Trend #1: Consumers expect frictionless experiences
Consumers expect frictionless experiences in everything they do, and that extends to how they pay. Anything considered outdated, slow or cumbersome will hinder growth rates.
Trend #2: Consumers are rapidly moving away from cash payments
The rapid decline of cash and traditional payments (check, money order, etc.) have triggered SaaS companies to integrate payments into their platforms at unprecedented rates.
Trend #3: Growth in card-not-present (CNP) transactions (credit and debit)
CNP transactions (i.e. entered online, typed into a terminal, etc.) have seen significant growth in recent years as consumers and businesses continue to move toward a more digitized experience.
Trend #4: The role of artificial intelligence (AI) in payments and the customer experience
AI is becoming an integral part of how businesses operate across industries—including customer service and product innovation. This is especially true when it comes to compliance and fraud.
Trend #5: Growing reliance on technology in the workforce
Online products and services have become a necessity in the workforce, and the growing reliance on technology is changing how B2B companies interact with their customers. This is especially true for SaaS and small and mid-sized businesses (SMBs). With this widespread technology usage comes lucrative revenue opportunities for SaaS platforms that integrate payments and cater to the SMB segment.
Trend #6: Increase in revenue for platforms processing payments
Just as SaaS companies are now seeing the need to improve their payments experience, they’re also seeing the revenue opportunity from integrating payments into their platforms.
“Software as a Service (SAAS) Market Size, Share & Covid-19 Impact Analysis, by Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), by Application (Customer Relationship Management, Enterprise Resource Planning, Content, Collaboration & Communication, Business Intelligence & Analytics, Human Capital Management, and Others), by Industry (BFSI, Retail & Consumer Goods, Healthcare, Education, Manufacturing, Travel & Hospitality, and Others) and Regional Forecast, 2021-2028.”
- BlogPublished 12.17.19
Understanding the Payments Layer CakeIt seems everyone -- from traditional corporations to challenger, neo-banks -- wants to offer customers a card, lending, or faster access to their funds. Now that technology has finally arrived to financial services, legacy financial institutions are rethinking service delivery as new models and businesses emerge. An overview of the infrastructure underneath the payments that power our lives helps to paint a clear picture of how financial institutions work together to move money through this complex network.
- BlogPublished 09.01.21
Payments: Easy as PizzaAt a glance it’s hard to imagine how pizza has anything to do with payments, but here at Finix we sometimes like to use analogies to describe complex concepts, and we’re especially fond of food analogies (payments layer cake, anyone?). Basically, there are four ways to get pizza, and when you break it down, there are also four ways to integrate payments into your SaaS or ecommerce platform.