How eCommerce and payment integrations can double customer retention

Discover how Sync can help your platform stand out from the crowd

With every new business that opens, an opportunity to harness connectivity opens up with it. Even before the world was forced to stay at home, the demand for digitisation was already on the rise, with SMEs increasingly looking for ways to spend less time dealing with financial admin, and more time running their businesses. 

Demand for eCommerce and online payment providers is certainly surging. By May 2020, the overall percentage of e-commerce retail sales had risen to nearly a third of all retail in the UK, with this trend expected to continue. As a result, competition in the market is also on the rise.

Financial service providers will need to differentiate themselves to attract and retain customers: and automation is a great way to do this. Research conducted by Codat indicates that 80% of SMEs believe the systems they use to run their business must be interoperable. However, only 35% have existing integrations between their eCommerce and online payment systems and their accounting platforms. There is a clear appetite for robust integrations among merchants and the providers that are willing to offer this capability will certainly win the race to gain and preserve market share. 

Financial integrations aren’t easy

Meeting this demand is no mean feat. Powering robust financial integrations and maintaining connectivity is time-consuming and expensive. Each integration is uniquely complex, requiring dedicated engineering resources to ensure its efficiency and accuracy is maintained.

What’s more, using third-party products can be risky. If you end up with a poorly built solution from your supplier, you can expect complaints to soar from unhappy customers already dealing with the pressures of running a new business in a challenging climate.

How Codat can help

We are experts in financial integrations and Sync, our managed service offering, makes it easy for you to enable your SME customers to connect their accounting system to your commerce platform.

Sync is a fast, reliable, and fully white-labelled solution. It is perfect for businesses that are looking to get up and running quickly with integrations, without the need to devote significant resources to in-house development work. Our Solutions team offer ongoing premium technical support and our Sync health site ensures your team has everything they need to succeed, including monitoring and diagnostic tools.

Security is at the heart of everything we do, we have passed all requisite penetration tests and are ISO27001 compliant – which an array of market leaders across sectors can attest to.

Sync in a nutshell

  • Built by experts: we handle the integration to our API, so our service can fetch and map data seamlessly
  • Fully white-labelled: our authorisation process allows SMEs to connect to their accounting software seamlessly and securely, all under your brand
  • Tailored configuration: you can easily configure how and when data synchronisation is triggered for each of your customers (or leave it up to them)
  • Best-in-class standardisation: we handle all authorisation, standardisation, and synchronisation, as well as providing a clear visualisation of connected information and error reporting

Benefits for financial service providers

Thanks to Codat’s single API, financial service providers are now able to benefit from our broad range of integrations with accounting providers, ERPs and commerce platforms. Our practises ensure data is mapped correctly between services, resulting in reliable standardisation and happy customers.

Benefits for SMEs

As our API is fully white-labelled, customers can seamlessly reconcile their accounts under their financial service provider’s brand and our rich domain experience enables us to provide for a wide variety of edge cases.

Our clients typically experience up to a 100% increase in customer retention and lifetime value from merchants connecting accounts, so SMEs and their financial service providers can enjoy lasting value from each other.

Codat in action

Zettle, by PayPal, is just one of our clients that has benefited from Sync. Zettle offers a range of financial tools for small businesses including payments, mobile point of sale, funding and partner applications.

The three main challenges Zettle faced were a time consuming in-house build, the need to provide an enhanced digital experience and the understanding that their small business customers simply didn’t have the time to manually reconcile their POS system with their accounting software.

By partnering with Codat, Zettle were able to deliver a better experience to their customers. And rather than spending time trying to build individual integrations to all the various accounting platforms their customers used, Zettle are now connected via a single API – built, maintained and managed by Codat.

If you would like to learn more about how Codat could help, please contact info@codat.io or visit www.codat.io.