Embedded Payments aren’t mandatory for software companies — you can get by without them — but the question is, should you? More and more companies are adopting branded SaaS payments and reaping valuable benefits like boosting revenue through payment monetization, improving customer satisfaction with a seamless experience, and driving greater customer stickiness and loyalty. But how exactly? Here’s a closer look at the power of branding your company’s SaaS payment solution.
5 value-packed benefits of branded SaaS payments
When you manage your own SaaS payments, it puts you in the driver’s seat. You’re able to retain more control over the experience your customers have with your software, your customer relationships, and even your revenue. Below we’ll dig into each of these benefits in more detail.
1. Create a fully-integrated, cohesive user experience
A great payment experience is one that almost goes unnoticed. It’s easy, seamless, and customers don’t have to think about it. Branded Embedded Payments make that possible. They remove hand-offs to a payment processor and the presence of other brands. The result is a frictionless, cohesive experience that creates more inherent value in your product.
“One of our hallmarks at Infinite Campus is providing a fully-integrated, consistent user experience. Our payments follow that principle in that all the functions we provide are built on the same technology, database, and user interface for consistency,” said David Van Meter, Chief Product Officer of Infinite Campus and customer of Payrix.
2. Maintain control over your customer relationships
By allowing customers to enable payment transactions through your platform, you also retain full control over the relationship. If your customers have any issues or questions about payment processing, you are the main point-of-contact and they won’t be passed off to another provider. You decide how issues are handled and who handles them, which can help to improve customer satisfaction and loyalty.
3. Gain revenue-generating (and saving) opportunities
Another perk? With you in control of your payments, you set your pricing strategy and as a result, you can benefit from greater monetization. You can still offer competitive rates while getting more value out of payments. As your subscriber base adopts payments within the software, your revenue stream increases, and your ROI grows.
Payrix recently commissioned Forrester Consulting to conduct a study on the potential ROI of our PayFac-as-a-service solution, Payrix Pro. The company found that organizations using Payrix Pro can increase revenue share on platform transactions by up to 1.25% and reduce processing costs by 2.6%.
4. Remain competitive in the market
Branding your SaaS payments has the ability to set your company apart on multiple fronts from customer service to profitability. With that being the case, it can give you an edge over your competition. Conversely, it can give your competitors an edge over you. With more software companies adopting Embedded Payments, doing so sooner can help you stay at the forefront of the industry.
5. Strengthen customer loyalty
By embedding payments within the software, you’re inherently creating value that can increase customer retention. When customers have their needs met all in one place and know that you understand the needs of their business, it showcases the emphasis you’re placing on their success. Building a true partnership brings together the alignment of vision and values that your customer base will feel.
How can you brand your SaaS payments?
While branded payments offer clear-cut benefits for SaaS companies, you may be wondering how to go about implementing them. Where do you start?
The first step is to decide if you want to embed payments through a PayFac-as-a-service offering or manage them as a PayFac® company. The latter offers the perks of full customization and ownership but requires you to take on the full responsibility of compliance and risk management. On the other hand, the Pay-Fac-as-a-service route offers integration and some customization without the risk and compliance burdens.
In either case, the team at Payrix can guide you every step of the way. We’re standing by to help you get in the driver’s seat and gain full control of your user experience, customer relationships, and payment-related revenue.
Learn more about the value embedded payments can bring to your business.