Embedded Payments: It’s a Journey Not a Destination
In the sixth episode of PayFAQ: The Embedded Payments Podcast brought to you by Payrix, Host Bob Butler interviews Jason Key, Head of Global Solutions at Payrix, about the payments journey that a software company typically undertakes when they’ve decided to integrate or embed payments.
Jason has been in the payments and software industry for 22 years, including working in the mobile payments space with PayPal, as well as with a start-up ISO. He believes the two top reasons a software company needs or wants to embed payments are control over the customer experience and ability to monetize payments.
According to Jason, Payrix is the all in one solution for integrating payments by living inside the platform and allowing companies to minimize friction and improve stickiness to enhance the overall customer experience. He discusses how Payrix takes a consultative approach by diving into what the software company is already doing to get a clear understanding of their journey. Software providers will be talked through the different aspects of payments as a whole, specifically embedding payments and servicing merchants, before they are then paired with an integration team and a relationship manager to help with implementation and integration to ensure they’re ready to board their first merchant.
Not every software company needs to become a payment facilitator, according to Jason, but he does believe in order to evolve, software providers should be thinking about embedded solutions for their platform and payments are a starting point. He explains that Payrix is a consumer of everything it builds because it is a payment facilitator itself and the platform that has been built is as much for Payrix as it is for clients.
Jason explains that not everyone has the depth of payments experience, so Payrix works closely with them to understand their current platform and the experience they are looking to surface through integrating payments. He talks about how willing Payrix is to educate and mentor customers so they’re able to have the best experience possible without adding complications to their own product journey.
Some considerations for software providers are the customer experience, revenue goals and risk tolerance. Jason says that Payrix is enabling clients to realize their revenue goals but ultimately it is up to companies to determine what their appetite for payments risk and portfolio management is or if they’d rather leverage Payrix’s expertise to take on that risk.
Lastly, Jason talks about the fact that integrating payments is a journey, not a destination. It is an on ramp to accelerated growth from a revenue perspective and Payrix is positioned to be that trusted mentor along the way.
If you’re interested in learning more about how Payrix can help with your payments journey, get in touch today!