Future payment innovations to embrace now
Understanding the most essential considerations for merchants when selecting or choosing to move to a new software management system is the first step towards ensuring you deliver the most optimal payment experience.
The next step is understanding what to look for in a payments partner to help you overcome those challenges to not only retain but grow your customer base! We’ve unpacked these key areas below to help make that journey more seamless for software providers.
Make security a main selling point
In a market bombarded with cyber threats and data breaches, merchants navigate with caution when selecting a vertical SaaS provider. With an emphasis on security guiding their choices, vertical SaaS companies must elevate security features to the forefront of their software and payment capabilities.
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Payments innovation is key to adoption
Across industries, payment capabilities matter. Almost all merchants are open to switching for innovative payment capabilities, particularly 24-hour card settlements. Payments also account for 3 out of the top 5 capabilities merchants feel would most improve the industry suitability of their management software. But to offer up the right features, vertical SaaS providers must carefully consider the nature of the merchant’s payments needs such as recurring payments or mobile acceptance functionality. Get it right and satisfaction follows.
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Experience beats functionality every time
The ‘build it and they will come’ philosophy doesn’t always work with software payments. Even when the payments have been enabled and the very best features implemented, if the users find them difficult to use or merchants aren’t even aware of all the capabilities, it won’t bring in more customers or revenue. This is why training and communication are vital ingredients in making sure new features are utilized effectively.
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Don’t miss out on the value of value-adds
Many software companies have set their sights on future integrations that enhance their embedded finance offerings. It might be value-adds like gift card solutions, PCI compliance programs or mobile wallet integration. The important thing is evaluating the needs of your subscriber base in order to prioritize the right roadmap of integrations.
The Payrix Difference
We help you embrace Embedded Payments and the countless ways it can serve your business. As your partner, we ensure you check off everything on this list and whatever else you have on yours. It’s your journey – we’re here to help you make the most of it.
