12 May The Path Forward for Software Providers Post-COVID-19
In just a few months, COVID-19 brought the U.S. economy to a grinding halt. Even as businesses begin to re-open, it will take time to control the virus and begin our nation’s economic recovery. Still, many organizations are turning to the future, and software providers should be among them. If you represent an Independent Software Vendor (ISV) or Software as a Service (SaaS) provider, it’s time to start preparing for the post COVID-19 economy now. Here’s how to get started.
Protect your bottom line
Every time we fly on a plane, we’re told—in the event of an emergency—to put on our own masks before helping someone else with theirs. Serving your customers during and post COVID-19 is much the same. You cannot help others if you don’t protect your bottom line. Now is the time for business strategy. How can you generate cash flow while keeping expenses down? Here are a few ideas software providers can use to mitigate risk and maintain revenue:
• Focus on cross-selling to existing business clients with products and services to encourage cash flow and maintain their operations.
• Shift marketing efforts to low or no-cost digital venues—blog, social media, etc.
• Develop strategic partnerships to enhance value, better meet the needs of your clients, and create new revenue streams.
We still don’t have a vaccine or effective treatment for COVID-19, so one of the best things you can do to protect revenue is be prepared for another outbreak. That means, above all, your software should offer flexibility.
Expand and enhance your software solution
Ideally, your software solution should allow your clients to digitize their entire operation. This benefits your clients and your bottom line—if a business client closes their doors, you’re out that revenue. Here are some tools your software should consider adding to its lineup of solutions.
Digital Payments
This crisis is turning consumers away from cash faster than ever, and moving toward digital payments, which allow users to avoid physical contact at the point of sale. This is an outcome of the pandemic that may end up benefiting software providers. A payment integration with a reputable credit card processor allows you to leverage the shift to digital payments to grow your organization’s income while increasing value.
Invoicing
Recurring billing and invoicing features allow your clients to optimize workflows and increase cashflow, by making payment as seamless as possible.
Automated recurring billing and click-to-pay links for invoicing are must-haves, and those features are accompanied by a secure customer vault. This allows repeat transactions without compromised data, complicated security requirements, or potentially risky personal interaction.
Comprehensive Reporting
A quality payment integration gives your customers access to in-depth reporting about everything from how customers are paying to what they’re paying the most for. Data on inventory, customer spending habits, cash flow trends, and so on, is vital to business clients as they develop strategies for the difficult economic months ahead.
Cater to the post COVID-19 customer
Now is the time for your software company to focus on providing a streamlined, world-class customer experience. Your clients need your support now more than ever as they acclimate to a business landscape marked by economic hardship and low consumer confidence.
Provide digital resources
Business owners will be searching for new opportunities and fiscal support post COVID-19. Many will be trying to get back to regular business, and some will open new ventures to fill the void left by businesses forced to close. Market to this demographic with readily available digital resources, like webinars and personalized virtual consultations.
Empower your business clients
Ramp up outreach efforts to existing clients to make sure they’re taken care of. Do they know how to unleash the full potential of your software solution? Whether your clients are still working remotely or transitioning back to the office, increasing user buy-in will help your customers increase productivity and keep operations running smoothly wherever they are.
Taking these steps puts your organization in a position to better support customers and quickly pivot in the event of another outbreak.
Final thoughts
The future is still uncertain, and we don’t yet know WHEN we can truly say we’re living in a post COVID-19 economy. Taking this time to prepare is essential, and your payment processing partner should be there to help. If you’re a current BASYS partner, please reach out to us to start planning. If you’re not a current BASYS partner, we’d love to be a resource for you. Click here to learn more about our partner program or reach out to us for strategies and tools to prepare for the future.
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: