Are You Actually a Payments Company? Five Signs You Might Be Missing Out

A surprising truth is emerging in today's interconnected digital economy: many companies are payments companies without realizing it. At RPY Innovations, we've observed a recurring pattern - businesses sitting on untapped payment potential, unaware of their capabilities, or unsure how to monetize them. 

 Let's explore five key indicators that your company might secretly be a payments company in waiting: 

 1. Data Goldmine: You're collecting and processing customer transaction data, even if it's not your primary focus. This treasure trove of information is the foundation of payment innovation. If you're handling any form of financial transactions, you're already halfway there. 

 2. Direct Customer Interface: Ongoing relationships with customers who make regular purchases or payments through your platform are a hallmark of payments companies. If you're the interface between customers and their spending, you're in a prime position to expand into payments. 

 3. Industry-Specific Payment Flows: Your client’s customer might have unique payment requirements that mainstream solutions don't adequately address. This gap is an opportunity to develop specialized payment solutions that could benefit your entire industry. 

 4. Technology Infrastructure: If your systems already handle sensitive customer information and financial data securely, you're closer to being a payments company than you might think. The leap from secure data handling to payment processing is often smaller than anticipated. 

 5. Recurring Revenue Model: Subscription services, regular billing cycles, or frequent customer transactions all point to potential in the payments space. These models align perfectly with payment processing revenue streams. 

Now, you might be thinking, "But we're not a financial services company!" Here's the kicker: in today's digital economy, the line between industry verticals is increasingly blurred. Companies recognizing and acting on their payments potential often find new revenue streams and enhanced customer relationships.  The challenge isn't whether you have the potential to be a payments company - it's recognizing that potential and knowing how to tap into it. Many businesses haven't monetized their payments capabilities simply because it's not on their radar or roadmap yet. 

We've seen firsthand how companies across various industries have transformed their businesses by embracing their hidden payments identity. From e-commerce platforms to healthcare providers, businesses are discovering new ways to add value and generate revenue through payments. 

The key is to shift your perspective. Instead of viewing payments as a necessary evil or a mere facilitator of your core business, consider it a potential core competency. With the right strategy, your existing infrastructure and customer relationships could be the foundation of a robust payments offering. So, is it time to reevaluate your business model? You might be surprised to find that you're already a payments company in all but name. The question isn't whether you can be a payments company, but how quickly you can capitalize on this often-overlooked opportunity. 

At RPY Innovations, we're passionate about helping businesses uncover and leverage their hidden payments potential. In a world where every company is potentially a fintech company, are you ready to explore your payments identity?