The use of multiple payment integrations is on the rise — but is your organization ready to keep up?
In Part 1 of the Exploring Insights from the Payment Landscape series, we discovered that more than 50% of organizations are leveraging five or more payment integrations. This growing reliance on a multi-integration approach raises key questions regarding efficiency and effectiveness, particularly in terms of how development teams can achieve a streamlined payment infrastructure.
Today, we answer these questions by analyzing three major insights from the Payment Landscape 2023 Survey — a collaborative report published by The Paypers and Spreedly.
How can your organization better support your payment development teams in 2023? Let’s take a look.
Insight 1: Dev Teams Need More Time & Resources to Deliver Functionality
As part of the Payment Landscape 2023 Survey, we asked more than 100 responding organizations from around the globe (including fintechs, merchants, and marketplaces) to identify what aspect of development support they want to enhance.
The most prevalent answer was a need for more time and resources to “deliver new functionality,” garnering 33% of the response.
On a surface level, this response indicates that organizations may want to extend their development timeframes to give development teams more time to polish the final solutions they produce. Additionally, organizations are showing a clear desire for more resources to accomplish development initiatives.
However, as we dive deeper into this idea, we examine how this enhancement can be done both through extending development timelines, but also through achieving greater developmental efficiency.
This creates an inherent need for a payment orchestration solution that can streamline existing payment processes and provide sufficient resources to give development teams more time to focus on future innovation. Moreover, organizations need a payment system they can trust to operate smoothly and automatically while development teams focus their efforts elsewhere.
Insight 2: Integrations Need to be Built Faster
With an increasing reliance on a multi-integration approach, there is mounting pressure being placed on development teams to build integrations faster.
The survey reveals that 19% of respondents recognize the importance of building integrations faster to achieve greater overall speed and efficiency within organizational payment processes.
Speed is not all that matters, however — to maintain a well-functioning payment infrastructure, development teams need to seamlessly connect these integrations to a central platform where they can be employed as needed according to the specific requirements of each payment scenario.
Additionally, a centralized platform helps to provide development teams with a more technologically-sound foundation they can rely on and build from.
Insight 3: Optimizing Existing Payment Stacks with New Tools is Key
The next two most common aspects of developmental support named by respondents of the survey were the optimization of an organization’s current payment stack (12.8%) and the implementation of new tools and solutions (12.7%). These two responses signal the importance of unifying existing systems and integrations with new implementations to create one seamless payment infrastructure.
Just take a look at what the survey report has to say:
“These businesses acknowledge the significance of refining their payment stack to enhance transaction processing, minimize friction, and improve overall performance.”
What arguably matters most is determining how to maximize efficiency and effectiveness within a payment system that can drive business growth without causing disruptions during implementations.
Payment orchestration platforms offer a compelling solution for this.
For development teams to not only accelerate efficiency in the development cycle but to also better utilize resources and foster innovation, support from a fully optimized payment orchestration solution is needed.
Key Takeaways: Empowered Payment Development Teams Require Support
To enable payment development teams to do their best work, embracing payment orchestration is key.
Through this collaborative survey research with The Paypers, the Spreedly team has taken a deep dive into what organizations are struggling most with when it comes to payment development initiatives. Our survey findings highlight three critical takeaways on this topic:
- Streamlined payments provide more time and resources: Development teams want more time and resources to achieve innovative results — and the only way to provide this support is by establishing a streamlined payment process.
- Faster integrations require a central solution: For integrations to be imbued with speed and efficiency, a central payment solution is needed. Payment orchestration platforms offer this type of centralized solution, making them the ideal support pillar to make integrations faster.
- Optimization involves both existing systems and new tools: Organizations that aim to optimize their payment stack must consider the role of both existing systems and processes, as well as the role of new tools and integrations. The two must be unified to create a seamless payment infrastructure designed to be adaptable in the modern payment landscape.
Dive into Our Latest Payment Orchestration Research
Payment development teams need the right level of support and resources to chase after innovation.
Together with The Paypers, Spreedly has connected to more than 100 organizations from all over the world to uncover just how crucial payment orchestration solutions have become. The resulting survey report showcases our many crucial findings, including everything discussed here and more.
Check out the full Payments Landscape 2023 Survey today on The Paypers website to explore how organizations can empower development teams for enhanced payments.
At Spreedly, our payment orchestration solution is designed to provide fintechs, merchants, and merchant aggregators with the necessary support to achieve developmental innovation. Our automated platform reduces the burden of optimization to give your development teams more time to focus on the big-picture.
Get in touch with Spreedly today to find out more.