4 Reasons a Cloud Gateway Partnership is Key to Software Development Business Growth
You may be considering integrating payments with your solution for the benefits it gives your users – but have you considered the edge it will provide your business?
Have you considered how providing integrated, omnichannel payments can impact your software development business?
You know integrated payments are beneficial to your users. Payment gateway services enable transactions anywhere — on an ecommerce website, on the front stoop during a delivery, over the phone when a consumer is placing an order, at a kiosk at a government agency office, or in the aisles to bust lines during the holiday shopping season. Integrated payments streamline workflows and interactions, and they share data directly with your clients’ accounting systems, saving time and back-office labor, minimizing errors, and getting money into merchants’ accounts faster.
However, integrating payments with your solutions will also impact your software development business in significant ways, including these four:
1. Added value
You invest a great deal of time and resources into offering the features and updates your users need – but your software can’t do everything. Software development businesses often form partnerships to provide their users with value-added functionality, such as analytics, messaging, or scheduling capabilities. However, integrated payments are an even more powerful value-add.
Your users understand the value of accepting payments seamlessly as a part of their business processes. The exchange of payment for goods or services is paramount during interactions between businesses and their consumers. Integrating payments into your solution allows better user experiences — simply put, making employees’ lives easier and allowing them to focus on improving the customer experience.
In an era when user experiences are revenue-building differentiators, software developers who craft and support logical workflows, including the payments piece, will offer their clients greater value – and fare better than their competitors who don’t.
2. Stronger client relationships
When payments are integrated with your solution, you can create stickier relationships with your clients. Consolidating the payments services you provide reduces their need for additional vendors. They receive a total solution from you.
Moreover, when your payments partner offers the full range of payment services and stays on the cutting-edge of payments innovation, you can equip your clients to accept new payment types as they emerge. The more payment options your clients can offer their customers, the more revenue they can capture.
Also, keep in mind that depending on which study you read, it costs between five and ten times more to acquire a new customer than to retain one. Anticipating and meeting your users’ needs will lead to greater customer satisfaction and success with your solution, contributing to customer retention and building a strong, loyal user base, which is key to software development business growth.
3. Recurring revenue
Unlike other value-adds that help you grow your business by providing a broader range of capabilities, payments can directly generate revenues. When you partner with a payments gateway, you can earn fees for each transaction your users run. Therefore, payments can become a new revenue stream for your software development business.
4. Business valuation
Software development businesses with solid, large user bases, predictable revenue, and growth potential are valued higher than competitors without these advantages. Business valuation may not be top of mind as you meet day-to-day challenges. However, when you consider a merger or acquisition offer or plan your retirement, it will be critical to receiving the greatest return on the investment you’ve made into your business.
Making integrated payments a part of your growth strategy can contribute to greater customer success and loyalty, a new revenue stream, and agility to remain relevant as the payment space and consumer preferences change.
Your Payment Partner’s Impact
How well your business can benefit from integrated payments is directly related to the partner and platform you choose. Consider the platform’s architecture and whether it can offer you and your users the advantages of a cloud-native solution, including reliability (do they offer a Service Level guarantee?), scalability, security, and easy access to tools for innovation.
Additionally, intuitive developer portals and integration support services your partner provides can also create a smooth path to providing your users with payments and growth for your software development business.
To learn more about the role Exact Payments can play in your software development business’ growth, contact us.