When platforms hear about the success of companies like Toast or Shopify at monetizing payments, it’s tempting to think they can just embed Stripe and double their revenue overnight.
Unfortunately as easy as payments have become in many ways, there’s still an immense amount of complexity involved. The complexity has shifted from payments itself to making payments work most effectively and driving payments adoption for your specific platform.
This requires a deep understanding of the dynamics of your market and the strategy/capabilities of your platform as that intersects with what’s possible with payment tech and economics. There is no one-size-fits-all profit-maximizing strategy, even for two different platforms in the same industry.
This series of blog posts will illuminate the different factors in building a successful payments strategy and help you determine the best path to success for your particular platform.
