At the same time, instant payments will have become a mainstream method for online payments and by 2024 they are projected to overtake payment cards for online purchases.
Asquad was born out of an idea to eliminate limitations in payment processing and make the payment process smoother for both businesses and end-users.
What’s wrong with traditional payment providers
Payment providers are now an integral part of the customer experience. They must ensure businesses with smooth payment processing, a variety of payment methods, 24/7 technical support, functional merchant account and enable flexible integration options depending on its needs. And, among all of that, providers have to do it fast so organizations can easily switch between banks and leave a place for creativity so they can realize large-scale projects.
Unfortunately, many organizations are still held back by traditional payment providers which can't even fulfill these basic requirements, much less extra services.
What’s wrong with… integrations
The speed of integrating payment solutions is one of the biggest headaches for businesses that want to accept payments online. They take too long — up to 3 months. But the process may take longer due to the following factors:
- details coordinating with the acquiring bank;
- delivering integration to the specific business;
- bug fixing detected in the text environment etc.
Such a long integration process goes against the grain of desire to develop and scale to new markets. Why?
In new markets, the business has to make new integrations. You can't just skip this part if you want to meet the demands of a new audience and accept payments with different methods. At a certain point, there will be so many integrations that it will look more like a zoo. Integrator’s zoo.
At the same time, the code grows and increases the need for tech guys army to support this mechanism. There are companies whose billing departments have even more people than specialized payment companies.
Besides, each new integration affects the product, the business model, and sales, to say nothing of innovations and other technological solutions implementation. It also affects the payment provider's workflow. To complete the integration on time, they often have to drop all of their existing tasks.
What makes the task even more difficult is that you can't just use your previous code. So you are doomed to continuous integrations.
What’s wrong with… changes
Let’s see how it works in standart development:
- Business Integration or change Request
- Product Owner learns about Request
- Product Owner describes Request to CTO
- CTO assigns a Task
- Developer takes Task
- Release in test environment
- QA tests Change in test environment
- Review
- Release in prod environment
- It doesn't work for some reason
- CTO learns issue
- Developer takes Task
- Release in test environment
- QA tests Change in test environment
- Review
- Release in prod environment
- Finally, it works
Usually, making a minor integration change takes a minimum of one day (looking at the list above, it's not surprising). To do it, payment providers are forced to attract impressively many tech guys and waste an obscene amount of time.
What makes changes in integrations a real sticking point is that flash API updates lead to a loss of connection between accounts/banks, which, in turn, lead to the loss of transactions without the ability to trace them.
Asquad solution
The world's
first PSP
built with
non code engine
What does this mean? It means that with Asquad, any integration process, whether it’s a new bank or payment method, takes 1 day. А two-way flex API integration, which is a unique feature of the platform, allows to integrate any type of platform, adapting a foreign language on the fly.
We're also using ready-made integrations. All we have to do is to adapt them for new merchants.
«You take a branch, copy-paste, change a couple of blocks, make sure everything works, switch, and go back to work».
Asquad CTO
This solutions gives us several perks:
- No release needed
- No deploys needed
- Integration decoupled from code
At the same time, integration changes implementation usually doesn't take more than 30 minutes. It's good news for business for at least two reasons.
Firstly, flash API updates won't take you caught off guard anymore. And secondly, It enables us to solve business problems and implement ideas without the need for changes in the core of the project.
Non-code payment platform
Asquad has turned complex code into diagrams and dependency charts. Thanks to code visualization, the process editor allows you to assemble any algorithm from smart nodes and not get lost among complex architectures at the same time.
Code visualization also helps you comprehend what you're working with. It bridges the gap between what you imagine your system looks like and what it looks like, providing clear and efficient work.
Last but not least: system support
Companies looking for white label solutions and vendor software usually ask themselves: who can support it? Therefore, businesses need to hire a team with specific expertise and the same technology stack (Java, Python) that the software they buy is written in.
The entry threshold for the technology we use is much lower than the entry threshold for Java. With Asquad, you only need 1 tech guy with analytical skills.
What'd that get us?
As new technologies emerge, customers expect fast and seamless payment processes when and where it suits them. Therefore, businesses cannot limit themselves by accepting payments on websites or apps. The same goes for payment providers; they must guarantee more than just smooth transactions because business needs go far beyond this.
In Asquad, we make every effort to keep up our partners with customer expectations for payments and even stay one step ahead.