35 episodes

Real-world advice and inspiration on how to navigate the embedded payments journey — and win. Hosted by Bob Butler, Chief Commercial Officer at Payrix. Learn about the latest trends in embedded payments from industry experts, Payrix customers, and leaders on the Payrix team. They’ll share their real-world insights on payment facilitation best practices, use cases, along with the possibilities of greater monetization and higher valuations that embedded payments can unleash. You’ll have everything you need to find the embedded payments solution that’s right for you — and take your vertical software company to new heights.

PayFAQ: The Embedded Payments Podcast Payrix

    • Business
    • 5.0 • 2 Ratings

Real-world advice and inspiration on how to navigate the embedded payments journey — and win. Hosted by Bob Butler, Chief Commercial Officer at Payrix. Learn about the latest trends in embedded payments from industry experts, Payrix customers, and leaders on the Payrix team. They’ll share their real-world insights on payment facilitation best practices, use cases, along with the possibilities of greater monetization and higher valuations that embedded payments can unleash. You’ll have everything you need to find the embedded payments solution that’s right for you — and take your vertical software company to new heights.

    Episode 35 | How to build your Embedded Payments strategy Part 3

    Episode 35 | How to build your Embedded Payments strategy Part 3

    A comprehensive Embedded Payments strategy isn’t 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.

    • 14 min
    Episode 34 | How to build a successful Embedded Payments strategy Part 2

    Episode 34 | How to build a successful Embedded Payments strategy Part 2

    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 today’s 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 — 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.  

    • 22 min
    Episode 33 | How to build a successful embedded payments strategy Part 1

    Episode 33 | How to build a successful embedded payments strategy Part 1

    We’ve seen it far too often. Software companies embark on their embedded payments journey only to discover they’ve underestimated the complexity that’s involved and struggle to launch. 
    If you’re 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. “Any conversation with an end user, i.e., a business or a merchant, is going to involve pricing. If you’ve never had those conversations around merchant-level payment pricing, the interchange dues, and assessments, you’re to going to run into roadblocks on day one.” 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 won’t need a full-time resource from the get-go if you’re 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. “In the context of the first two components of the conveyor belt, that’s kind of how I think of it.” 


    He says most software companies struggle with the back-end service and support piece as well. They haven’t trained staff on the frequently asked questions, inquiries, and issues they’re going to encounter, which tend to be around pricing, rates, fees or reporting, reconciliation, and feature functionality specific to embedded payments. “It’s 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.”

    Ian and Andy wrap up their conversation at the beginning: Embedding payments into your software. Andy warns, “If you don’t have someone on staff from a development or product management perspective, who’s danced the dance with payments and been in the payment industry before, you’re really kind of running through a forest with a blindfold on, and you’re gonna hit a lot of trees along the way.” 


    Have a listen to the full conversation, and clear the way to embedded payments success! 

    • 19 min
    Episode 32 | 2024 Embedded Payments outlook

    Episode 32 | 2024 Embedded Payments outlook

    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 “bit of a hot take.” As the software used by SMBs has become more and more vertical, he says what’s been most transformative in the industry of embedded payments in recent years is not the technology. “Software 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. They’re no longer satisfied with the partner that simply enables payments or financial tools.”


    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, Hillis’ advice is simple. “Have 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.”


    Be sure to listen to the end for news about Bob and this podcast series. Here’s a hint – You’ll be hearing more from Hillis on a regular basis.

    • 23 min
    Episode 31 | The world of PayFac Part 2

    Episode 31 | The world of PayFac Part 2

    Are you curious about the world of PayFac® developers? You’ve 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 what’s most exciting for Pinnick. “We’re always looking for new and innovative ways to help our PayFac developers move their needle forward.” 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 – the heart of what they do. “Our platforms can support some of the largest both direct and PayFac developers out there. We’ve helped build some small companies into robust and what some would say unicorns today.”

    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. “Once our sales and implementation teams have gotten you over the hurdle, we make sure your set up for success, whether that’s IQ training, education, and really owning that experience and relationship.” The goal is help you deliver a white-glove experience to your clients.

    “If you’re new and you’re not sure where payments really fits into your embedded ecosystem, you can start with our integrated payments model. If you’re 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,” Pinnick says. “We can help you grow your business and stay profitable in this ever-evolving marketplace.”

    Have a listen and reach out today to find the right solution for you!

    • 9 min
    Episode 30 | The world of PayFac Part 1

    Episode 30 | The world of PayFac Part 1

    The world of payment facilitation is an exciting place for software companies who want to become PayFac® 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 “PayFac land” and how Worldpay for Platforms has become the one-stop shop for software companies wherever they are on their payments journey.
    “We'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,” 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. “First of all, you’ve 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.”
    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. “When you're a payment facilitator, while we're on the back end, while we’re 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.”
    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. “We 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.”
    So, take a listen and breathe a shy of relief. Then watch for part two of the conversation coming soon!

    • 11 min

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