BlueSnap has reportedly been helping software platforms monetise their payments for several years with their Integrated Payments for Platforms. The new Embedded Payments and Payfac-as-a-Service suite reportedly improves and innovates on this to include three new products: BlueSnap Dash, BlueSnap Relay, and BlueSnap Flex. These solutions are designed to help software platforms drive revenue growth, enhance the user experience, and increase product retention.
BlueSnap developed these products to give software companies the flexibility to choose which model of embedded payments suits their specific needs. The expansion comes amid growing demand for embedded payments among software firms worldwide, with the industry set to grow by over 40% to reach USD 124 billion in 2022.
According to BlueSnap research, over 2 in 5 tech leaders are now considering becoming payment facilitators. And the majority (88%) would opt to embed third-party technology into their platform instead of building a payment facilitation solution from the ground up.
BlueSnap’s Embedded Payments and Payfac-as-a-Service solutions enable companies to build and implement their own branded payment experiences globally, which can supposedly increase revenue for their business through payment monetisation. Software platforms leveraging BlueSnap’s Embedded Payments and Payfac-as-a-Service solutions can build more revenue streams because of the ability to profit from payments revenue as well as increase customer retention. According to research from JP Morgan, software platforms can see a two to five time increase in revenue per customer using embedded payments.
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