Previously, we have covered the added value of partnering with a payment processor and the technology that makes partnership easy. Today, we’re going to share what happens when you don’t include payments in your platform, plus some tips to keep in mind when you are ready to choose a payments partner.
The Costs of Not Adding Payments
Integrating payments into your platform completes your customers’ experience. They’ll never need to leave your platform since they’ll have access to all their tools and resources. Using an outside payment processor limits your platform when you could add value. As new technologies evolve, your customers will expect your platform to support them.
Without integrating payments, your customers will need to find an outside processor. And if your competitor offers integrated payments, you might lose customers.
Losing Customers to Competitors
Slow onboarding is a common complaint for both customers and software developers. If the onboarding process takes takes weeks while an outside processor underwrites and approves your customers’ merchant accounts, you risk losing them to a competitor with a faster process.
A common solution for this is to partner with a payment facilitator. But it should be noted that not every payment processor is a payment facilitator. Learn more about the benefits of partnering with a payment facilitator.
Missed Revenue Streams
Another risk of not integrating payments is losing out on a potential stream of revenue. When you partner with a payments provider, you split the generated revenue and can take advantage of incentives.
For every member you sign up to our processing, you’ll earn a piece of the processing revenue. This means that your clients can save money on processing and you’ll get a small percentage from every transaction. That’s what we call a win-win-win.
Your Must-Haves for Integrating Payments
So what boxes should a payment partner check off? It needs to be easy to use for your customers. Along with that, it should be easy for them to start processing. Here’s what you should consider in a potential payment partnership:
You need total functionality when it comes to integrating payments. The best payment experiences are the ones your customer doesn’t even know have happened. They’re so fluid and user-friendly they’re not noticeable. Your processor’s technology needs to be easy enough to use that it integrates with your platform without friction.
If your payment processor’s technology doesn’t work for you, it won’t work for your customers, either. Before you settle on a payment processor for your platform, see the technology in action for yourself.
Along with the technology itself, you need frictionless, easy onboarding for your customers. A payment facilitator can give your customers instant onboarding, avoiding the paperwork and headache just so your customers can process payments through your platform. A payment facilitator lets your customers skip the line and head straight to onboarding because they underwrite and take on all the risk – not you.
Accessible Revenue Opportunities
When you integrate payments into your platform, you open the doors to new sources of revenue. Revenue-sharing opportunities and incentives can be a reliable stream of income for your company. Instead of your customers finding their own processor, partnering solves the problem of user experience with the bonus of recurring revenue.
Integrating payments into your app makes it easy for customers to pay – and the simpler this is, the more likely they are to convert. For example, platforms like Lyft and Uber have streamlined their apps and user experience by making payments invisible. You don’t even notice you’ve paid for your ride. That’s an experience that’s hard to beat.
When you partner with a payment facilitator, your customers can start processing almost immediately. And while your customers get a great experience, you’ll enjoy revenue opportunities and incentive programs.
Fattmerchant’s technology goes beyond something you grab off the shelf. Our API is easy to set up and backed by our team to create a custom experience for your platform. And since Fattmerchant is a payment facilitator, your customers can start processing payments right away, without you taking on the risk.