An integrated payment provider works with SaaS providers so they can accept credit card payments directly within their software. For example, if you have a business-to-business app or SaaS product, an integrated payment provider can partner with you to give your product the valuable additional feature of accepting credit cards and other forms of payment easily.
Like any business decision, there are pros and cons of working with an integrated payment provider.
Pros of working with an integrated payment provider
Here are the benefits of working with an integrated payment provider.
If you want to create a valuable tool for your customers, adding a payment solution is a great way to do it. Collecting payments quickly and easily helps ensure business success. If you can make getting paid simple and easy for your customer, their satisfaction will increase.
As your customers fall in love with your product, you can also leverage net promoter scores and testimonials from your current customers to increase marketability and make closing future sales easier.
Advanced Reporting Options
By working with an integrated payments partner, you can add additional value to your customers by providing advanced reporting options. Because your software will include additional features, it will also access additional data points
By providing an all-in-one tool, you can empower your customers to make wiser and more timely decisions, thus improving their bottom line and helping to solidify your product as a valuable tool for their business. If you wanted to, you could make advanced reporting options only available for higher-tiered pricing options, incentivizing customers to pay more and ultimately helping increase your bottom line.
While marketability and customer satisfaction make selling your product easier, it’s always nice to be able to add an additional revenue stream. When you work with an integrated payments partner, you can create an additional revenue stream without charging the customer more because you get a share of the transactions processed through your software, thereby increasing your revenue and profit.
Cons of working with an integrated payment provider
At PaySimple, transparency is important. Here are the cons of working with an integrated payment provider that you’ll want to consider before you decide to add payments to your product.
Not all integrated payment providers are created the same. If you work with an integrated payment provider, it’s important to ensure their customer service meets your standards. While some big companies may have brand recognition, they may lack quality customer service, making adding a new feature a nightmare.
To avoid this, do your due diligence and ensure your provider works with your team in a timely manner. One great option is to ask for the contact information of their current customers to get insight into the process from a neutral third-party that’s been through the process before.
Some of the most profitable businesses are the ones that keep things simple. Unfortunately, some SaaS companies put everything into their product to make it more valuable. Doing so makes it too complex and difficult. Do your research and make sure you understand the wants and needs of your target market.
An easy way to do this is to schedule discovery calls with current or prospective customers. Invite them to chat with your product development team in exchange for a gift card for their time. Get permission to record the call, ask the most pressing questions, sit back, and listen. You’ll be amazed at what you can learn.
Adding a payment feature to your product will require your business to understand and adhere to certain compliance requirements. For example, you must ensure people can complete transactions while maintaining security and PCI compliance.
If you select the right integrated payments partner, they should help you understand this compliance and help make your team experts by providing resources such as training.
PaySimple Can Help
More than an API, PaySimple is a payments partner, delivering everything needed to launch, manage, and scale payments. Our integration playbook guides partners through discovery, onboarding, development, and launch. It continues with a dedicated growth team to help SaaS companies achieve their revenue targets.