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In the latest episode of PayFAQ: The Embedded Payments Podcast, Ian Hillis speaks with Brad Pinneke, VP of Business Development at Payrix and Worldpay for Platforms, about one of the most important decisions software companies face today: choosing the right payments partner.
With over 25 years of experience in the payments industry, Brad shares valuable insights into how vertical software platforms can benefit from Embedded Payments and what to consider when selecting a payments provider.
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As businesses continue to embed payment solutions into their software platforms, ensuring compliance with PCI DSS (Payment Card Industry Data Security Standards) is more important than ever. Candice offers valuable insights into why PCI compliance is critical and how software companies can navigate this complex landscape. Learn more about PCI in Episode 26 | All about PCI.
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In this episode of PayFAQ: The Embedded Payments podcast, Brittany Clark, SVP and Head of Marketing at Payrix and Worldpay for Platforms shared her insights on how software companies can effectively market embedded payments with Ian Hillis. With over 15 years of experience in B2B and B2C marketing, Brittany brought a wealth of knowledge to the conversation, highlighting the significance of customer-centric strategies and the unique opportunities and challenges of promoting Embedded Payment solutions today.
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Embedded Finance is more than just a buzzword; it represents a fundamental shift in how financial services are delivered and consumed today.
Ian Hillis, Head of Growth at Worldpay for Platforms, discusses this new term and what the opportunity may await software providers on our latest episode of PayFAQ: The Embedded Payments podcast.
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Andy Meadows, the Head of Partner Success at Payrix joins host Ian Hillis to continue their conversation about building a successful Embedded Payments strategy. As the last episode of a four-part series on the topic, Andy and Ian tackle how software companies can minimize attrition and why itâs important to the payments conversation.
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A comprehensive Embedded Payments strategy isnât complete without value added services. But, as a software platform, what value added services should you be considering? And when should you start thinking about these solutions and infusing them into your payment ecosystem and experience?
On this episode of the PayFAQ: Embedded Payments podcast we delve into just that.
In our continued conversation with Andy Meadows, the Head of Partner Success Managment at Payrix, about how to build an Embedded Payments strategy, we explore the significance of value added services. Andy shares his experience and sheds light on why these services are essential for software companies to consider and how they contribute to the overall payment landscape.
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This episode is Part 3 of a multi-episode series on how to build a successful Embedded Payments strategy. Did you miss Part 1 and Part 2? Head on over to the podcast library, to listen to Ian Hillis and Andy explore Embedded Payments resourcing considerations in Part 1 and payments attachment and merchant activation in Part 2.
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Embedded Payments have become a popular initiative among vertical specific software companies looking to deliver a more seamless customer experience, introduce new revenue into the business, and stay competitive in todayâs digital world.
Purchasing a solution is the easy part. Things can get prickly for software companies when it comes to building and executing a tactical plan of action for embedding payments. But where to begin? We knew just the person to talk to â Andy Meadows, Head of Partner Success at Payrix.
With over two decades of payments experience, Andy has worked in several sales, strategy, and partnership management roles. Ian Hillis welcomed Andy back to the PayFAQ: Embedded Payments podcast to tap into his expertise and talk through how to create the ideal Embedded Payments experience.
Putting together a winning strategy is tricky, but not impossible. What is difficult is covering everything that goes into an Embedded Payments strategy in one podcast episode. This episode is a part of a multi-episode series with Andy. We kicked this topic off in Episode 33 with Part 1 of how to build a successful Embedded Payments strategy. Ian and Andy chatted about the resourcing commitment software companies need to consider when starting to embed payments. If you missed Part 1, you can listen to it here.
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Weâve seen it far too often. Software companies embark on their embedded payments journey only to discover theyâve underestimated the complexity thatâs involved and struggle to launch.
If youâre thinking about Embedded Payments for your platform, make time to listen to this episode of the PayFAQ Embedded Payments podcast. Our new host Ian Hillis is kicking off a multi-part series, exploring all the important details you should be thinking about before you get to far down the road.
To start the series, Ian and his guest Andy Meadows, Head of Partner Success Management for Payrix, dive into the topic of resourcing and what you need to consider when it comes to selling payments, boarding and underwriting, service and support, and development and tech.
Andy explains that selling payments are what trip software companies right out of the gate. âAny conversation with an end user, i.e., a business or a merchant, is going to involve pricing. If youâve never had those conversations around merchant-level payment pricing, the interchange dues, and assessments, youâre to going to run into roadblocks on day one.â The solution is to hire a payments expert to train your sales team, sitting side by side over a few weeks to create a single selling motion for software and payments that your end users will have confidence in.
