The status quo: Working with fragmented payments infrastructure
This is what your fragmented payments tech stack might look like today:
- Payments: To achieve maximum payment coverage (payment methods and currencies) globally, you’ll be integrating with multiple payment processors.
- Subscription billing: A system that enables you to charge customers on a recurring and automatic basis.
- Financial and data privacy compliance: Processes, tools, and people that will help you stay up to date (and compliant) with financial and privacy regulations in different markets.
- Sales tax compliance: Software or the internal resource to ensure you correctly calculate the amount of sales tax owed before you take on the burden of filing and remitting payments to the authorities.
- Invoicing: Supporting your sales-assisted billing with a scalable solution for creating, sending, and reconciling invoices.
- Disputes and refunds: Handling payment reconciliation, refunds, and chargebacks often requires additional headcount or incurs fees from your payment provider.
- Fraud and chargeback protection: Your team will need to create logic to flag fraudulent orders, and then manually review those suspicious orders, refining your custom rules.
- Buyer support: Providing best-in-class support to your growing customer base, regardless of where they are based.
You might have full teams dedicated to managing this stack of cards, carefully maintaining the integrations, reporting, and often manual workarounds, instead of managing their core competency. This is manual, costly, and time consuming.
And that doesn’t cover the cost of revenue lost to poor payment acceptance rates, involuntary and tactical churn, and poor pricing and payments localization.
You might not even have a full view or control of your infrastructure. Managing the backend of customer payments is engineering’s responsibility, making you implicitly reliant on their resource for changes. You're competing with the product roadmap to make changes to integrations or fix the endless list of bugs within your complex stack of payment and billing systems.