It’s not difficult to recognize the growing trend of software platforms making inroads into payments. In virtually every industry vertical, specialized SaaS platforms are integrating payments into their offerings.
This includes providers selling software to property managers, membership clubs, utility providers, government agencies, law firms, performing arts businesses, auto repair shops, fitness clubs, health and wellness businesses, restaurants, non-profits, field services, and medical practices, to a wide range of B2B SaaS industries.
Payments have emerged as one of the most logical and impactful B2B software platform expansion strategies. Taking control of payments means having more control over and refining the customer experience. It provides a channel for increasing product engagement and, perhaps most importantly, it acts as a revenue multiplier.
The most obvious reason for software platforms to move into payments is to increase the average revenue per user. Generating per-transaction revenue can be a force multiplier for growth, allowing your software platform to directly benefit from your customers’ success. For fast-growing software platforms, payments can quickly become a major revenue driver.
Furthermore, accepting payments opens the door to so many other monetization opportunities aside from payment processing fees. Software platforms, for example, can charge fees for additional reporting and analytics capabilities, specific payment services, point-of-sale hardware, and the use of third-party payment service providers.
Most payment service providers haven’t historically excelled in design and user experience. SaaS platforms like PaidYET, on the other hand, tend to take tremendous pride in their brands, and often compete on the basis of the user experience. This is especially problematic given how deeply embedded payments are in the user experience of most software platforms.
Consider a payment process such as merchant onboarding. Onboarding via a traditional payment processor can involve redirects, extensive paperwork, and multi-day approval windows – not the best first impression for a software platform.
Taking the most control of the payment process translates to more influence and refinement of the user experience. There are many possibilities for software platforms to consider, ranging from relatively straightforward referral models to becoming full-fledged payment facilitators that directly participate in the flow of funds.
There are numerous options for software platforms to consider, ranging from simple referral models to full-fledged payment facilitators that directly participate in the flow of funds. The payments industry evolves every day. To keep your software thriving you need the latest and greatest payment gateway technology. Take the first step and request a sandbox today, sign up for a partner account today at www.paidyet.com