In the past, businesses thrived on physical stores and cash payments. But there have been rapid developments in technology. Also, the pandemic changed all businesses. Now, most top companies allow embedded payments. Online transactions help customers pay with ease. It provides efficiency and garners trust.
Thus, every business must incorporate advanced payment methods. Doing this is necessary for the company to grow. Yet, they find it challenging to allow instant credit card payments. This process can get delayed for a week or more. It leads to frustration, improper funds management, and general stress. Many companies are innovating solutions to this.
Dimitri Dadiomov is the CEO and Co-Founder of Modern Treasury. He stated that digital payments are natural for all commercial processes. According to him, there have been significant developments in this regard. Yet, there is much room for growth.
Dadiomov also stated that embedded payments have specific benefits for enterprise leaders too. It helps create sharper strategies for business growth. But developers face several challenges when trying to improve the technology. Profit calculations will become more complex when most funds move online. Also, the number of hackers trying to cheat the system is limitless. Companies need secure and unbreakable coding to ensure the safety of the cash.
Kathleen Pierce-Gilmore is the Head of Global Payments for Silicon Valley Bank. She explained how individuals and small businesses need embedded payments. She took the example of a plumber. This profession requires constant, daily travel. Thus, it will be difficult for the plumber to visit the bank. For them, online payments are a huge advantage. It will allow quick, easy payments so they can focus on their work.
Pierce-Gilmore said that non-technical professionals might be unable to code their payment systems. So, it is vital to avail yourself of a third-party solution. Silicon Valley Bank and Modern Treasury are collaborating to create this software. The two companies have similar target audiences, and they improve each other.
Dadiomov and Pierce-Gilmore are hopeful for the future. Their tools will allow smooth embedded payments. They foresee the collaborative prospects of banks and FinTechs.