Optimizing payments and financial services to exceed consumer expectations and maximize revenue

Steven Velasquez, Senior Vice President and Head of Partner Business Development – Elavon, Inc.

As payments technology innovation continues to evolve exponentially, today’s consumers expect a seamless, connected, and personalized buying experience. Buyers don’t care about payments per se, but the overall shopping experience. ISOs and ISVs that understand this are well-positioned for success in an increasingly competitive marketplace.

The consumer demand for a truly holistic experience is evident in the growth of the embedded finance market. According to Grand View Research, the global embedded finance market clocked in at USD 83.32 billion in size in 2023 and projections estimate a compound annual growth rate of 32.8% from 2024 to 2030.

Those that can offer more value around the payments experience stand to develop ‘stickier’ customer relationships while gaining valuable insight into their buying behavior. So, what should ISOs and ISVs look for in a long-term payments partner? Here are some important considerations.

Building a superior consumer experience with powerful APIs

When building your long-term growth strategy, future-forward payment software solutions that include enhanced acceptance and remittance capabilities, quick access to banking data, and world-class fraud mitigation tools to mitigate risk while simplifying the user experience are paramount to differentiating your business. Ensure your payments partner can offer you a full suite of both payments and banking APIs that create additional revenue streams while providing a holistic experience for your end users. 

If we look beyond the basic payment transaction, consumers want options in how they finance their purchases. Integrating a point-of-sale lending solution API offers your merchants a valuable add-on service that improves their customers' purchasing power and drives business growth by extending the customer relationship lifecycle.

Recent growth metrics in the embedded lending market corroborate the demand for this functionality. The embedded lending market’s estimated worth is USD 6.35 Bn in 2024 with projections reaching USD 23.31 Bn by 2031.

Bringing it all together – offering consumers more value while growing your sales footprint

A payments partner that can offer functionality beyond payment acceptance is crucial in a crowded market, but growing your geographic footprint is an equally important consideration. Selecting a partner that gives your business access to a diverse sales channel with specific vertical specialization increases your revenue potential. If you’re offering more value than your competitors, offer it in more locations. As your global footprint expands, enhance the consumer experience with global currency solutions that simplify the buying experience.

When you’re building the blueprint for your success, it’s critical to select a proven partner that can help you build your long-term strategy. Embedding value around the payments experience is a win-win for you and your merchants. We can help. Backed by the strength and stability of U.S. Bank, we offer global payment expertise, so you can focus on expanding your business capabilities and providing more value for your stakeholders. For more information, fill out our short form to connect with us.

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