As more and more businesses zero in on improving operational efficiencies in order to add to their bottom line, payments are stepping into the limelight. Payment solutions and payment facilitation have become top of mind and a top priority for organizations across the globe.
As digital payments gain traction, embedded payment solutions are more popular by the day.
Embedded payments transform what was known to be a strictly functional payment process into a personalized, intuitive experience.
The Need for Next Generation Payment Solutions
If we thought the payment industry was evolving pre-pandemic, the period from 2020 to now has only propelled the entire ecosystem light years ahead. Be it B2C or B2B, people and businesses expect a fluid and simple payment experience. As a result, we see businesses increase their spending to streamline, digitize, and add flexibility to the payment process.
Effective embedded payment solutions meet the customer where they are, providing them with a seamless payment experience.
Payment Facilitation: Should You Build or Buy?
To some, the vision of developing a custom solution in-house is appealing. It can often be perceived as an attractive option to address a specific business challenge in ideation mode. On the other hand, many companies will recognize the heavy workload involved in creating, implementing, and maintaining the solution.
When weighing the costs and benefits of building versus buying their payment processing solution, enterprise companies must ask which is better suited to us?
Firstly is it is important to acknowledge, long-term strategy is king. Don’t ignore it. Payments are here to stay, it is important to choose the best option for you and your business. That being said, it is critical not to underestimate the time and resources required to build out a payment solution. As business owners, it is tempting to opt in for DIY solutions. This however, may not be cost-effective or scalable for the business down the road.
In fact, according to Gallup one in every six IT projects has a cost overrun of 200%?
Our payment facilitation guide is for those businesses looking to meet their customers’ expectations while weighing the options of building or buying.
Meet your customers’ expectations and keep them forever or force them into a friction-filled process and take the chance of losing them (forever).
Want to learn more? Download our payment solutions guide to learn the 5 reasons we say you should buy and not build your payment solution!