Whether your software customers are running an intramural sports league, community theater, day camp, or event venue, they are offering a service in advance and their customers are showing up to enjoy something later on.
To facilitate buying forward on services, the logistics for delivering what was paid for can be complex — especially when payments happen with a third party.
Platform payments are a modern, streamlined solution for simplifying your purchase process while adding revenue to your business.
Embedded Payments Simplify Online Systems
Whether your customers sell to other businesses or directly to consumers, most have become familiar with the process of buying services, tickets, and subscriptions online. In fact, many people demand this functionality — even from community organizations and small businesses.
For service providers, upgrading to — or switching — ecommerce, registration, or payments tools can be a major headache. By embedding payments into the registration and scheduling software your clients are already using to run their businesses, you’re helping resolve the multi-system struggle that can overwhelm even the most organized businesses.
The added efficiency of platform payments means your clients can cut down on dead-end administrative tasks and focus more attention on the revenue-generating work that helps them grow.
Platform Payments: A Better Way to Forward Sell
It’s not news that a huge range of businesses rely on selling tickets or registering attendees for upcoming events or sessions. From professional conferences, webinars, and trade shows to concerts, sleepaway camps, and rodeos, a vast swath of service businesses need the ability to sell today and deliver in the future — also known as forward selling.
Embedded payments create a one-stop solution for businesses that forward sell, combining payments into their existing ecommerce, booking, or reservation system. By enabling payments by credit card, debit card, and/or ACH on your platform, vendors and their customers get a modern, low-friction registration process that improves their overall user experience without the painful process of switching payment providers. Platform payments also make the unenviable task of issuing and managing credits, refunds, pro-rated services, modifications, and cancellations easier for vendors.
When these fundamental transaction types are streamlined, service businesses can keep track of their sales and returns more easily, giving them a better sense of their margins and profits.
Easily Collect Recurring Payments
Recurring payments like season passes or subscriptions are a reliable source of income for service businesses. Sports leagues, performing arts groups, event organizers, and many other service businesses need the flexibility to charge subscribers for memberships and renewals.
By managing subscription renewal payments on your platform, the invoicing and billing process can live in a single place making it easier for businesses to see their sell-through on these types of offerings.
And, since you’re in charge of processing payments, vendors can offer a wider range of fee structures and payment terms to make passes or subscriptions more appealing to a wider range of customers.
Facilitate Payments On Your Platform — Card-Present or Card-Not Present
Whether your business takes payments on-site with the card present, processes card-not-present payments, or relies on a combination of both, Payrix’s recurring, card-present, and card-not-present payment capabilities are a major upgrade for event
facilities, concert venues, leagues, and other service businesses.
Integrating embedded payments into booking management software builds the critical business infrastructure that helps forward-selling services businesses work more efficiently, improve operations, and enable automation in their workflows.
Carve Out New Revenue Streams
As a software business, finding ways to increase the value of your product is an essential part of growing your business.
Adding platform payments to registration or scheduling management software increases your revenue by 2-3x and creates a stickier product. By adopting embedded payments, you can increase the total enterprise value (TEV) of your software, giving your company more stability so you can help even more forward-selling businesses thrive.
The Platform Payments Partner That’s The Main Event
Monetizing payments on your registration or scheduling management software may already sound appealing, but scaling from where you are today to your maximum revenue potential requires a strategic partner who cares about the details.
Payrix offers robust fee customization that allows you to monetize your embedded payment solution in just about any way you can imagine. This gives you the flexibility to explore adoption strategies that excite your vendors and get them excited to use your new solution to expand their business.
When you partner with Payrix for embedded payments, you can focus on understanding the needs of your customers and communicating the benefits of how platform payments improve the user experience and maximize customer happiness.
Over the long term, Payrix takes on the heavy lifting of maintaining the technology and managing risk and compliance, so you can grow your business.
Built-in Customer Satisfaction
Transforming your registration or scheduling management software by adding embedded payments not only improves your revenue on each transaction — it makes the user experience better for both vendors and their customers.
When you facilitate payments on your platform, software and payments operate as a unified system. This streamlined approach gives you more control over the full user experience and gives forward-selling service providers flexibility in how they use these
tools to provide services to their customers.
As experts in embedded payments, Payrix is your partner for creating your own payments service that upgrades this experience for every user.
Registration & Payments Transformation Story: Bringing Platform Payments to the Great Outdoors
After many years of helping campground operators improve their profitability with tailored online tools, a B2B SaaS product for campsite management implemented payments on their platform with the help of Payrix.
With a customer base ranging from campgrounds and RV parks to equipment rental and adventure tourism companies, these outdoorsy businesses need management software that adapts to their unique payment needs.
Looking to add more value and flexibility for their customers, this software company can now offer powerful dynamic rules campground operators can use to customize payments for everything from campsites to whitewater rafting tours.
The B2B platform was also able to build functionality to offer campground operators the flexibility to accept combined payment types from their guests. Whether booking online, by phone, or in-person, customers can use any combination of payment types —
including checks or cash — to pay their invoice.
Camp operators can also invoice and collect payments for long-term reservations with use of recurring billing features.
Embedded Payments are an ROI MVP
Improve your revenues while upgrading customer experiences when you add embedded payments to your registration and scheduling software. See the opportunities for yourself with our ROI Calculator.