Three Reasons Why Integrated Payments Are Essential to Your Business
Many businesses continue to be impacted by the health crisis of 2020. In some instances, their primary goal is not thriving in this new world but rather surviving in this new world.
This is the reason why software providers need to focus on their customers – meeting their changing needs and making it easier for them to conduct business. More than ever, software companies need to have an integrated payment system as part of their solution for customers.
Even if you already have integrated payments in your platform, you likely will need to revisit those capabilities in light of the recent shift in customer preference and expectations. The payment world has changed of late, and you’ll want to make sure your software is prepared for the change.
What is an integrated payment system?
In its simplest form, an integrated payment system allows your customers to accept card payments directly through your software. Not only is it convenient for their customers to use, it expands their payment acceptance channels.
There are three reasons why you should consider integrating payments in your software:
1. The marketplace expects convenient payment channels and methods.
When the country essentially closed for business earlier this year, companies had to scramble to come up with alternative ways to engage their customers and enable transactions. Curbside pick-up, free shipping, and doorstep delivery were ramped-up quickly, and consumers responded by embracing these convenient channels.
Even though many physical locations have now started to resume operations, consumers haven’t shown up in droves just yet. A couple of things may be causing this: 1) lingering health concerns, 2) the other channels are much more convenient.
Once you have had a taste of convenience, it’s hard to go back. Many customers are looking for their providers to deliver these new capabilities as part of their experience. It has become the new standard.
2. Improving the customer experience means improving your customer retention.
Let’s face it, customers prefer an all-in-one solution versus logging out of one and into another, or being directed to a new page, just to process a payment. The back and forth is time consuming and does not deliver a great customer experience, which can affect your retention rates and your revenue. According to Forbes, a 2% increase in customer retention is the same to profits as cutting costs by 10%.
An up-to-date integrated payment system will give your customers another reason to stay with you.
3. Integrated payment systems can create a new revenue stream.
Enabling payments in your software requires a payment processor. Choose the right partner and a brand new source of revenue can be born. Revenue sharing is not new to the industry but there are many payment providers that do not create that opportunity for their software partners.
Having that new source of revenue gives you the flexibility to fund projects, enhance development, or even add staffing that otherwise may have been dependent on a budget allocation. How valuable would it be if you could fund one additional development project this year? Strategically integrating payments in your platform can help you do that.
If you’re considering an integrated payment system, download this eBook. It’s a great source of information on how payments can be strategically used to drive your business and make your customers happy. It’s a win-win for everyone.