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7 REASONS TO EMBED PAYMENTS INTO YOUR PLATFORM
As a platform , you ’ re the backbone of your users ’ business , providing an essential day-to-day service . Yet , while you focus your efforts on making lives easier for your users , you have your own challenges to deal with .
For example , how can you :
• Improve your customer retention ?
• Diversify and generate more revenue ?
• Support your users across more regions or channels ?
• Scale and future-proof your business ?
Adding additional value to strengthen relationships and keep users on your platform is key . And , as you look to diversify your offering , payments could be a good place to start .
Payments is a critical function in any business . But it can also be a major pain point ; adding complexity and operational overhead . Platforms are uniquely positioned to make all this go away by offering payments services from directly within their systems . This removes the headache of integrating and managing payments separately , especially if multiple payment methods , channels or regions are needed . It also unlocks access to technology , which would otherwise be out of reach – Think how Uber gives drivers access to best-in-class payment experiences that would be hard for them to replicate alone .
This is a huge growth area . Our recent Embedded Finance Report found that 35 % of our survey respondents are using an embedded payments service provided by their platform ( up from 30 % in 2021 ). x
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