If you provide service to customers as an independent software vendor, success depends on providing a product and a service your customers will find valuable over time. If you can find ways to enhance that service, you can broaden both your appeal and your sales potential. Integrating payment services into your software can help, if you do it right. Read on to learn more about what integrated payments can mean for you.
1. What Integrated Payments Are
Your software offering provides one tool that your clients use in their own business arsenal. Building in payment services allows them to collect payments without working through a third party processing company. The process is quicker and easier for customers because it gives a more direct way to pay.
2. How the Process Works
Typically, your software clients use your product to run certain business applications. To pay for anything the software does, though, they need to move into a payment portal. After entering payment information, the end customers then come back into your software protocols. Integrated payment processing keeps everything together, running payments and completing transactions all in one place.
3. Your Customers Benefit
Integrated payments through your software give customers more convenience and peace of mind. Working through a different service provider adds to the time customers need to put into completing a transaction. In addition, those moves to a third party payment processor create an inflection point at which security can be compromised. Including it as part of the software functionality helps on both fronts.
4. Residual Income Builds
Building payments into your software application also helps your bottom line. Every payment made through the software generates a fee, a small amount of money that, over time, can build quickly. When every payment made through every client does this, you can create a passive income stream that lasts as long as the software is in use.
5. User Experience Matters
The benefit for end customers depends in part on building a simple, enjoyable user experience. Integrated payments should feel like they are part of the overall software, not a clunky add-on. Treat it as a part of the whole to get widespread adoption.
6. Focus on Security
You need to stay on top of security needs to integrate payments into your software. Providing integrated payment servicing requires focusing on protecting data, both initially and on an ongoing basis. Stay on top of your data protection plan.
7. You Can Grow Quickly
If you do choose to integrate payment services, you should plan on managing growth for your product. Customers today expect more from every purchase; building in payment services meets that demand with a powerful tool for your clients. Make sure your staff and knowledge base are ready to manage this growth.
Payment processing helps ISVs launch into new levels of sales and client service. Be prepared going in, both for what you need to do and what you can accomplish.