Much continues to be written about the topic of embedded payments. It’s a real phenomenon.
Software led payments technology, innovation and optimization are growing exponentially.
We know that by 2028, vertical software led embedded payments will account for 70% of the domestic U.S. payments market. Thousands of ISVs and software platforms processing trillions of dollars in payments volume. It’s the distribution model for the next decade.
There is a growing percentage of ISVs, who having realized the exponential growth opportunity of a highly optimized payments strategy, continue to expend a lot of time, money and resources on evaluating whether or not to become a payments company themselves.
This evaluation typically centers around whether to become a payment facilitator. The challenge of course is that the devil is in the detail. The regulatory, compliance, technology, settlement, reporting and branding requirements are significant and ISVs who embark on this journey often get lost in the process and frustrated that they ever started in the first place.
Unless you are a giant ISV or software platform, the smart business decision to ensure speed to revenue and minimize operational impact, is to partner with a best in industry organization that will enable you to unlock the benefits of payment facilitation as part of a broader, coherent and seamless end-to-end embedded payments journey for your merchant clients.
Business Drivers:
My intent with this post is not to rehash the content of hundreds of other blogs and white papers that cross your inbox and LinkedIn feed every day. I have worked with ISVs and software platforms; mid-market to large enterprise, domestic U.S. to global in scale, industry specific or vertical agnostic, for more than two decades.
While technology and innovation has advanced exponentially over the years, the core payments related requirements for ISVs have generally remained consistent.
In my experience, for a U.S. headquartered ISV, they are:
- Optionality
- Automation
- Monetization
Optionality:
- Full embedded payments support for the U.S. and Canada with potential for international expansion
- Support all major payment methods and key feature functionality for your business vertical or segment
- Leverage high value PayFac processes without becoming a payment facilitator
Automation:
- End-to-end, digital and automated workflow for fast, yet accurate and thoughtful onboarding of merchants
- Real time and unified reporting and dashboards to enable data driven decision making
- A true turnkey, white label solution ensuring brand consistency across your platform experience
Monetization:
- Speed to revenue. Convert payments from a proverbial cost center into a long term, high value revenue engine
- A robust, omni-channel offering, enabling you to focus on capturing your widest addressable market
- Unlock opportunities to expand into and monetize new industry verticals and business segments
KORT empowers ISVs, software platforms, merchants and fintech’s to transact, scale, and thrive effortlessly.
Our enterprise-grade, global orchestration platform, KORTex, is the foundation of this transformation.
As we expand our geographical footprint, I invite you to join us and be a valued member of our early, strategic partner program; unlocking business, operational and revenue opportunities to help fuel your exponential growth aspirations. You can contact me here.