The next hurdle is often underwriting because of the lack of expertise with operational considerations, especially the additional documentation and information that needs to be procured from perspective merchants. According to Andy, you wonât need a full-time resource from the get-go if youâre taking a crawl, walk, run approach. He suggests creating a combination role for a payment guru who covers the operational piece along with service and support. âIn the context of the first two components of the conveyor belt, thatâs kind of how I think of it.â
He says most software companies struggle with the back-end service and support piece as well. They havenât trained staff on the frequently asked questions, inquiries, and issues theyâre going to encounter, which tend to be around pricing, rates, fees or reporting, reconciliation, and feature functionality specific to embedded payments. âItâs as much about serving your end user as it is making sure your team is armed with the information they need to be excited about it and to maintain that enthusiasm for the new solution moving forward.â
Ian and Andy wrap up their conversation at the beginning: Embedding payments into your software. Andy warns, âIf you donât have someone on staff from a development or product management perspective, whoâs danced the dance with payments and been in the payment industry before, youâre really kind of running through a forest with a blindfold on, and youâre gonna hit a lot of trees along the way.âHave a listen to the full conversation, and clear the way to embedded payments success!
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What can software companies expect in 2024 when it comes to embedded payments? This episode of the PayFAQ Embedded Payments podcast, featuring our host Bob Butler and special guest Ian Hillis, senior vice president of growth at Worldpay for Platforms, offers some surprising insights as well as news about the future of our podcast itself!
The conversation starts with what Hillis describes as a âbit of a hot take.â As the software used by SMBs has become more and more vertical, he says whatâs been most transformative in the industry of embedded payments in recent years is not the technology. âSoftware companies are now increasingly seeking payments partners that are more consultative in nature, ones that can really understand unique user flows and ensure the financial experiences that are being created match the desired user experience. Theyâre no longer satisfied with the partner that simply enables payments or financial tools.â
Like the evolving role of payments partners, Hillis give us his take on what will have a transformative effect on embedded payments going forward. Compliance and risk are two big areas, with PCI compliance 4.0 launching in February and the increasing popularity of surcharging. He predicts card networks will become more involved with surcharging and expects to see regulation on how when AI and ML can be used in risk and underwriting flows.
Hillis is also excited about the prospects of conversational commerce (formerly known as text to pay) and how it often intersects with payment functionality; omni capabilities and offerings for managing both in person and online experiences; and embedded finance products, like lending and commercial cards, where data sitting in existing payment integrations can be leveraged to make a seamless experience.
To make since of it all, Hillisâ advice is simple. âHave conversations with humans. Payments is incredibly complex. As software continues to increase in specialization and verticalization, the benefits of picking up a phone and talking to people who can empathize with the unique needs of your customers is going to be a really worthwhile opportunity.â
Be sure to listen to the end for news about Bob and this podcast series. Hereâs a hint â Youâll be hearing more from Hillis on a regular basis.
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Are you curious about the world of PayFacÂź developers? Youâve come to the right place. With the acquisition of Payrix, Worldpay for Platforms is now the one-stop payments shop for software companies wherever they are on their payments journey.
In this episode of the PayFAQ Embedded Payments podcast, host Bob Butler talks with Jennifer Pinnick, Senior Operations Manager at FIS, to continue an exploration into the exciting world of PayFac. (This isthe second part of a two-part discussion. Click here if you missed the first part, featuring Richard Drake, also from FIS.)
The opportunity for growth, new products and enhancements, and finding the different things that each PayFac developer needs is whatâs most exciting for Pinnick. âWeâre always looking for new and innovative ways to help our PayFac developers move their needle forward.â One way is to assign support resources to each PayFac developer who knows how you process and use the systems at Worldpay.
According to Pinnick, there are many other reasons to choose Worldpay for Platforms, including scalability, reliability, and their focus on payments â the heart of what they do. âOur platforms can support some of the largest both direct and PayFac developers out there. Weâve helped build some small companies into robust and what some would say unicorns today.â
When a new PayFac developer comes to Worldpay, Pinnick said they first look at how they can help the developer do their operational jobs best. âOnce our sales and implementation teams have gotten you over the hurdle, we make sure your set up for success, whether thatâs IQ training, education, and really owning that experience and relationship.â The goal is help you deliver a white-glove experience to your clients.
âIf youâre new and youâre not sure where payments really fits into your embedded ecosystem, you can start with our integrated payments model. If youâre a little more savvy and secure, I always recommend Payrix as our PayFac-as-a-Service. And then, of course, I also would love to work with you as a PayFac developer and continue to help you grow and develop your business,â Pinnick says. âWe can help you grow your business and stay profitable in this ever-evolving marketplace.â
Have a listen and reach out today to find the right solution for you! -
The world of payment facilitation is an exciting place for software companies who want to become PayFacÂź developers. In this first part of a two-part conversation on the PayFAQ Embedded Payments podcast, Richard Drake, Senior Strategic Partner Manager at FIS, along with host Bob Butler, provide a look inside âPayFac landâ and how Worldpay for Platforms has become the one-stop shop for software companies wherever they are on their payments journey.
