What we learned from NMI on building your payments strategy
We had some great learnings from Ben Goretsky and Naomi Mastera from NMI on our recent webinar. We talked in-depth about ISVs (independent software vendors - i.e., you make software) and the opportunities that are in front of them with payments.
A few highlights:
1. There is a shift and a need for seamless checkout experience. 83% of buyers prioritize a smooth payment process as a top priority. Checkouts may be abandoned if it’s not a great experience.
2. Embedded payments: they are not all made equal. You need to consider ease of integration, customer experience, scalability, and the monetization side: can payments be a revenue source for you? Many software vendors are NOT using this (though, that is changing), and it can be a missed opportunity.
3. There are options that can make your life much easier, and some that are much more complex when it comes to building a payment solution for your app or software.
4. Done well, there are so many ways that your customers can pay you, and you can even grow your business by monetizing the payments of your customer’s customer, depending on your business model.
5. Large enterprises may not be able to do business with you if you don’t have the right infrastructure in place. Being modular is an opportunity and an asset.
6. You don’t want to have to be immersed in PCI compliance: a good partner will have what you need in hand. You want to have the right partner for regulation so you don’t have to worry about it, especially across different industries.
7. Cross-border: good embedded payment solutions can offer multi-currency solutions, scalability and dynamic conversion, along with appropriate fraud solutions. Single point integration can be a big opportunity here, too.
8. Your valuation can be impacted by how you monetize (or don’t) payments. It’s a big opportunity, especially as you raise funds.
Curious to learn more? Watch the full discussion below!