Why mature payment businesses need a flexibility layer

Many Payment Service Providers (PSP’s), banks and ecommerce businesses are in the fortunate position of having significant brand awareness and a sufficient turnover rate. They could have omnichannel payment solutions, anti-fraud capabilities, balancing tools, etc. that they need to gradually and steadily grow their business.

So, why would these mature payment businesses need a flexibility layer?

As the financial space experiences rapid change due to the advancement of technological capabilities and digital payments by mainstream users, payment businesses will need to rapidly adapt to the changes and respond accordingly.

Having a built-in flexibility layer in the form of an external platform provider can help them ensure that they are always using the most advanced technology, and that they are doing so in the fastest and most cost effective way.

Reduce development time and cost

When payment businesses want to add new features or functionalities to their product, they need to build a team and map out a development plan, which can be expensive and time consuming. Integrating with external companies to provide them with that flexibility layer is a smart solution.

Payment platform providers that have a large client portfolio in a variety of industries have significant experience developing new features, and there is a high chance that the development needed has already been done, instantly reducing the development time. Even if the desired feature has not been developed, there is still a high chance that something has been developed that can be adapted to their unique needs, shortening the amount of time and reducing the cost of creating a new feature independently.

External development companies are also committed to delivering results by a particular deadline, making it a better solution for companies that need developments with no time to spare.

Improve resource allocation

Even if a payment business has the financial capability to build a proprietary solution, they may still want to consider a partner provider to create it for them due to the fact that they may not have the manpower needed.

Even in large companies with hundreds or thousands of employees, each employee has their workload and cannot be uprooted abruptly in order to start a new project. That is where having a partner that is able to immediately allocate the manpower to a new project is extremely beneficial to companies looking to grow their offering without needless recruitment or shifting employees from other projects that they are currently dedicated to.

Faster integrations and customisation

Banks, PSPs, fintech companies, ecommerce giants, etc. need to be able to adapt their solution rapidly, and sometimes all that is needed is an integration or some customisation to make a big difference.

Companies that specialise in integrations in the financial space are able to reduce the time and cost it takes to integrate innovations, by being the flexibility layer.

The same goes for customisations; when companies need to modify their existing product they often discover that their solution is not as flexible as they need it to be in order to adapt. This can impact a company’s ability to grow and continue appeasing their merchants. In such an instance, once again, it is best to work with a partner who offers a flexible platform on which customisations can be made with ease. This helps companies by providing them with the ability to modify their product when the need arises, ensuring they can continue to meet the needs of current clients as well as help them attract new ones.

Retaining competitive edge

Ultimately, payment businesses all need to work hard to continually retain their competitive edge and market share, and the only way to do that is by ensuring their offering is flexible and their development, integration and customisation capabilities seamless and rapid.

While this may be hard to guarantee when doing everything in-house, working with a trusted partner such as Payneteasy can take the stress and financial burden out of new developments and integrations. This way, payment businesses can confidently grow with the peace of mind that they are always providing their merchants with the latest, cutting-edge technology in the quickest and most efficient way possible.

About Dan Sushkevich

Dan Sushkevich is VP Sales at Payneteasy (www.payneteasy.com), todays leading payment platform provider. Dan has extensive experience in SaaS solutions for online B2B businesses, with an emphasis on the payments industry. Dan has played an intricate role in the impressive client portfolio of Payneteasy, and focuses on strategic partnerships and new solutions to secure Payneteasys position of industry leaders.

About Payneteasy

Payneteasy provides PSPs, banks, fintech and more with the cutting-edge payment technologies. When working with Payneteasy, you can entrust us with all the issues related to payments, not wasting your own resources on the technology development and integrations. Fast integrations, flexible customisations and up to date payment innovations will empower your business.