How to Minimize Tech Debt & Overhead with the Right Payments Solution | BlueSnap

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How to Minimize Tech Debt & Overhead with the Right Payments Solution

Written by: April Grudier

You’re selling across regions and reaching customers in entirely new markets. You’re bringing in new revenue as you grow, but at what cost?

The reality is that as most businesses grow, they rely on a vast, complex underpinning of payments technologies and disparate solutions to make all that they do possible. The more complex your selling becomes, the harder it is to maintain or update your payments solution. In turn, the more likely it becomes that you’ll need numerous providers to patch the holes to support you as you grow.

Looking to cut down on costs and mitigate your technical debt? Get everything you need from a single integration — it will cut down on the technical and maintenance resources, plus it’s far easier than you might think to make the transition.

Multiple Payment Integrations = Multiple Costs

Consider the breadth of technical functionality you need for payments. Your goal is to provide a consistent, fantastic experience for your customers across geographies while meeting privacy, security and payment type needs. Or, what if you decide to add new revenue streams, like subscriptions or a marketplace? You need your payments technology that supports them.

As you discover those requirements, you could easily end up tacking on a new technology integration to meet each need. In the end, you’ll find that you’ve cobbled together a solution from multiple providers. And you need to put in the work to get them to function together for customers.

For each new shopper expectation, you’d typically need to add another payments partner. This approach adds significant tech debt and maintenance costs: 30 partners for 30 functions will drain resources and revenue, counteracting the benefits of growing and offering better payment solutions.

Every time you add a new partner, you’ll incur additional tech costs and complexities. You’ll also sacrifice team bandwidth that could otherwise be used for enhancing your website or shopper experience — that’s an opportunity cost. And don’t overlook the maintenance costs of keeping each payment technology up to date. When you create your own integrations to multiple partners, you’re responsible for the upkeep, which can bog down your IT team significantly.

Bottom line: augmenting your payment services can put your team in the hole. Yet offering sub-par payment experiences is not a tenable option. What’s the alternative?

Identify one solution that has everything you need for today — and tomorrow.

The Right Single Payments Provider Minimizes Tech Debt & Increases Profitability

You must respond to your need for modern, seamless global payments, but adding payment solutions one by one is off the table. What’s next?

The obvious alternative is to find a single payment solution, one that can meet all your payment needs. The challenge: finding a global payments solution that is robust enough to keep up with your growing business and the ever-changing expectations of today’s shoppers, including all types of currencies, local payment applications, secure checkout pages, fee-free international business and more.

Ideally, you’ll want to find a single solution that will work for where your business is today and where it will be tomorrow. The single payments solution you choose should be robust enough to adapt to complex payments requirements, but simple enough for your team to use without getting overwhelmed!

At BlueSnap, we offer an all-in-one payment solution supported by our global network of banks, designed for businesses that range from physical goods retailers to SaaS companies. BlueSnap even handles much of the work for you, managing compliance, risk and requirements in every region. And because it’s all available via one integration, it’s a sure way to reduce your technical debt: you can add new features in weeks, not months.

Are you growing your business across borders? Download our eBook “Global eCommerce Expansion: Payment and Fraud Prevention Trends Report.”

 

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