What we learned from Mark Bishopp about embedded payments
We had some great learnings from Mark Bishopp, former SVP - Head of Embedded Payments/Finance & Partnerships at Fortis, on our webinar on March 28th.
A few highlights:
1. You have to have integrated payments before you can have embedded: embedded is about a frictionless experience.
2. "Moment of inspiration" - you have me to pay, but if you can't convert me in that moment, you might lose me. Embedded is a competitive advantage.
3. If you're not getting revenue share from your payments... that's not a good thing. There's always revenue share to be had.
4. As you build out your product, the more you can do yourself, the more you’ll make (and yes, it’s more complicated).
5. Payments is a strategy asset, not a cost. You can add security and control, which will help your valuation.
6. Know the technology layers behind the partners: some are more efficient than others.
7. Alternative Payment Methods (APMs) will be around for a while. There are a number of disruptors around today. Consumer adoption isn't quite there, but there may be an opportunity in the future with things like fractional stocks and other mechanisms as we are thinking about crypto today.
8. Public perception drives much of what payment technologies are used. People want to know that retailers and sellers are forward thinking: they might not use the tool, but it shows that you are progressive in your thinking.
9. With Card Not Present, there are solutions that can give you local interchange in 100+ countries, while not dealing with typical exchange challenges. Each country has different restrictions, rules and nuances. As an example, the EU doesn’t mean there is one system: there are different networks when you cross many borders.
10. Work with someone who has a lot of data: Starbucks had great customer data that could drive conversion within their app: but their partner bank had more payment data that could give even more insight.
11. You are giving away your customers if you aren’t doing the payment. Investors may also look more favourably on your competitors that do offer payments if you do not.
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