To create a competitive product, SaaS companies must add value to their end user and help them solve problems. The more value a SaaS company can add, the more marketable it is, the more it can charge, and the more revenue it will create for itself. Integrated payments can help make this happen.
Executives often make business decisions that trade-off between strategic investments and increased expenses. For example, an executive may invest in more customer service representatives to better support their customers. While customer service may improve, so do expenses. Unfortunately, sometimes the ROI on a strategic investment is neutral.
But what if you could improve customer service and increase revenue simultaneously?
For SaaS companies, integrated payments are the tool that can do that: improve customer service and increase revenue.
What is integrated payments?
Integrated payments allow SaaS companies to accept credit card payments within their software. This feature makes a SaaS product more valuable to the end user. For example, if your software allows your clients to book appointments with their clients, adding an integrated payment can allow your customers to use your software to collect payments as well.
Improve customer service
Here’s how integrated payments can improve customer service.
Simplicity
Your customers don’t want to manage multiple tools to run their business. Busy people are looking for all-in-one tools to manage their business, keep productivity high, and decision-fatigue low.
Adding an integrated payment solution makes your clients’ lives easier.
Saving with Integrated Payments
A great way to provide excellent customer service is to help your customers save money. For example, all-in-one tools are less expensive than piecing many tools together and paying multiple monthly or yearly fees.
By providing cost-saving solutions to your customers, you provide them with excellent customer service, and help them improve their bottom line.
Increase Your Customers’ Revenue
Depending on the tools your customer uses, you may be able to offer additional value by helping increase their revenue. For example, if they use manual systems to charge their clients, integrated payments allow them to set up recurring payments and better manage their cash flow.
They may also benefit from better reporting and collect on clients who haven’t paid before they are past due on their accounts. Finally, making payments easy and having the ability to accept credit cards can increase your customers’ revenue if they were only accepting cash or checks previously.
Increase revenue
Many strategic investments have an indirect ROI. For example, you may spend more on infrastructure to speed up processes and hope the investment provides a positive return. However, with an integrated payment solution, there’s the opportunity for a direct ROI.
In addition to helping your customers increase their revenue, adding a payment solution can also increase your company’s revenue. How? With integrated payments, SaaS companies can get a percentage of the transactions processed through their software.
Not only can your sales increase because you add more value to your customer and have a better product, but with integrated payments, you can add an additional revenue stream which can increase your profitability and add passive income to your business model.
The bottom line
A great way to improve customer service is to solve your customers’ problems and save them time and money. With integrated payments, you can do that. Additionally, integrated payments allow you to create a passive revenue stream for your business.
As your business grows, and so do your client’s businesses, the revenue from integrated payments can become more profitable than a subscription-based business model.
PaySimple Can Help
More than an API, PaySimple is a payments partner, delivering everything needed to launch, manage, and scale payments. Our proven integration playbook guides partners through discovery, onboarding, development, and launch. The entire process is effortless, with dedicated partner support at every phase. Our support includes a dedicated team to help SaaS companies achieve their revenue targets with marketing materials and sales training.
