Companies are increasingly realizing that embedding financial services and payment tools into their products is the next frontier of boosting worker retention and outpacing the competition. The prophecy that “every company will be a fintech company” has been quoted multiple times in the past several years.
While traditional banks have remained stagnant on many fronts—including sluggish processes, overdraft fees, and more—bringing financial tools to your offering can deliver a more engaging experience that can drive greater customer satisfaction and brand loyalty regardless of industry.
Sounds pretty great, doesn’t it? But knowing the best way to achieve it can be tricky. There are a few different paths you can take:
Building a payments experience or card program from the ground-up yourself is an enormous undertaking, as it would require you to navigate and become deeply entwined with a bank and various processor relationships. Unless that’s truly the end goal you have in mind, it’s likely not the best fit for most people. That leaves two options: a BaaS provider or a payments platform.
In this guide, we’ll uncover what questions to ask before choosing one of these options, including considering factors of cost, program management time, risk, customization, and onboarding.