Written by Paul Clarke, Chief Growth Officer at Cashflows
The mortgage industry has grown increasingly complex and competitive, shaped by volatile house prices, the rise of budget online brokers and the ongoing struggle to differentiate in a crowded market. Within this landscape, one fundamental truth remains: if you’re getting paid, you’re succeeding.
However, while taking payments may seem straightforward, in practice it can be anything but, especially when payment systems fail to integrate effectively with the customer relationship management (CRM) platforms that brokers depend on. Legacy payment processes often introduce unnecessary friction and manual effort, which can ultimately disrupt client relationships and operational efficiency. A new generation of embedded payments promises to change this, streamlining the way brokers get paid and transforming how payments interact with CRMs.
The ‘Traditional’ Approach to Payments
Historically, mortgage brokers operated almost entirely face-to-face. Clients would settle fees by cheque or, occasionally, cash. A few more advanced brokers might have used credit card imprinters. Getting paid typically meant phoning clients to chase outstanding fees, and then waiting for a cheque to arrive in the post. Such follow-ups ran the risk of alienating clients and potentially jeopardising long-standing relationships built on trust – relationships that often lead to repeat business or referrals.
As technology progressed, digital payment options emerged. Physical card readers became more portable, with some models running off mobile SIMs or being replaced entirely by smartphone-based readers. These tools allowed payments to be taken in person but required the broker and client to be in the same place. For remote transactions, card details might be taken over the phone and manually input into a secure payment gateway.
Yet even these updated methods introduced significant challenges. Chief among them is the disconnection between payment platforms and CRM systems. Payments taken through a separate device or system had to be manually recorded in the CRM to confirm a transaction and close the loop. When this process fails or is delayed, it can result in duplicate payment requests, reconciliation issues, or gaps in customer records. These issues might be mitigated through meticulous record-keeping, but manual processes are inherently error prone. It’s not a matter of whether or not mistakes happen, but when. Therefore, is there another way?
The Rise of Embedded Payments
In the wider world of eCommerce, checkout pages have long been the standard for digital transactions. These digital forms, once coded by hand, became easier to implement with the introduction of platforms like NetMarket in the 1990s and more recently with plug-and-play solutions such as Shopify. This evolution paved the way for embedded payments.
Unlike traditional checkout pages that sit in a fixed place, embedded payments can be placed anywhere: integrated into email, SMS, WhatsApp messages or even client portals. For mortgage brokers, this is arguably a game changer.
Take a scenario where a broker is speaking with a client via WhatsApp. Instead of redirecting the client to a website or arranging an in-person meeting, the broker can simply drop a secure payment link into the conversation. This link can then be forwarded to another payer – such as a parent or guardian gifting or assisting with a deposit – which reflects the reality that nearly two-thirds of homebuyers receive financial help from family.
Embedded payment systems also offer significant security advantages. Despite their flexibility, the transaction remains one-way. Clients’ card details do not pass through the broker’s system, reducing compliance burdens and protecting sensitive data. Modern encryption techniques, such as tokenisation, further secure transactions particularly when digital wallets like Apple Pay or Google Pay are used.
Embedded Payments and CRM Integration
For most mortgage firms, the CRM is the operational backbone. It coordinates appointments, manages communications and stores vital client information. As such, any tool or process that sits outside of the CRM introduces friction and risk.
Without integration, embedded payments, however convenient, could require brokers to log into a separate dashboard to confirm whether a payment was completed. This then has to be manually entered into the CRM. Not only does this consume time, but it also reintroduces the potential for human error (the very issue embedded payments seek to eliminate).
Fully integrated embedded payment solutions resolve this by automatically updating the CRM once a payment is completed. This means brokers no longer need to cross-check bank statements or third-party systems. Instead, they gain immediate visibility into the payment status within their existing workflows, streamlining administration and reducing stress for both staff and clients.
The Business Case for Embedded Payments
Ultimately, embedded payments integrated with CRMs allow brokers to focus on what they do best: building trust, offering expert guidance and securing favourable outcomes for clients. By eliminating payment friction, brokers not only reduce administrative workload, but also create a smoother experience that reinforces client satisfaction and helps those brokers to thrive.
In a sector where responsiveness, accuracy and reputation are paramount, the ability to simplify and secure payment processing is not just a technological advantage, but a strategic one.
As the mortgage industry continues to evolve, the adoption of embedded payments within CRM ecosystems is poised to become standard practice. Brokers who embrace this shift early will be best placed to improve efficiency, reduce errors and, most importantly, strengthen client relationships in an increasingly competitive marketplace.
To learn more, visit: https://www.cashflows.com/
