Guide: 7 reasons to embed payments into your platform
Learn everything you need to know to get started with embedded finance.
Platforms are taking the lead when it comes to using technology to help make users' lives easier. If you're making major decisions at a platform, specially one servicing small to medium sized businesses (SMBs), such as marketplaces, SaaS provider, on-demand platform, you're probably tuning into the talk of the moment: How to start your embedded finance journey.
Embedded finance is overhauling the banking landscape, and platforms that adjust now will be the first, and maybe only to experience a new era. I’ve spent the last couple of years working directly with platforms to understand their challenges, but better yet, their ambitions – and building the products that will help them reach the latter.
Embedded finance is the next step for platforms succeeding with embedded payments. Most platforms advancing to this stage are already seeing the results of embedding payments into their offering. Toast and Lightspeed are prime examples. If this is where you're at, you've come to the right place.
The first platforms to embed payments already have up to 80% of their total revenue coming from payment services. If you want to generate this kind of revenue from embedded finance it’s necessary to start now.
Knowing where to start can be tricky. But it doesn’t have to be. Our Accounts product (as part of the Embedded Financial Product suite) is the easiest way to fast-track your embedded finance journey since it allows your users to manage their finances where they’re already running their business.
Financial technology and increasing user demand have opened an opportunity for platforms to provide financial services to their users. For many small to medium sized businesses (SMBs) using platforms, this includes the day-to-day financial support they struggle to get from banks.
Embedded financial services is something that 64% of SMBs are interested in, and will soon turn into something they expect. Embracing this opportunity is something you need to do to not risk losing your users. Fortunately, this is something that will not only benefit your user, but also take your business to the next level.
Knowing where to start can be a challenge in itself, with so many products to consider: business cards, lending, accounts. But consider Accounts as the take-off point.
When embedding payments with other financial products, you need to start small and focus on what your users want. 72% of the SMBs consider centralising operations and creating an integrated experience important to optimising their business.
For platforms that have already found success with embedded payments, Accounts is the next step. With Accounts, you can offer your SMB users platform-embedded bank accounts, allowing them to manage their sales proceeds in the same place as they run their business.
Here’s what your users can expect:
Accounts makes it easy to start small and add more features and functionalities with time. Our financial technology platform is built to give you the flexibility to add more products based on what works for your users as your proof of concept progresses.
Enabling your users to run their finances where they run their business can be game-changing for your platform. Making the transition to embedded finance can be overwhelming, but starting with Accounts makes it easy and we’re here to help you along the way.