29 Aug A Software Company’s Guide to Growing Revenue with Integrated Payments
Cultivating the growth of your business means generating more revenue. For software companies, that can mean expanding your market area, bundling products, or even raising prices. But if you want sustained growth and increased revenue, you’ll need to expand the capabilities of your product(s).
Like most technology, payment processing solutions are constantly evolving to meet the changing needs of businesses and consumers alike. Just a decade ago, it wasn’t uncommon for businesses to call credit card numbers in to a 3rd party service to process the transaction. Now, with the advent of EMV chip cards, contactless payments, mobile wallets, and biometric data, businesses are demanding more sophisticated processing solutions. Your company can take advantage of this demand with an integrated payment solution.
What is an integrated payment solution?
An integrated payment solution allows clients of your software company to accept credit cards directly within their established CRM system, invoicing software, shopping cart, etc.
The restaurant industry was an early proponent of integrated payments, and to great effect. Employees often clock in, take orders, send orders to the kitchen, assign tables, and collect payment all in the same easy-to-use portal. Now, other industries are starting to take notice, and integrated payments have become a popular way to optimize workflows and increase productivity.
Why do you need integrated payments?
If your company develops and sells software to a mass or niche market (typically other businesses), then your clients likely accept credit card payments from their customers.
When it comes time to collect payment, there are basically two options:
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- Stand up, walk over to the terminal on the counter, swipe the card, print out receipts, then return to a computer to key in payment details, or . . .
- Collect payment directly in the office’s software, while simultaneously updating the customer’s record, emailing a receipt, and scheduling any follow-up appointments.
The second option is undeniably more efficient for clients of your software company. That’s why you need integrated payments.
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How can integrated payments grow your company’s revenue?
Integrated payments add convenience for your clients. But incorporating an integrated payment solution into your existing software won’t just benefit your customers—it’ll boost revenue. Here’s how:
1. Create an additional revenue stream
Adding integrated payments to your software means entering into a partnership with a third-party processor. This partnership gives you access to a brand-new revenue stream—revenue sharing. With a revenue share agreement, each new or existing customer you refer to your new partner for a credit card processing account entitles you to a percentage of the revenue generated with every transaction.
This isn’t a case of charging customers more. Even without integrated payments, your customer would still be paying those processing fees. They’d just be paying them entirely to a third-party.
2. Increase valuation and agility
Agile development means being flexible and adapting to the needs of your customers. As the businesses that utilize your software grow, your solutions will need to scale with them.
When you integrate payment acceptance with your software, you’re adding additional value for existing clients. Businesses will always prefer an all-in one solution that will simplify their workload without the need for multiple calls, accounts, devices, etc. For prospective merchants searching for the perfect software, payment processing capabilities can be the difference between them choosing you over a competitor.
3. Increase retention rates
For companies that earn $1 billion annually, investing in customer experience has been shown to nearly double revenue within 36 months. That’s because happy customers are more likely to stick with your software for the long run. You need loyal customers, so invest in that loyalty.
If you do your research and choose a high-caliber processing partner, you’ll be able to offer clients expanded functionality and world-class customer service—and that means the best customer experience possible.
Final thoughts
Integrating credit card payments into your software is a win-win situation. Your customers will enjoy added value, and you’ll enjoy increased revenue. Your processing partnership and agreed-upon revenue share should be win-win too. That’s where BASYS excels. Our goal is to make you look good and enhance the relationship you already have with your customers.
Click here for 6 things software companies should look for in a credit card processor or give us a call today!
BASYS Processing as a business partner
If your processor doesn’t offer seamless integration, an industry-leading revenue share, and personal service for your users, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a business partnership that will help you meet and exceed your goals.
BASYS Processing features:
• User-friendly API allowing for seamless integration into your software.
• Competitive revenue share, and easy-to-read revenue share reports tracking growth.
• Personalized customer solutions including automated recurring billing, secure customer vault, and more!
• A friendly, live voice will answer the phone when you or your customers call; no automated phone systems.
• In-house PCI Compliance team to walk your customers through the process step-by-step, improving security and reducing costs.
• Access to our marketing department, plus a full suite of marketing materials, blogs and videos
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe and affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
Learn more at basyspro.com, and connect with us online at: