mechanic who will arrive at their front door. Again, accessible payments for mechanics powered by the marketplace’s investment into embedded finance make this a viable and potent ecosystem that benefits everyone.
Seven Benefits of Embedded Finance for Payment Platforms
Want more? Here are seven benefits of embedded payments for your platform or marketplace:
Improved User Experiences
Embedding payments within your digital platform makes it easier for your customers to gain control over their cash flow and admin while giving them the space to provide their own customers with services and functionality that keep them coming back for more. You can increase customer stickiness and lifetime value with minimum effort using the pay-and-go capabilities of embedded payments. In addition, onboarding and compliance are fast and painless - your AML, KYC and KYB checks are handled by the embedded payment provider using technologies that make the process frictionless.
Embedded payments provide you with the ability to provide your customers with a variety of services and payment options that they can then leverage to transform customer service. Your customers get the convenience of enjoying a seamless payment ecosystem they can access and manage easily. No more jumping between websites and third-party payment providers - everything is within your ecosystem optimised to meet your unique customer needs.
Faster Payment Processing
You can white-label your embedded payment solution so your customers can offer their customers access to multiple payment methods within a secure environment that’s designed to make payments as fast and straightforward as possible. You can improve pay-outs and flexibility by shifting how you manage your funding flows using a third-party embedded payment solution designed to fit within your ecosystem and branding while enhancing the speed of payments and payment processes.
Reduced Manual Intervention
An embedded payment solution makes it easier for your customers to manage their cash flow, admin, payments and businesses within a centralised space. They no longer have to jump sites or service providers to track and manage payments, and with a one-click payment option, they don’t have as many manual hurdles to climb to facilitate payments.
A trusted embedded payment solution comes with security baked into the very foundations. From KYC, AML and KYB through to PCI DSS and PSD2 compliance, the right embedded payment solution will have invested heavily into security controls and mandates to ensure you can provide your customers with complete peace of mind. When you white-label a trusted embedded payment solution that aligns with your branding, you can create a compliant, agile and customisable payments ecosystem that enhances your reputation as a trusted space for your customers.
You can use embedded payments to create highly agile and relevant financial products for your customers, allowing you to explore fresh revenue generating opportunities while enhancing customer experiences.
Platforms can use embedded finance solutions to create new revenue streams on top of their existing revenue models, drive a higher average revenue per user, and provide customers with seamless payment experiences. Platforms simply use a third-party API to connect their services to payment functionality. This invisible and powerful solution puts your brand at the forefront of your customer engagements while ensuring you can access seamlessly integrated financial services that transform payments at scale.
The Challenges of Inefficient Payments
What happens when payments are not efficient?
Instead of a one-click payment process that keeps customers within your ecosystem, they must navigate third-party services and websites to manage their payments. If their payment solution isn’t agile enough to include various payment methods, it can make life more complex and less engaging. You don’t want your customers to feel like they have limited payment options because this knocks on how they engage with their customers and can impact your stickiness and customer retention.
Risk and Security
You don’t want to put your platform at risk of non-compliance, poor security or limited visibility into KYC or AML. These are non-negotiables in finance and payments, as they can increase the risk of fraud and reputational loss.
UNIPaaS completely eliminates the risk for platforms. Our white-labelled solution gives you all the benefits of a branded payments system, but the risk sits with us. Instead of you hiring the dedicated people to manage your AML, underwriting, fraud monitoring, KYB, KYC, sanction screening, credit risk and risk profiling, we do it all.
Creating your own embedded finance solution is expensive. It requires a lot of planning, investment, time and forethought, and constant management and maintenance. You can create your own, but this will add significant weight to your bottom line as you must constantly manage, maintain, refine and update it.
Limited Growth Potential
You can lose traction and customers without the right payment methods and capabilities. Customers want easy and fast. They want solutions that make their lives less complex and give them time to engage with their customers and build their businesses. Lacking the ability to provide different payment solutions within a scalable architecture that allows for increased revenue opportunities means being left behind and limiting your growth potential.
How UNIPaaS Pulls it Together
UNIPaaS brings all the benefits of embedded payments right to your digital front door and effortlessly helps you overcome all the challenges. It is easy to integrate within your ecosystem with our customisable APIs and seamless integration capabilities, bringing a wealth of features and capabilities into your business.
UNIPaaS has created a unique and accessible embedded B2B payments solution that perfectly fits your platform. With UNIPaaS, you can create your own ecosystems that connect with your customers and deliver integrated digital journeys that simplify financial transactions.
In fact, you will also get the following benefits from UNIPaaS and our embedded payments solution:
- The ability to transform payments while creating new financial distribution models
- New revenue streams that can rest on top of your existing revenue models
- A higher average revenue per user
- Seamless payment experiences
- Access to payments technology that’s accessible and easy to use
- Payment automation functionality and seamless payment processing
- Embedded B2B payments for your marketplace
Discover how UNIPaaS can create the perfect circle of digital value for your platform here.