No matter your industry, keeping up with the latest technology and payments trends is essential for any software company looking to stay competitive and keep their customers satisfied. But with so much innovation and movement happening, it can be difficult to know where to focus resources and more importantly, if these trends actually matter to your merchants.
To that end, we went directly to the source and surveyed over 500 merchants across key verticals throughout the United States to better understand what users think about their current software solutions to get the inside track. Are they content, or hungry for more? What are the top drivers of customer satisfaction today and conversely, where are they feeling the most pain?
Discover what’s hot and what’s not in management software
With the survey findings in hand, we took things one step further.
What can these financial and technology decision-maker perspectives tell us about the role of payments and the payments experience in software?
This blog is a sneak peek of what we learned. For the complete picture, and insights you can action on immediately, grab a copy of our 2024 Merchant Insider Report.
According to merchants, these are the top 4 payment innovations that every vertical SaaS provider should embrace in 2024
In the competitive world of vertical SaaS software, understanding what your users want has never been more important. Our merchant survey revealed several key insights — security matters, software business users want a variety of payment options, and there’s value in simplicity, just to name a few. Let’s take a closer look at the top payment innovations that software companies should consider this year.
Make security the star of the show
Cyber threats, data breaches, bad actors, oh my. Merchants are no stranger to these common security risks and will likely be careful when vetting and selecting a vertical SaaS provider. Ease their troubled heads and hearts by bringing security features to the forefront of your software and payment offerings.
Innovative payments solutions are driving software adoption
The merchant survey data has spoken. Across the industries we surveyed, payment capabilities are important. Nearly every merchant is open to switching their software for more innovative payment capabilities, most notably 24-hour card settlements. Payments also account for the top things merchants feel would most improve the industry suitability of their management software. But to offer the right features, vertical SaaS companies must carefully consider the nature of their merchants’ payments need, such as recurring payments and mobile acceptance functionality. For software companies that get it right? Customer satisfaction (and plenty of it). See how SaaS payments done right can enhance your software business.
Just as the name implies, value-added services (VAS) are very valuable
Many software providers have set their sights on integrating embedded finance products, we’re talking everything from gift card solutions to PCI compliance programs and digital wallet integration. However, it’ll be essential for software companies to carefully evaluate the needs of their subscriber base to prioritize the most meaningful integrations first.
In a head-to-head match-up, user experience defeats functionality
You could have the best features baked into your software, Embedded Payments included, but if the user experience is clunky, difficult to navigate, and overwhelming, merchants will likely abandon ship. A well-designed software experience with streamlined features is mission critical. Leave your competitors to deal with and manage all the unnecessary bells and whistles. Equally as important is training and communication to ensure your users can utilize your platform and any new features you add successfully.
Survey says: Embedded Payments are the way of the future
From emerging payment technologies to the importance of intuitive software design, the world of Embedded Payments is changing, and fast. Staying ahead while simultaneously delivering an experience that exceeds merchant expectations (and their evolving needs) is essential for vertical software companies to be successful. Remove the guesswork and get into the minds of over 500 merchants across various industries throughout the United States, so you can understand the opportunities and preferences that are shaping software development today and create an actionable strategy for tomorrow.
Ready to get your hands on these must-have merchant insights? Download the Merchant Insider Report.
