Announcing Our New Partner API
With the start of 2023, our team at borderless is beyond excited to announce our new Partner API! As a global payments platform, we work tirelessly to ensure that your global transactions are as simple as possible. As a borderless Partner, you can now use a single API integration to power all of your clients’ global payment needs.
What is API and Partner API?
What is API?
With all of this excitement around our new Partner API, you might be wondering, what exactly is API? To start, API stands for Application Programming Interface and is a way for two or more computer programs to communicate with each other. At borderless, we use API integration so you can efficiently handle and automate all of your global payment needs to 120+ countries. Our API allows you to build custom payout experiences with solutions for businesses of all sizes. At the beginning of this blog series, we wrote an entire post dedicated to all things API so be sure to check it out.
What Does Embedded Payments Mean?
The definition of embedded payments or embedded finance is the ability to integrate financial products, payments in this case, within your application to offer it to your customers. It allows you to expand your product offering to your network of customers or community allowing you to monetize new vertical: financial products. The benefit is that with embedded payments or finance you allow the offering company, such as borderless, to take on the burden of compliance focusing on growing your business.
What is a Partner API?
Partner API, more specifically, is a way for two strategic business partners to communicate with each other. A Partner account is a type of account that has multiple business clients (such as marketplaces). The account has access to our premium features and can make those services available to their clients. By plugging into borderless, your business will have eimbedded payments as an offering to your customers. You gain access to all of our payment offerings. You can use our white labeled products to build custom experiences directly within your application. You can monetize payments in your network. With a single API integration to borderless, you can quickly scale your payment offerings to your clients.
Is Embedded Payments Right For You? Partner API Use Case
Now that you have an idea of what a Partner API is, who can use it? Partner API works when your platform has a strong user base or network of business customers where expanding to financial products keeps the user on your platform. We advise this to be for companies where trust of the powerful network already exists and adding financial products makes sense. You as a partner, can then create “child” accounts, to offer products to outside your expertise. The “child” accounts are your business customers who transact on your platform to purchase goods or pay vendors. In this case, embedded payments is a natural step for you to integrate payments within your application to monetize it. The child accounts payouts to vendors, freelancers, gig works, or other entities that keep the marketplace running. As a Partner, you then link to the child account to receive or send payments to the child marketplace through the borderless customized payment experience.
Partner API Integration
API Integration Experiences
borderless offers multiple integration experiences to on-board customers, add recipients and make payments. Our Partner API typically takes 2-4 weeks to implement, but this can vary depending on your company’s needs. Below, is a summarized list of the steps to integrate borderless Partner API.
Step 1: On-boarding – Create Child Accounts
A Child account is a client of a Partner account. A Child account may receive access to the borderless services, including payment processing capabilities, indirectly via the Partner account. Through an integration to the borderless Partner API, a Partner account may make certain borderless services available to their Child accounts.
Step 2: Getting Started – Add Contacts
Use borderless Contacts API or borderless Link to add recipients which are called contacts. Contacts API allows you to create your own interface and utilize the API on the backend to create recipients. In contrast, you can use borderless Link to add a Contact as an embedded widget using a few lines of code for an experience directly on your platform. You can customize and whitelabel the link.
Step 3: Choose Your Payments API
At borderless, we offer a Payouts API, Pay-In API, and Collections API. You can use the borderless Payouts API to programmatically make payouts to over 120 countries within your application. With the borderless Pay-In API, you can fund account balances including adding funds via direct debit, adding funds via wire transfer, retrieving available balances, and retrieving wire details.
Overall Benefits of Using Partner API
As a borderless Partner API user, your business will get access to all of our premium offerings. Below is a brief list of just a few of the services you can provide to your clients.
- Diversify Revenue: With the Partner API, borderless allows you to embed payments into your own product and application where you can start to monetize payments.
- Offer New Products: The Partner API allows you to add new financial products along side your current products keeping customers happy and in-house.
- Premium payment experiences: Using Partner API, you can tap into our diverse range of payment options and rails. We offer payments via bank accounts, @handles and email addresses. Currently, we use iACH, RTP, and SWIFT payment rails. However, we will soon be expanding. To learn more about ways to pay with borderless, read our previous blog post here.
- Multi-currency balances: Offer holding balances in 35+ currencies simultaneously. You can then leverage these balances to receive, hold, exchange, and send currencies from 120+ countries. For collections, you can also receive directly from Stripe or other 3rd party credit card processors.
- Global onboarding and compliance: borderless™ offers our Partners customized, white-labeled onboarding and handles all global compliance requirements, including KYC and AML.
At borderless, we pride ourselves on bringing you a payments experience that drives efficiency at a low cost. Our Partner API is customized, simple, and affordable so you can focus on what matters most: your business. Again, we are so excited to announce our new Partner API for embedded payments and hope you gained some insight on how being a borderless Partner can help your business thrive. To learn more, schedule a demo, contact our team, or create an account today! Lastly, thank you for tuning into our blog series. If you missed any posts along the way, make sure to visit our blog!