48% of Software Platforms Say Embedded Payments Give Them An Advantage Over Their Competition, According to New BlueSnap Global Survey
BlueSnap, a global payment orchestration platform whose embedded payments solution is used by many leading SaaS platforms, today announced the results of its 2023 Embedded Payments Survey.
For this report, BlueSnap collaborated with Gartner Peer Insights to survey 300 B2B executives globally to understand the benefits and challenges of embedded payments for software platforms. A key takeaway from the findings: software leaders found numerous benefits beyond additional revenue from embedded payments.
Embedded payments have seen a sharp increase in adoption recently with the overall rise in embedded finance innovations across the fintech industry. Software platforms looking to improve customer experience, control the payment process and generate new revenue are embedding payments into their software platforms and seeing results.
The data shows that software platforms are experiencing numerous benefits from embedding payments into their software in addition to new revenue. Forty-eight percent of respondents said embedded payments gave them an advantage over their competition, with 35% of software leaders seeing an increase in client tenure, 34% an increase in new client acquisition and 28% an increase in company valuation.
But software leaders are not choosing to implement embedded payment solutions on their own. Survey data shows that 89% of software leaders chose to work with a payments partner to implement payments rather than become a registered payment facilitator or payment service provider (PSP). Key barriers reported by software leaders to embedding payments into their platform on their own includes the technical resources needed (58%), time to become a PSP (53%) and staffing for associated roles such as compliance and underwriting/risk (50%). Of those software leaders who chose to go it alone, 83% of respondents said it took a year or more to become a registered payment facilitator or payment service provider (PSP).
“Our recent data show there are clear, profitable benefits for those software companies taking advantage of embedded payments,” says Ralph Dangelmaier, CEO of BlueSnap. “An experienced payments partner can provide guidance and support on everything from onboarding and risk to reporting and customer support. This can help ensure your embedded payments solution is quick to market and provides an ROI.”
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