An embedded payment system is a payment processing solution integrated into a web-based application or software program. The system allows the user to securely enter payment information directly into the application, eliminating the need for a third-party payment processor.
It makes it easier for businesses, like hotels, to accept payments from their customers, both online and in-person. Embedded payment systems are also often used for subscription-based services, allowing customers to manage their payments in-app easily. But why should businesses use it?
1. Creates New Revenue Streams
Integrating an embedded payment system into your business can be a great way to create new revenue streams. By allowing customers to make payments directly through your website, you can make it easier for them to purchase your products or services and increase your sales.
Businesses can also save time and money by streamlining the payment process and reducing the need for manual processing. Customers can quickly and easily make payments without leaving the website or application, reducing the time it needs to input payment information.
2. Offers Value-Added Services
Another benefit of using an embedded payment system is providing customers with value-added services. For instance, businesses can offer customers the ability to store their payment information for future purchases, as well as the ability to set up recurring payments.
These features can save customers time and effort and increase customer satisfaction and loyalty. As a result, more people will support the business and eventually remain loyal customers. Therefore, it ensures continued support for the company itself.
3. Onboards New Merchants
Embedded payment systems can also onboard new merchants. It means that businesses can use the system to quickly and easily onboard new merchants and process payments, saving them time and money; they don’t have to manually process payments from each merchant.
The system can also track customer data and ensure the payment process is secure and compliant with industry regulations. It can help businesses protect their customers’ data and ensure their payments are processed securely and accurately.
4. Increases Business Valuation
Using an embedded payment system can also help increase a business’ valuation. Companies that use payment systems are seen as more efficient and secure than those that don’t, making them more attractive to potential investors.
Additionally, businesses using payment systems can often process payments faster and more accurately, increasing customer satisfaction. Embedded payment systems also make paying more efficient and less time-consuming. It can lead to increased revenue and expanding value.
5. Improves Buyer Experience
Embedding payment systems into a website or app can make it easier and more convenient for buyers to purchase products or services. It can improve the buyer experience, as buyers don’t have to leave the website or app to make a payment.
It can also save time for buyers, as they don’t have to fill out forms or enter their payment information multiple times. It can increase customer satisfaction and loyalty, which can help a business grow. Therefore, companies can retain customers in the long run.
As a business, ensuring customers can easily and securely purchase products or services from your website or app is essential. Embedding payment systems into your website or app can be a great way to make this happen.
It allows customers to make payments without leaving your site and can also help increase sales and customer loyalty. Therefore, consider acquiring embedded payment systems in businesses today.
Kovena offers an industry-specific solution for businesses worldwide. Through embedded payment systems, our goal is to manage payments better along with the changing times. Learn more about the various booking engines by browsing our website today.