The days of an app doing just one thing are long gone. Nowadays, a piece of software doesn’t stand a chance against the competition if it doesn’t play well with other popular apps. Besides integrating with giants such as Slack or Zapier, one popular integration method as of late is payment integration.
If a piece of software has integrated payments, it allows customers to pay directly from the app. As the CEO of Iris CRM and CRMDialer, I have more than 17 years of experience in the payments industry and integrated payments have been of special interest to me in the past few years. Here are some reasons why and how utilizing integrated payments may benefit your business and how to implement such a service.
Benefits Of Integrated Payments
There’s less friction in the sales funnel. As every good user experience designer will tell you, fewer steps in the sales funnel is always better. The more complex you make it for someone to buy from you, the smaller the chances of conversion. If a user can buy without going to PayPal or another payment gateway and everything is done through your website, that means the customer can easily go back to their cart and add something else to increase their order size.
The UX is greatly improved. Instead of having a checkout process with multiple steps, your customers can insert all of their data on a single page. This reduces the time it takes to buy as well as eliminating any chances of errors during the process.
It’s more secure. Every purchase process involves your customers handing over their precious personal data. And every time you add a third-party website to the mix, there’s a chance of your customers’ data leaking somewhere and being seen by a third-party website. If your payment gateway is embedded in your own website, your data stays between your customers. Not only is this inherently safer but it will also make your customers feel better about handing over their data to you.
No more chasing invoices. If you run a software as a service (SaaS) business, integrated payments through gateways such as Stripe are nothing new. You set them up to handle automated billing and recurring payments and sit back as the money trickles in.
However, most other businesses don’t have that luxury. With the end of the month comes the cycle of creating invoices and chasing payments. If you have hundreds of companies to send invoices to, this is a major operation that requires lots of time and effort.
Earn additional income. Depending on your industry, introducing an integrated payments option could be something completely new to set you apart from the competition. In an age where major niche competitors only have minor differences, this could be the one feature that sets you apart. Moreover, you’ll have at least one person less to hire in your administration/accounting department since chasing overdue invoices can turn into a full-time job.
Best Practices To Implement Integrated Payments
If you want to use integrated payments for your business, you need to find a reliable processor that can do this job for you. The first step is to investigate the pricing for using the service. The second, perhaps even more important step, is to find out how much you have to pay in fees per transaction and what the minimum and maximum amounts are. Last but not least, check the compatibility with your chosen CMS/e-commerce platform.
Once you decide on a payment processor, make sure to make full use of the different platforms supported so you can receive payments through credit cards, PayPal and any others you customers prefer. Moreover, make sure to inform your employees that you’re using this new system and give them a walkthrough of it. Pay special attention to instructing your customer support team so they know how to troubleshoot if a customer needs help navigating their shopping cart.
When it comes to challenges with one of these systems, cost isn’t so much of an issue. The biggest one is availability. For example, Stripe is one of the biggest providers in the industry, yet it’s only supported in 25 countries in the world. Make sure to choose something that both you and your customers can use, especially if you have a global audience.
Automation can be a huge timesaver. As it turns out, it can also save you a lot of money and let your customers pay even more easily than before. If you run a SaaS product, integrating payments is the logical step to freeing up more time, getting more revenue and standing out from your competition.