The party is not over for most online stores. In fact, the demand for digital products and experience is still on the rise, even during the post-pandemic times. But is your payment acceptance engine ready to address this demand and overcome payment challenges?
Payments in the modern days don’t just end at ‘payment successful’. The process is a continuous engagement to help drive repeat purchases and increase customer retention. The challenge is adapting to an ever-changing customer demand and new payment trends, while keeping the cost down and getting to market faster than your competitors. However, merchants are left to depend on their engineering team to build their end-to-end payment operations, which end up slowing down their ability to scale faster. Making payments a strategic enabler, not a barrier to growth
The biggest ecommerce companies spend millions of dollars and have large engineering teams dedicated to making payments a strategic enabler. As business models, payment methods, and ecosystem partners expand, these companies continue to extend their lead in payment operations.
Innovating the way you take payments is a battle between your competitors. It’s not just your core products that need defending; your payment offering and experience also represent a battle to be won against the competition. There are always game-changing payment innovators, so merchants should be prepared to adapt, or else, they will simply miss out.
On top of that, there are payment inefficiencies that are dragging down revenue growth, like the way merchants handle soft declines, payment processor downtime, chargeback, and fraud. Every inefficiency costs businesses money and customer dissatisfaction.
But how does one catch up to this ever-changing demand without spending too many resources on the tech overhead?
Having the flexibility to curate your own payment experience is a luxury most successful and well-funded companies benefit from. They can afford leveraging large teams of payment experts and engineers to build and constantly improve their payment acceptance engine - most end up spending more time and money - millions of dollars to build a competitive payment experience to win the market.
The good news is the industry welcomes the ‘no-code’ way of building modern, customisable, and adaptive payment stack. Instead of coding every single payment logic and API integration, your payments and engineering team can leverage a drag and drop solution to reduce the time to market and easily test out and experiment with different payment stack and strategies.
You can configure your fraud prevention and 3DS rules to make it adaptive of each locale you operate in, integrate with third party providers, add new payment processors and payment methods, and configure how these integrations will communicate and interact with each other - all in clicks and through a single interface. Logistics like payment routing, smart retries, automated chargeback and disputes resolution can be built and launched through a single platform - functionalities provided by our team at WhenThen. Our scalable end-to-end payment operations work without heavy engineering effort by leveraging no-code, which helps companies not only get access to payment success faster, but also remove the barrier to rapid growth. The room for a one-size-fits-all solution is smaller than you think
When you think about a ‘wow’ experience, personalisation often comes up. Another advantage of having a no-code solution to build payment logic and integration is the level of personalisation it can provide. Every industry, every purchase intent and locale you operate with is in call for a unique payment experience, and no single payment stack or fraud prevention rules will work for all industries. When businesses use a one-size-fits-all solution, they risk getting higher fraud false positives and lower authorisation rates or worse, as different industries, locales, and transactions are more or less risky than others. 10x your payment experience
The software world is exploding with APIs that allow companies to create powerful fintech, commerce products, and experiences in their existing solutions. But, no matter how good API docs have become, there is still a massive shortage of engineers to test them, let alone produce powerful apps and deliver high-quality experiences along the road. WhenThen can deliver a no-code interface to connect and integrate your services and complimentary services, so customers can benefit from a rapid build and launch of their desired experiences.
Learn how you can leverage no-code to gain a competitive edge at WhenThen.
Kirk Donohoe is co-founder of WhenThen. Prior to founding WhenThen, Kirk was the Founder of Solvers, the global fintech product advisory firm, and Global VP of Product Innovation in Mastercard Labs, where he helped brands such as Amex, Mastercard, British Airways, Walmart, Airbnb, Bank of America, and more to build and optimise their payment stack and customer payments experience.
WhenThen makes building and launching payment experiences and automation fast and simple through its powerful no-code editor. FinTech and payment API platforms use WhenThen to offer their customers fast API integration and complimentary service connectivity and global internet companies and merchants use WhenThen to integrate payment APIs and build powerful payment experiences and automation in minutes.
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