Embedded Payments Bill of Rights
Embedded payments is an ecosystem of Independent Software Vendors (ISVs), pure play payments companies, banks, merchants and others. Parties from every part of the ecosystem have come together to lay out basic principles that should underpin this industry. Everyone deserves transparency and the freedom to choose the embedded payments solutions that empower them to control their own success. The following Bill of Rights serves as a roadmap for innovators that leverage embedded payments, and defines their rights in a way that establishes a future where accountability, transparency, customer experience, and innovation are the rule and not the exception.
Under the Embedded Payments Bill of Rights, all parties in the embedded payments ecosystem have the right to expect the following core principles to be upheld by their payments vendors:
The right to expect full transparency from embedded payments players on pricing, fees, terms, and incentive calculations, as well as access to timely data to verify accuracy, so that there are never any hidden fees, updates, or changes, uncommunicated billing reviews, or other surprises.
For example: Never bundle or obfuscate billing in such a way it can’t be reconciled to the source.
Quality of Care
The right to tools, documentation, and support that help all parties move quickly through integration, activation, production issues, and enhancements to products and services.
For example: Don’t expect us to learn your integration via undocumented error messages or bits of information spread across dozens of departments. Answer our questions accurately, or even better, provide clear, thorough docs from the start.
The right for all customers - direct and indirect via partners - to be treated with the same standard of care, respecting the nature of those relationships.
For example: Keep the same expectations of quality for direct and indirect customers, and never ever try to undermine the prime relationship with our end customers.
The right to be flexible with products and services. Their use shall not be limited by unfair and restrictive practices. Prevention, negative tactics, and onerous terms to block collaboration shall not be used.
For example: As each of us grows, the nature and type of collaboration changes and industry participants should not use any incumbency to disadvantage our ability to innovate.
The right to take on greater control of customer journey, data, flow of funds, and more, as capabilities and licensing allow.
For example: Do not limit the ability for us to access our customers’ tokens, even if we are changing providers.
The right to choose providers and reasonably move relationships and customer data free of any lock-in or barriers.
For example: Don’t try to lock up our customers or their data by requiring non-solicits, abusive early termination fees or liquidated damages.
The right to expect ethical dealings from partners, suppliers, and other partner participants.
For example: Upstream payments vendors cannot take advantage of their partners or their partners’ merchants to benefit their own business.
The right to add payment or embedded finance options or interfaces without limitation or lock-in. To be free to adapt and innovate without getting blocked by a vendor tying their own services to payments.
For example: Don’t tie us to your additional products; we want to use the best providers for each service we want to offer.
We, the founding members of the Embedded Payments Bill of Rights, are promoting these principles for the good of the industry. We welcome participants from every corner of payments to join us and improve the future of payments together.
To read more about the Embedded Payments Bill of Rights, and to add your support, visit: www.embeddedpaymentsbillofrights.com.
Oasis Consulting LLC