I have been lucky enough to work with PaySimple merchants for the last several years, helping them run their businesses more efficiently. On the integrated partner team, I get to see the myriad of software solutions that have been innovated to make their customers lives easier, and they come through our doors looking for a credit card processing API or recurring payments API.
While the sound of APIs and payment integrations might sound dry, in reality, we get to combine forces with another business and create one humming, super-convenient solution for customers – how exciting is that? Think: a fitness business management software boosted with recurring member payments, or a school administration management platform heightened with automated tuition billing.
Even more exciting, these businesses get a revenue boost with a payment gateway integration. Here’s how:
1) Provides a more complete, high-retention solution for customers
Our partners already work hard every day to meet their customers’ needs, but often the list of new feature demands can be long and daunting. Prioritizing a new feature that’s in high demand by customers, ranks low on the “effort needed” scale, and increases both retention AND revenue for the business is a high-fiving, win-win on all accounts.
A credit card API integration allows these businesses to be more competitive in their industries, attract more customers, and help retain existing clients. Plus, adding PCI compliant credit card processing to their software solutions is typically easier than they think (which is the great news I get to deliver!).
2) Earns an incremental revenue stream
Earning more revenue is on every business owner’s mind. One really exciting prospect of a payment integration is an additional revenue stream via revenue sharing. But, this isn’t offered by all payment API providers. Revenue sharing allows the software business (our partner) to earn money from the payment transaction fees that their customers pay to accept credit cards through the integration. It’s the same types of fees that the software company pays to accept credit cards, but this time, they’re on the receiving end of the fees.
3) Enables their customers to be PCI compliant
With the highly publicized data breaches of some of the most well-known companies in the world, becoming PCI compliant and maintaining payment data security are becoming top of mind issues. Small business owners want to be secure with their customer data too, but often don’t know where to begin to do so. With a PCI compliant payment integration, our partners can provide this invaluable feature as a big value add to their product offering.
In addition to being exposed to new innovations by small businesses and working with business owners every day, seeing these benefits take effect for our partners is one of the most rewarding aspects of my role at PaySimple. Payment integrations can be a real game-changer for these companies.