âWe've been offering the payment facilitator model since 2010, but we never had the ability between referral and full-blown payment facilitator. And we now have that with the Payrix acquisition,â he says. The in-between model is a key entry point into payment facilitation for software companies, because it offers attractive benefits and infrastructure support without a lot of the risk.
Drake explains that while everybody wants to be a full-blown PayFac to own the payments relationship and experience, you have to be ready to do it. âFirst of all, youâve got to have a decent payments volume. If you don't have enough volume to generate the revenue to offset the costs of being a payment facilitator, then it doesn't make a lot of sense.â
He also says you need an experienced payments risk manager to onboard submerchants as well as a support infrastructure to answer questions about chargebacks, settlements, and billing. âWhen you're a payment facilitator, while we're on the back end, while weâre the engine, submerchants really have no idea who we are, because the payment facilitator is providing the infrastructure, the support, and has the relationship with the submerchant.â
It sounds like a big responsibility because it is. According to Drake, the reality is payments is hard, and being a PayFac is payments on steroids. Having someone who knows all the pitfalls and can help guide you toward better decisions is invaluable to your success. âWe were a pioneer in building out this product and have the best and the most superior support team in the industry. You get all that knowledge at your beck and call, ready to go.â
So, take a listen and breathe a shy of relief. Then watch for part two of the conversation coming soon!
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Jack Tsigankov, Payrix Information Security Director, really knows how to put things in perspective when it comes to data and information security.
As our guest on this episode of the PayFAQ Embedded Payments podcast, he tells host Bob Butler that cyber threats and attacks are constantly happening across merchants and the financial industry. In 2022 alone, there were around 1,800 publicly reported data breaches, a 40% increase from 2021 and at an all-time high average cost of over $4,000,000.
âData and information security are not just important, but absolutely critical for our partners in the payments industry,â he says. Staying vigilant and proactive and safeguarding sensitive information is imperative for all software companies with Embedded Payments.
The leading cause of data breaches often include human error, according to Tsigankov. To prevent them, itâs crucial to implement a multi-layered security approach, involving employee training and awareness programs, robust access controls, regularly software updates, strong encryption methods for databases and using applications, and continuous monitoring for suspicious activities.
He also recommends that security audits and penetration testing should be part of a software companyâs robust information security policy as well as the top 10 security controls. In addition, he suggests using tools like Big Fix or Auto Mocks that help companies automatically push updates to end usersâ machines.
With a companyâs credibility, trust, and success on the line, the significance of information security cannot be overstated. âFollow the best industry practices. Pick one framework, like PCI DSS or NIST, and implement their best practices in your ecosystem. By sticking to those practices, you shouldn't have any data breaches or vulnerabilities in the future.â
Donât miss this informative conversation to learn more about what you can do to protect your payments data and what Payrix does to help protect you.
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Itâs easy to feel like a kid in a candy store when considering Embedded Payments for your software business. Before you know it, the enticing numbers, models, and spreadsheets can have you taking on more than you can chew.
The smart move is to take your time and be very thoughtful about your payments roadmap, according Greg Hatcher, Head of Payments at iClassPro and this weekâs guest on the PayFAQ Embedded Payments podcast.
Listen in as he tells our host Bob Butler about iClassProâs journey to becoming a PayFacÂź, from what drove their decision and the considerations that went into building their roadmap to how they got leadership on board and what set them up for success.
iClassPro is a class management software platform for gymnastics, cheer, and swim schools. Like many other platforms, the decision to âown more of the value chainâ was based on improving their customer experience as well as the ability to grow its business with a new revenue stream.
âIf you're a software platform, looking at building up payments, you've got to start by considering the pillars of what that even means and what it means to process payments. So, you have to think about onboarding, the act of processing and transacting, funding, reporting and risk management, and you really need to dig into each of those and identify what you want to own, and how deep that ownership will go, as well as what your partner will continue to own.â
So, before you get out in front of your skis, spend a few minutes listening to this weekâs podcast to learn what it takes to nail the basics.
Want to learn more about iClassProâs transformation? Click here
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For expert advice on understanding risk and compliance through a PayFac-as-a-Service (PFaaS) model, you canât go wrong with Billi Jo Wright, Chief Risk and Compliance Officer at Payrix and our special guest on this episode of the PayFAQ Embedded Payments podcast with host Bob Butler.
Billi Jo is a returning guest to the podcast, this time offering valuable insights on important risk and security questions to ask when thinking about PayFac-as-a-Service, and best practices for protecting cardholder information.
