Monetizing payment processing can be as simple as finding the right partner. Experienced consultants can help you monetize and manage payments while you continue to focus on the core business operations.
Owning, managing, and monetizing payments can be an especially lucrative decision for your business. A range of Software-as-a-Service (SaaS) companies can take advantage of this opportunity. Adding a useful, revenue-generating service to your existing platform creates a win-win situation. It benefits your business itself as well as your customers.
However, introducing such a crucial service also requires careful planning and strategy to create the best conditions for success. When clients depend on your payment processing service, they need a secure, reliable solution and the support to match.
That said, there are effective solutions for providing the level of service your clients expect. Swipesum has the industry knowledge, experience, and connections needed to set up integrated payment systems for your SaaS platform. Crucially, we go beyond only the initial setup. We can help you manage your payments operation going forward as well.
Want to learn how we can help? Set up your free consultation.
Want to learn more about integrated payment processing and payment facilitators (PayFacs)? Keep reading to learn more about the basics of monetizing payment processing.
As complex as the payments industry can be, monetizing payment processing is a very straightforward concept. It simply means making money by providing payment processing services.
As Paylosophy points out, monetizing payments helps your business create new revenue streams. This is a valuable opportunity. Monetizing payment processing leverages your existing tech and customer base and adds value for your customers.
Companies that already help clients collect payments through a SaaS platform are in an excellent position to monetize that workflow.
Your organization will need to find a payment processing partner to work with. In the early stages of the partnership, you’ll decide on buy-rates — the base pricing for those services. Then, your company sets a price point above those buy-rates. The difference between the two is revenue for your company.
Finding the right partner is crucial for success. The solution itself is the most important consideration in payment processing. A SaaS platform has to ensure its payment processing component is just as useful as the rest of its features.
Carefully consider the specific capabilities your business needs, and make sure any potential partner can provide them. Ask for proof of similar projects completed in the past to ensure a partner is suitable. If the solution is effective, you can negotiate the pricing to get it where you need it to be.
The specifics of your SaaS platform and the needs of your customers determine whether integrated payments or becoming (or working with a) PayFac is the best solution.
All SaaS companies can integrate payments and monetize the volume of payments flowing through their software.
PayFac is a much more specialized consideration. It’s only relevant for your business if your customers need the option to create an account and accept payments immediately.
If your SaaS platform requires time to set up before beginning full use, you don’t need to worry about working within the PayFac model. Even if that setup period spans just a few days, a standard integrated payments relationship is all that’s needed.
When your SaaS platform incorporates payment processing, providing effective support to your users must be a top priority.
It’s not a particularly complicated concept. If your clients depend on your software for payment processing, they need and deserve as much uptime as possible. If their payment processing terminal goes down, it’s a critical issue. They’ll expect you to get it back up and running as soon as possible.
The last thing your organization wants is to ruin the overall customer experience with your platform. The added revenue has to be backed up by effective service and support.
Your company almost certainly has the software and industry experience needed to offer, maintain, and update a specialized and useful SaaS platform. Can the same be said about serving as a payment processor?
Don’t be discouraged if the answer is no. Your company hasn’t had to provide that kind of support to its customers in the past. It’s only realistic that a complete system to support users isn’t in place. And there’s an effective and convenient option available for providing support, too.
Swipesum offers complete solutions for both integrated payments and PayFac. We have the internal expertise and experience to effectively, confidently, and fully run your new payments offering for you. Instead of building out an internal payments team, you can leverage our capabilities and knowledge to handle these needs.
That means more time to focus on the center of your business, ensuring customers are satisfied and well-served with the core features of your platform. Your business will still enjoy the revenue that comes from monetizing payment processing. However, it won’t need to build new teams and workflows from scratch, or jeopardize existing or future customer relationships.
At Swipesum, we’re dedicated to our role as provider-agnostic consultants. Because we’re not owned by or in an exclusive partnership with payment processing companies, we put our customers’ needs first.
We develop individualized solutions, taking your company’s unique payment needs into account. We can help you find the best integrated payments partner, come out on top in negotiations, and manage your payments operation moving forward.
Want to learn more about monetizing payment processing for your SaaS company? Set up your free consultation today!