How To Market Your Software With Integrated Payment Capabilities
More revenue must be produced if you want to foster the expansion of your company. That can entail broadening your market, bundling products, or raising software business costs. However, if you want your business to grow steadily and earn more money, you'll need to boost the capabilities of your product(s).
Payment processing systems are continually changing to accommodate the varying needs of both businesses and customers, like most technologies. Ten years ago, businesses frequently called credit card numbers into a third-party service to complete the transaction. Businesses are now seeking more sophisticated processing solutions due to the introduction of EMV chip cards, contactless payments, mobile wallets, and biometric data. With an integrated payment system, your business can benefit from this demand.
Software With Integrated Payment Capabilities
Given the information presented above, it is simple to conclude that integrated payment solutions offer various organizational advantages.
Let's examine their primary benefits for retailers in more detail:
Building Payments
It should be obvious that adding an integrated payment for software is a wise move, but it may also be daunting. Due to the numerous regulatory and fraud prevention technologies required, as well as the fact that customer experience is strongly influenced by the caliber of payments technology, building a payments infrastructure is difficult. Although some sizable software businesses, such as Uber, have decided to construct their infrastructure, this project requires hiring hundreds of engineers and millions of dollars.
By collaborating with a payments infrastructure business, the good news is that you can integrate payments and capitalize on the profit center by enabling your users to take payments on your platform. Compared to developing technology internally, it requires a lot smaller lift, and you can get started much more quickly.
Reduced Human Error
Partnering with a third-party processor is necessary to integrate payments into your program. You have access to a completely new source of income thanks to our partnership: revenue sharing. A revenue-sharing agreement entitles you to a portion of the money made from each transaction for each new or current customer you suggest to your new partner for a credit card processing account.
Customers won't be charged more in this instance. Your client would still pay those processing costs even if integrated payments weren't available. They would merely be paying a third party in full for them.
Securing Payment
In addition to being time-consuming, manual accounting poses numerous security issues. Merchants can use a cloud-based payment gateway to process international transactions with an integrated payment system.
Using such software, firms may deploy cloud-based accounting, which is substantially more secure than its manual equivalent when processing payments. Additionally, it allows businesses to access data from any location as long as an internet connection is present.
The fact that cloud-based accounting software is frequently in compliance with the Payment Card Industry Data Security Standard (PCI DSS) is another significant benefit for organizations. Using various security levels makes sure that the clients' sensitive credit card information is shielded from a data breach. Visit https://exactpay.com/ to learn more.