There’s an evolution occurring within the software-as-a-service industry. Subscription revenue was the original focus of companies. Now it’s about adding value to your overall offering to increase revenue opportunities beyond a subscription fee.
Embedded payments is one way to add value and transform your software platform. For example, with our payfac solutions, you can:
- Increase revenue per customer by 2-5x
- Eliminate friction in the buying process
- Make your product “stickier,” meaning customers are less likely to leave
- Lower the cost of customer acquisition
- Increase the lifetime value and TEV of your company
- Enhance your user-experience and customer satisfaction
Other fintech segments, such as lending, banking, and insurance, offer similar opportunities for additional revenue and value-added solutions for your customers. However, adding features like these to elevate your platform could actually stunt your growth and transformation if the partner you choose lacks transparency and flexibility.
A lack of transparency results in distrust and a deep sense of insecurity.Dalai Lama
In the case of payments, the complexity of the payments ecosystem often causes confusion and ultimately dissatisfaction. The old saying that everyone is at some stage of hating their payment processor is no doubt a reflection on the industry’s lack of transparency, especially when it comes to ensuring companies understand fees. This has to change and transparency is the only answer.
Because of this, we’re introducing transparency into every thread of our business and yours, including sales, operations, support and competitive, go-to-market pricing. Transparency is the key to transforming the payments industry as well as the businesses that rely on us.
Kangarootime is one such Transformation Story. As the leading all-in-one childcare management platform for early education schools and daycares, they turned to Payrix after experiencing major customer issues caused by the lack of communication and transparency from ISO partners. With our API-first payfac solution, Kangarootime was able to lever volume, preserve margins and deliver a great level of service to their customers.
What is transparency to an embedded payments partner?
In the broadest sense, we believe transparency is about taking a customer-first approach to everything we do. That includes:
- Being accountable and consistent
- Having clear and honest communication
- Providing freedom and flexibility for the customer to make decisions
- Admitting when you’re wrong
- Being courageous and bold
Transparency trailblazers like Amazon and Zappos are proof that a customer-first approach is the ultimate value add. So, as you’re thinking about how to scale and grow your business, remember that transparency drives transformation – just like payments and other value-add products. It requires work, but if you can achieve more transparency in your business, you can earn greater customer trust and that will lead to more revenue.
If you’re planning to move from an integrated referral solution or add payments to your software for the first time, start by finding an embedded payments partner you can trust. At Payrix, we strive for transparency and believe it is the foundation for building lasting relationships with our clients.
With payment facilitation solutions that were designed with SaaS companies like yours in mind— Payrix enables you to eliminate friction for your customers as you seamlessly monetize payments. Get started quickly with Payrix Pro with optionality to become a registered payfac if/when the time is right with Payrix Premium. Our in-house experts will guide you on your journey to grow and transform your business. Discover how you can unleash your possibilities with Payrix.
