How NOT to develop an embedded payments offer
In part two of this series, we discussed the many benefits of embedded payments. However, choosing the right model is complicated. In part three, we share some of the pitfalls to look out for when embarking on this journey.
By embedding payments in their existing proposition, businesses can gain a competitive advantage through improved conversion, customer satisfaction, retention, and customer lifetime value, in addition to unlocking additional revenue streams. However, this relies on a clear understanding of what embedded payments can and can’t do as well as careful consideration of what firms and customers want from them.
What can go wrong with embedded payments:
There are several challenges and risks associated with embedding payments in a business’s offer. We’ve identified some of the most common pitfalls:
