Traditional industries seek to get a “new school” improving payments

Finance and embedded payments are a regular part of our daily lives, whether we are solving a rate for a bolt stroll or asking for a meal for a food delivery application.

Although these meetings are usually through digital services, traditional industries have begun to adopt embedded payments. This is partly in response to the need to keep pace with the broadest innovation in these sectors, but also creates a more perfect and safe payment experience for all parties. This approach to improving the payment experience will allow to adapt to traditional companies.

An example of a traditional industry that encompasses embedded payments is the automotive sector. There are more markets to buy and sell online cars, but the payment experience has remained at a sticky point for distributors, sellers and buyers.

For example, with cars being a high value purchase or sale, all parties involved in the transfer of funds want to feel safe that payments will be made quickly and perfectly. Payments that occur outside of the platform cause friction and large operational challenges, and actually aimed at a new platform during such a high value transaction or the appearance of an error message, could see the sellers or buyers hit the emergency brakes and cancel the purchase completely.

To keep in front of the curve and take advantage of the innovation of the industry, the payment process cannot be a later thought, especially for companies that operate in traditional industries as automotive.

In the past, the regulatory complexities and the high anticipated costs have prevented the markets from incorporating payments. Today, customizable APIs are easily available in Fintechs and, through API, companies such as vehicle markets can connect payment services to their existing platforms and make payments in a confident environment for their customers. By creating a single -branded payment experience, traditional companies can benefit from improved conversion rates and customer loyalty.

Once a company like a vehicle market has firmly established the acceptance of payments as part of its offer, they are in a position to support wider functions on its platform. An example is to offer a digital portfolio on the platform where customers can store, remove and transfer funds instantly. This would be especially useful for large groups of distributors who need to organize payments on the same day when buying cars from private vendors. Another function to be considered is the multi-monated option, which allows companies to expand to international markets and process payments through the same infrastructure in their respective coins and local markets, eliminating any conversion obstacle.