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Embedded Payments Emerge in B2B

There are two major trends to examine

As embedded payments become the norm for consumers, a report from IDC predicts that 74 percent of digital consumer payments globally will be conducted via platforms owned by nonfinancial institutions by 2030. As the industry evolves, there are two major trends to watch for in the market: the growth of embedded B2B payments and the opportunity for financial institutions to work with fintech partners to support growing demand.

Tips to Adopt Embedded Payments

With the growth of banking as a service and open-access APIs, businesses now can leverage financial services technology to customize payment solutions for their needs. Companies can utilize this payment technology to streamline their employee procurement process, control spending limits, and easily track and reconcile charges without manually reviewing every purchase.

One tactic to help merchants feel less overwhelmed with modernizing back-end financial processes, is to start small and run test solutions or services before fully embedding them into AR processes or committing the resources. That way, merchants and their teams can feel confident in the value of the technology as a company scales while simultaneously working out the kinks. This slow approach can help merchants succeed into the embedded payments environment.

Please select this link to read the complete article from OSAP Member Infintech.

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