27 Jan The Top 3 Ways A Payment Integration Adds Value for Your Software Company’s Customers
For software companies, retaining clients while gaining additional business is simple, as long as you do this one thing—offer more value than your competitors. If your product has a sleek interface, advanced functionality, and the best service possible, why would your customers want to do business with anyone else?
A payment integration with a reputable processing provider is a great way to add additional features and functionality for your clients while growing your own revenue and reputation. Here are 3 ways a payment integration adds value for your software company’s customers:
1. Comprehensive reporting can inform business strategy
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 very valuable to merchants planning for future growth.
[Above] An example of payment integration reporting on ticket amounts over a specified period of time
Ideally, your processing provider should be able to provide customizable reporting that enables your customers to easily access the data they need to perform their everyday job functions while informing business strategy.
Click image to enlarge
2. Increased security reduces the burden of PCI Compliance
Another way you can increase value for your customers is with increased security. Over the past 5 years, the cost of a data breach has risen 12%, to a whopping $3.92 million per incident on average. Even for small businesses, who are the victims of 43% of cyberattacks, a data breach usually costs around $200K. Many of your customers are probably wary of cybersecurity threats but don’t know how to protect themselves. This is where you can offer immense value by doing the legwork for them.
When you partner with a processing provider, look for comprehensive security features to ease the burden shifting security requirements place on your merchants. These should include point-to-point encryption (P2Pe), fraud protection tools, and a secure customer vault.
Offering increased security adds value in 2 ways:
1. It protects your customers from a data breach. Considering how expensive breaches have become (not to mention reputational costs), this is a huge benefit. Your own company will see the benefit of this as well, since a customer’s data breach could potentially put them out of business, reducing your own revenue.
2. It reduces PCI Compliance requirements. The card brands require any organization accepting credit cards to meet certain requirements. These requirements vary, depending on how information is stored and how payments are accepted. When your processing provider ensures top-notch security on their end, the onus placed on your merchants is reduced.
The very best processing providers are so confident in the security of their systems that they will assist your customers with any remaining compliance requirements, walking them through what is often a complicated process, step-by-step.
3. A seamless experience means increased productivity
Software has revolutionized the way many organizations do business for one reason—simplicity. If a software doesn’t make everyday tasks easier, what’s the point of even having one? This is why forward-thinking software companies focus on ease-of-use with all-in-one integrations. Reporting, marketing, customer and order tracking, accounts receivable and accounts payable . . . More and more, we’re seeing software solutions with capabilities to handle all these daily business functions in one central hub.
Gone are the days of switching back and forth between different programs and devices. Now, businesses expect a user-friendly integrated experience. This applies to payments too. Don’t expect your customers to walk over to a terminal to swipe a card, then manually enter payment information. Your software should allow them to collect payment while simultaneously updating records, emailing receipts, and scheduling follow-up tasks. That’s added value.
Final Thoughts
If your software company is looking for ways to grow, a payment integration is the natural choice. It expands the functionality of your software solution and provides value to clients, all without an up-front investment that could compromise growth opportunities. In fact, a payment integration is a growth opportunity in and of itself. When you partner with a processing provider, you’ll have access to a brand-new revenue stream—revenue sharing.
For more details, read A Software Company’s Guide to Growing Revenue with Integrated Payments. To learn more about a partnership with BASYS, click “Learn More” or reach out to Kenny Thompson at (816) 294-1576.
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: