You may have already heard and read about the increase in payment fees with larger payment providers. Many companies are turning to embedding payments instead, to avoid these cost increases.
Embedded online payment solutions can save you real money as it streamlines the payment process and eliminates the need for multiple intermediaries, resulting in lower transaction fees and fewer errors.
What are Embedded Payments?
When you make a payment using traditional methods, such as a credit card or bank transfer, there are typically several intermediaries involved in the transaction, each of which charges a fee. For example, there may be fees charged by the payment processor, the bank, and any other third-party service providers involved in the transaction.
Embedded Payments Definition:
An embedded online payment solution is one that integrates directly into the product or service you are using. This means that there are fewer intermediaries involved, resulting in lower fees. Additionally, because the payment process is streamlined, there is less opportunity for errors or delays, which can also save money in the long run.
Embedded Payments Saving Money for Companies
For businesses, embedded payments can also reduce the cost of payment processing and help to increase revenue by simplifying the payment process and making it easier for customers to make purchases.
Overall, embedded payments can provide significant cost savings compared to traditional payment methods, making them an attractive option for both individuals and businesses.