Episode 28 | How to create your software company's payments roadmap

PayFAQ: The Embedded Payments Podcast

It’s easy to feel like a kid in a candy store when considering Embedded Payments for your software business. Before you know it, the enticing numbers, models, and spreadsheets can have you taking on more than you can chew.

The smart move is to take your time and be very thoughtful about your payments roadmap, according Greg Hatcher, Head of Payments at iClassPro and this week’s guest on the PayFAQ Embedded Payments podcast.

Listen in as he tells our host Bob Butler about iClassPro’s journey to becoming a PayFac®, from what drove their decision and the considerations that went into building their roadmap to how they got leadership on board and what set them up for success.

iClassPro is a class management software platform for gymnastics, cheer, and swim schools. Like many other platforms, the decision to “own more of the value chain” was based on improving their customer experience as well as the ability to grow its business with a new revenue stream.

“If you're a software platform, looking at building up payments, you've got to start by considering the pillars of what that even means and what it means to process payments. So, you have to think about onboarding, the act of processing and transacting, funding, reporting and risk management, and you really need to dig into each of those and identify what you want to own, and how deep that ownership will go, as well as what your partner will continue to own.”

So, before you get out in front of your skis, spend a few minutes listening to this week’s podcast to learn what it takes to nail the basics.

Want to learn more about iClassPro’s transformation? Click here