Why Your SaaS Platform Needs Payments

Embedded payments transform how you connect with customers. Keeping transactions within one platform creates a smoother and more enjoyable checkout experience. This capability improves customer satisfaction and drives better results for your business. In this article, you discover exactly what embedded payments are, why you need them for your SaaS platform, what to look for in a payment partner, and how to get started on your embedded payments journey.

What are embedded payments?

Embedded payments are payment capabilities seamlessly integrated into non-financial solutions, like Software as a Service (SaaS) platforms. With this technology, transactions can be completed without leaving your platform. This frictionless experience provides a number of benefits for your customers:

• Simple payment acceptance: Enable your business users to take payments from their customers no matter how they prefer to pay: by card, digital wallet, tap to pay, or online.
• ‍Seamless integration: Payment functionality is easily integrated into the software platform with low-code/no-code or APIs, making it easy to start offering payments.
• ‍Improved user experience: Being redirected to external payment pages is a hassle, but with embedded payments, customers can complete transactions without that headache.
• ‍Enhanced security: Embedded payments protect sensitive customer data through advanced security measures, such as tokenization and encryption.
• ‍Increased efficiency: With reduced cart abandonment rates and increased conversion rates, you’re improving the payment process for your merchant users.

Adding payment solutions to your platform

You want to be positioned as a partner of choice for all your users’ needs. Embedded payments meet customer expectations for seamless payment acceptance and boost engagement. Even better, adding payment solutions to your platform helps you stay ahead in a competitive market and offer benefits like

• Higher conversion rates: Reduce friction, minimize cart abandonment, and encourage customers to complete their purchases.
• ‍Improved customer loyalty: Provide a streamlined and dependable checkout experience to strengthen trust and keep your customers coming back.
• ‍New revenue opportunities: Monetize payment features to turn payments into a strategic revenue source. Offer premium options or faster processing services.
• ‍Better data insights: Gather valuable data on customer behavior and purchasing patterns to tailor your offerings and strategies.
• ‍Enhanced brand perception: A frictionless payment process reinforces your brand’s reliability and builds stronger connections with customers.

How to find a good payment partner

Your payment partner is the foundation of your embedded payments strategy. This decision affects everything from reliability and features to integration, effort, costs, and your ability to scale. Think of it as choosing a long-term business ally, not just a vendor. Partner selection impacts your technical capabilities, customer experience, and revenue potential. The right partner will

• Offer competitive revenue-sharing options
• Align with your business model
• Fit your roadmap
• Simplify integration
• Protect your brand
• Invest in innovation

After a potential partner meets your strategic needs, pressure-test their everyday performance. Consider asking the following questions:

• ‍What is their uptime? Ask for proof of high uptime and clear service level agreements (SLAs).
• ‍Do they have elastic scalability? Verify the platform has managed holiday-level traffic spikes for businesses of your size.
• ‍What levels of security exist? Confirm Payment Card Industry Data Security Standard (PCI DSS) Level 1 and other relevant certifications, such as PCI P2PE.
• ‍Do they have 24/7 expert support? Ensure live help, proactive incident alerts, and searchable documentation so issues don’t progress.
• ‍What is their track record? Request case studies, review customer references, and confirm financial stability to be sure the partner can scale with you.