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Embedded payment technology is becoming the norm for small and mid-sized organisations (SMEs) that offer management software products.
The shift to online commerce has become essential for both B2B and SME businesses and has led customers to adopt digital platforms for buying goods and services. The frictionless 'Uber' experience has become an expectation rather than an exception.
Many businesses aspire to streamline the checkout process so that customers barely notice when they hit the 'pay' button. The adoption of embedded payments can make the buying process smoother, more convenient and ‘stickier.’
The explosive growth of embedded payments
The number of SMEs offering embedded payments will only grow with the global market expected to more than double between 2024 and 2028, rising from $92 billion to $228 billion, (The United Kingdom-based Juniper Research projected in an April report).
“This growth is driven by increasing market maturity and consumer confidence, supported by greater acceptance and applications” according to Juniper’s report.
The demand for a fast, frictionless checkout process has risen. Embedded payments reduce the steps needed to complete a transaction to improve the customer experience and reduce cart abandonment rates. This will, in turn, align to more secure revenues for the merchant and provide a frictionless experience for the customer.
Embedding payments into an application
Embedding payments into a software application involves integrating payment processing capabilities directly within the application. This approach enhances user experience, simplifies transactions, and can drive higher conversion rates and greater revenue potential.
What are the benefits for Independent Software Vendors?
There are many benefits when offering embedded payments, as transactions can be made through a few simple taps. Customers will no longer have to input account information like sort codes, account numbers, or any card details, avoiding human error. Instead, the customer is redirected to their online banking where authentication and approval are required for the transaction to be processed, making everything speedier and very positive from the customer’s perspective.
With an embedded payments integration, you can expect the following:
- Improved user experience
- Higher conversion rates
- Brand control
- Operational efficiency
- Transaction overview
- Enhanced security
If you're interested in setting up integrated payments for your business, contact our payment experts.
About Blink Payment
Founded in 2012, Blink Payment is a payment technology platform powered by people.
We make accepting and tracking payments easy – whether online or in person, through one simple platform, anywhere in the world. Our platform supports and integrates more than a dozen payment methods, including open banking, payment links, virtual terminal, card machines, and payment API, helping businesses get paid more quickly and securely.
