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Being fresh back from Money20/20 Europe, I am excited and invigorated. People in the finance industry are innovating and using technology in new ways, and I am thrilled that BlueSnap is a part of it.

While open banking continues to be an issue as it evolves in the UK and much of Europe, and artificial intelligence was a hot topic (as it is everywhere these days), they both roll up into payment orchestration, one of the three themes that we heard about in every discussion and meeting we had, along with increasing ROI and embedded finance. Of course, these are three things that are top of mind for us here at BlueSnap.

Payment Orchestration

The BlueSnap team met with several companies during Money20/20, and the common theme was a discussion around payment orchestration. Payment orchestration is an evolving term, and here is the most common definition I’ve heard. Today’s payment orchestration technology should:

  • Optimize payments for the highest authorization rates and lowest costs
  • Support global payments
  • Include alternative payment methods
  • Cover multiple payment use cases
  • Offer value-added services you can turn on and off to meet your specific payment needs

As businesses strive for successful payments, payment orchestration is key. A Global Payment Orchestration Platform is a single platform that can support all your payment methods, banks, eCommerce features and related services and then conducts them for you, allowing features to be activated and used as needed to optimize your payments for the best ROI.

Increasing ROI Through Payments

So many people we spoke with at Money20/20 were looking for ways to increase their revenue and reduce their costs. At BlueSnap, we know payments can be key.

Payments are complex, and there are so many aspects companies inadvertently miss or don’t know about that can have a profound impact on revenue and costs. Our Global Payment Orchestration Platform is designed to deliver a return on investment.

So many companies are missing opportunities when it comes to their payments. By having the right payment setup, you can:

  • Increase your authorization rates and revenue by routing payments to the bank most likely to approve the transaction based on machine-learning and AI.
  • Reduce checkout abandonment and capture more sales by offering the currencies and payment types your customers want and find familiar.
  • Eliminate unnecessary fees by using local card acquiring whenever possible, in accordance with card brand rules..
  • Ensure business continuity with a plan for redundancy and failover – it’s essential to always have a backup plan.

Embedded Finance

I have already declared “embedded” the word of the year for fintech, and Money20/20 further confirmed it.

While embedded fintech is not a new concept, all the flavors are emerging, creating some confusion in the marketplace. Embedded finance is an umbrella term for the integration of financial services into non-financial technology or software platforms, allowing these platforms to sell streamlined financial services to their customers. While you will hear about embedded banking, embedded lending, embedded insurance and embedded investing, the largest growth to date has been in embedded payments.

Software platforms in healthcare, education, retail and more are changing their revenue streams by selling white-label payments to their clients. Instead of depending on subscription fees alone, they are able to benefit every time their clients accept payments from their customers.

We conducted a survey of 300 B2B software leaders on the state of embedded payments and found that:

  • 48% say that embedding payments in their platforms has given them an edge over competitors
  • 35% saw an increase in client tenure
  • 34% saw an increase in client acquisition

Our survey also found that for those companies that tried to become a registered payment facilitator or payment service provider rather than work with a partner, 83% took a year or longer to do so.

If you are considering embedded payments for your software platform, BlueSnap has three solutions so you can sell payments to your clients. Choose from Embedded Payments, our turnkey solution, and our Payfac-as-a-Service solutions that offer more ownership of your end-to-end payments. No matter what solution you choose, BlueSnap can help you make global payments part of your business.

This year’s Money20/20 Europe was a great event. I am so thankful for the people we were able to speak with and the connections we made. I am looking forward to picking up where we left off at Money20/20 USA in October.

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Frequently Asked Questions

What is payment orchestration?

Payment orchestration is the back-end management of the full payment process from start to finish. A payment orchestration platform simplifies the complexities of payments, giving companies full control to manage payments, allowing for differences by country, by product, by issuer and more.

What are embedded payments?

Embedded payments are when payment functionality is embedded directly within a software platform, so clients do not need to integrate with another service to accept payments.

What are my options for embedding payments?

A few different models exist. You may be able to implement no- or low-code platform models without development help, but development resources are typically needed for implementations that have more customizable options. Depending on the model that you choose, your payments can be up and running in a day or two, or if you choose a more customizable model, a few months. You may also choose different fee structures, such as revenue sharing or buy rate.

What is BlueSnap?

BlueSnap helps businesses accept global payments a better way. Our All-in-One Payment Orchestration Platform is designed to increase sales and reduce costs for all businesses accepting payments.

BlueSnap supports payments across all geographies through multiple sales channels such as online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal.

And for businesses looking for embedded payments, we offer white-labeled payments for platforms with automated underwriting and onboarding that supports marketplaces and split payments.

With one integration and contract, businesses can sell in over 200 geographies with access to local acquiring in 45+ countries, 110+ currencies and 100+ global payment types, including popular eWallets, automated accounts receivable, world-class fraud protection and chargeback management, built-in solutions for regulation and tax compliance, and unified global reporting to help businesses grow.

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