Has your business achieved Product-Market-Fit?
Is your business processing at least $100k of payments per month?
Does your product have high-growth plans or new market entry?
If your answer to these questions is 'yes,' it is high time you take control of your payments. Payments are the backbone of your business, and taking control of it has immense business value.
Why should you take control of your payments?
Traditional payment processors make it challenging to customize the payment experience. Nor do they offer a modern, native payment experience resulting in low conversion rates. While the new-age payment facilitators (Eg. Stripe, Braintree, Adyen, etc.) score better on developer experience, they treat payments as a black box. As a result, the developer or the product owner has no control or visibility over payments - what started as a happy marriage gets sour soon. So, taking control of your payments is essential to:
- Grow with Freedom and Flexibility: Avoid getting locked in with a single payment processor. A single processor rarely meets all the requirements of growing businesses.
- Improve Payment Conversions: You can only improve what you have control over. (Read our blog here.)
- Optimize Payment Costs: With the proper controls, you can reduce costs. (Read our blog here.)
- Future-proof your business: You can enter new markets or launch new products quickly with complete control over your payments.
- Customize the payment experience: You won't be a the mercy of your payment processor with respect to the payment UX. You can customize it by market, product, or even customer cohorts. You can make the payment experience aligned 100% with your brand guidelines.
- Owning the data: With a single payment processor, your payment data is locked in a third-party vault. Without a compliance burden, you could own your payment data.
What should you take control of in payments?
Taking control of payments can happen at three levels for your product:
Level 1: Customer Experience in Payments (The Front-end)
Level 2: Payment Processing behind the scene (The Back-end)
Level 3: Data, reporting, and deep analytics (The Payment Ops)
Level 1: The Front-end
Front-end impacts your customer experience and, ultimately, the conversion rates. While there are some good practices, there is no one-size-fits-all solution. So, it is critical you control the customer front-end. It has two sub-elements:
Level 2: The Back-end
The back end determines your overall processing cost and payment conversion rates. Its critical dimensions you should control:
Level 3: Payment-Ops
This is the control center for your overall payments. It is a 24x7 activity, and having a robust data & analytics platform massively enhances business value and reduces manual effort. It encompasses:
Tools like Hyperswitch lets you take complete control of your payments. It is open source, fast, and free to get started. Try it today.
Taking control of payments is vital to growing and established businesses. It helps to gain freedom, improve conversion, reduce cost, and future-proof your business. Take control of all three levels of payment: the user-experience layer, the back-end processing layer, and back-office payment ops.