She says choosing a PFaaS partner that gives you the flexibility to create the customer experience you want is imperative, because much of the value of Embedded Payments is in how it enhances the experience with your software. Itâs also critical that your payments partner is willing to learn what your software does and who your customers are. Only then can they really understand and support your growth through Embedded Payments.
You and your PFaaS partner should also be on the same page when it comes to risk and security considerations. You should ask providers if they require you to own liability for merchant loss. Billi Jo explains there are advantages either way, but itâs something you should discuss. You should also know if the provider expects you to pre-vet or underwrite your customers before enabling payments and if they provide tools to help protect your customers from data breaches.
On the flip side, she emphasizes the importance of software companies ensuring their platforms are secure and offers up best practices, like multifactor authentication (MFA), focusing on user access management, and working with a good QSA (Qualified Security Assessor.)
Listen now for all the best ways to do risk and compliance right.
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PCI compliance is universal. Whether youâre doing business in Australia, where we find ourselves in this episode, or anywhere else in the world, protecting your data, your customersâ data, and their customersâ data is essential for making Embedded Payments a success.
Despite the importance of the Payment Card Industry Data Security Standard (PCI DSS), itâs often a confusing topic for many businesses. So our host Bob Butler recently sat down with our expert down under, Zac Lutton, Head of Fraud and Risk for Payrix Australia, to help dispel some of the misconceptions and answer some common questions.
According to Zac, the key to PCI compliance is understanding your obligation in the payment chain to create a safe environment for data. Protecting payments is a joint effort between a payment provider and a software company. âAny payment provider can only protect data and information once it is passed on to them, and you, as the software partner, need to have provisions in your environment to protect yourself on the journey in passing that information.â
Thatâs why he urges companies who want to add payments to their software offering, to educate themselves about PCI requirements and hire experts internally or work with trusted partners. âWhat PCI does is give you best practices on how to protect yourself and help identify areas of weaknesses. PCI gives you the ability to create internal policies that help you through the importance of taking payments and identifying best-practice mechanisms to safeguard your whole entire environment.â
He says PCI is not an insurance policy, but it has to be a priority for companies to build a strong security foundation and ensure safe and secure payment processing. âDon't think you are exempt from fraudsters wanting your data or you won't be a target. Everyone is a target today.â
With that in mind, the safe thing to do is have a listen.
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No software company wants to experience a security breach. But they can happen in todayâs digital world. Thatâs why managing risk goes hand-in-hand with having Embedded Payments as part of your software platform
In this episode of PayFAQ: The Embedded Payments Podcast, Jessica Kirkpatrick, Senior Director of Risk, Fraud, and Underwriting at Payrix shares how software companies can detect security comprises early, contain breaches if they occur, and help prevent them from happening in the first place.
Jessica draws from 18 years of experience in the payments industry, including 17 years in risk operations at PayPal. She tells our host Bob Butler that many companies donât find out about security breaches until they hear from customers when the damage is done, such as theyâre no longer receiving funds or seeing unrecognized activity on their software account. The impact can be costly for the merchant and the software company.
At that point, she emphasizes how important it is for companies to contain the breach and prevent further compromise and damage. Implementing measures like changing passwords, multifactor authentication, and conducting a thorough investigation are crucial steps to take immediately.
The biggest mistake is doing nothing or believing youâve fully mitigated the attack. According to Jessica, if a fraudster detects vulnerability, theyâll come back and try again. She explains the very first thing to do to prevent future attacks is managing access to your software. Then, focus should be on training employees and merchants, developing a robust cyber-security policy, and other measures that together help prevent future breaches.
Have a listen and stay safe!
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When it comes to the success of embedding payments into any platform, implementation is key! And here to talk to us about this is Payrix Director of Implementation, Rachel Henin.
Why is implementation such a driver for success? Because not every company will be a plug and play solution. Each software company will have their own specific tech stack, and each is coming to the table with a different experience in mind for not only themselves, but their end user as well. And according to Rachel, this is one of the things that really makes Payrix so unique in the marketplace as it relates to other embedded software companies. If PayFac-as-a-service is the right model for a software company, Payrix explores whatâs right for each software company and crafts a plan based on their needs and goals.
When it comes to choosing an implementation plan, some of the most important factors revolve around much more than just the solution. How does the company operate? What kind of staff do they have? Whatâs their payments knowledge? What does their tech stack look like? And how much risk are they prepared to take on? These are just some of the questions that Rachel and her team will ask about first and foremost â before they even discuss the implementation plan.
As for options, software companies will be offered either an API integration or a portal integration (both of which have very different parameters), or a hybrid option that exists as well. The goal for all, however, is the same: to get these companies up and running fast so they can realize the benefits of monetizing payments.
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