By Shannon LeDuff, SVP of Sales & Business Development, Nuvei
For enterprising software developers, opportunities exist to serve almost any area of business. You can design software targeted to a particular industry, a specific niche, or even an individual company. The more specialized you get, though, the smaller your window to success becomes. By building a payment application programming interface (API) into your software offerings, you can provide a process that every company needs, both simplifying your customers' operations and building your own bottom line.
Defining the Opportunity
According to McKinsey, APIs already impact over a trillion dollars in global profits. A payment API helps your customers by connecting their payment processing functions to their other business functions. You can design an interface that not only takes payments but delivers the data for finance, inventory, payroll, and any other related areas. The interface streamlines systems and improves efficiency across a company that uses it.
For developers, this unlocks two paths to greater revenue. The first is simply broadening what you can offer companies. Payment APIs create connections, giving your customers a reason to do more with your software. It makes a foothold for you to sell more. Any functions your software can address make more sense to a customer who uses your processing application.