What is an integrated payment?
An integrated payment allows merchants to accept credit card payments directly within their software. For SaaS providers, integrated payments can be an additional feature that makes their software more valuable to the end user.
Why are integrated payments the future?
Here’s why integrated payments are the future for SaaS companies.
Increased customer satisfaction
As SaaS companies evolve, so too do consumers. In our fast-paced world, people demand simple and easy solutions and do not like piecing multiple applications together. Integrated payments are the future for SaaS companies because they make SaaS products more appealing to the end user by providing them with an all-in-one product.
Rather than having to purchase or learn how to use multiple software or systems, customers need only learn one robust and easy-to-use software that solves multiple problems for them. As they say, “cash is king,” and fast, easy, automatic, and secure payment processing is an important business system that all businesses need.
By adding integrated payments, SaaS companies create a more sophisticated solution for consumers, thereby increasing customer satisfaction and net promotor scores. Furthermore, as customer satisfaction increases, it is easier to get testimonials and referrals, which can also make marketing easier.
Flexibility and Security
With the rise of one-click payments, consumers no longer have the time or patience to deal with slow transactions or poor systems around payment acceptance. Furthermore, with data threats on the rise, consumers and business owners are looking to mitigate risks and feel confident that their data and their client’s data are secure. Integrated payments can provide flexibility by allowing people to complete transactions anywhere in the world while maintaining security and PCI compliance.
Furthermore, end users can have peace of mind knowing that their credit card information is secured online, password protected, and not floating around an office or in the mail, where it could easily get into the hands of the wrong person.
Advanced Reporting Options
Big data is a growing field. With integrated payments, SaaS companies can add additional value to their customers by providing advanced reporting options. For example, SaaS companies can provide robust data to help business owners increase their profitability and drive more sales. This can empower business owners to make wiser and more timely decisions, thus improving their bottom line and helping to solidify a SaaS product as a must-use tool for their business.
Who doesn’t love the idea of an additional revenue stream? In addition to helping create an all-in-one solution, thereby making a SaaS product more valuable, integrated payments help SaaS companies because they can create an additional revenue stream. With integrated payments, SaaS companies can get a share of the transactions processed through their software, thereby increasing revenue and profitably.
The bottom line
With the growth of new SaaS businesses, it is important for companies to keep up with the competition, provide value, and look for differentiators in their niche. Integrated payments are the future because they can help SaaS companies do all three of those things and more.
PaySimple Can Help
More than just an API, PaySimple is a payments partner, delivering everything needed to launch, manage, and scale payments. Our proven integration playbook easily guides partners through discovery, onboarding, development, and launch. The entire process is effortless with dedicated partner support at every phase and continues with a dedicated growth team to help SaaS companies achieve their revenue targets with marketing materials and sales training.