Learn how embedded payments work and the revenue impact of enabling them.
For merchant platforms maintaining a merchant network is the cornerstone of success. Having a seamless and intuitive payment stack is essential to attracting merchants. This is where embedded payments step in, acting as the vital cog that can revolutionize the payment experience on any platform that allows merchants and customers to transact.
Embedded payments are payment transactions that are integrated directly within your platform's interface. This means that transactions occur without the need for merchants or their customers to leave your platform and go to an external payment gateway or service. The process is designed to be smooth and invisible to the user, providing a seamless and frictionless purchasing experience.
The implementation of embedded payments involves integrating a payment gateway such as Stripe directly into a platform, via an API. This allows for the secure processing of payment information within a platform's environment. When a merchant's customer decides to make a purchase, the payment information they provide is securely transmitted through an integrated gateway for processing. This all happens without leaving the merchant's website to complete the transaction, reducing friction and providing a more streamlined purchasing experience.
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From a revenue perspective, embedded payments can open up several new opportunities for businesses. For instance, food delivery platforms, such as Rappi, can benefit from the following revenue streams:
Using a food delivery platform as an example let’s look at how merchant platforms can utilize payment orchestration to manage, optimize, and enhance embedded payments effectively.
When it comes to running a food delivery platform, the core focus should always be on delivering the best possible service experience to customers allowing for business expansion. However, intricate and complex payment processes can often pose a challenge and divert attention from these primary goals. Spreedly’s payment orchestration platform addresses this challenge head-on. By optimizing your payment process with things like routing and retry, we empower your food delivery service to dedicate more of its resources to what truly matters. With the complexities of payment management handled by Spreedly, you can focus on growing your business, expanding to new markets, adding more restaurants to your network, and most importantly, delivering delicious meals promptly to customers' doorsteps.
Digital payments have their share of security and compliance challenges. With Spreedly these concerns become significantly easier for a food delivery platform to manage. Our PCI-compliant managed vault safeguards customer payment details, ensuring the level 1 protection against potential breaches. A food delivery service provider, would not only significantly reduce your PCI scope, but also ensure adherence to all regulatory requirements. This level of assurance results in bolstering trust with your customers, a critical component in the food delivery service industry, and helps establish your platform as a secure choice for customers to place orders and make payments.
Embedded payments are pivotal to the growth and success of any modern merchant platform, enabling seamless transactions, increased revenue, and improved customer experience. With Spreedly's robust payment orchestration platform, you can smoothly integrate these payments, ensuring security, compliance, and scalability. Tap into the future with Spreedly, your trusted partner in unlocking the full potential of embedded payments.
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