How today’s top software companies sell Embedded Payments 

As a software provider, you’re likely offering payments to your customers through your platform or are strongly considering it due to the well-known advantages to your customer experience, revenue potential, and more.   

According to Bain & Company, it is expected that revenue generated from embedded B2B payments in platforms will reach $6.7 million in 2026, a significant increase from $1.9 million in 2021. You may also be aware that 80% of business owners reported that accepting multiple payment types is critical to their success and one out of every five businesses would switch software providers to be able to accept all the payment types their customers are looking for today, such as card present, card not present, digital wallets, tap to pay, and more.   

Investing in an Embedded Payments partnership that can provide you with the technology, create the unified and frictionless payments experience your customers want and your business needs, and maximize the revenue generating opportunity at hand is a business necessity. But success is anchored to your ability to sell your new payments offering.  

So, how are today’s software companies tackling the task? 

The journey begins with a compelling value proposition

Whether you’re selling your payments feature functionality to a new customer or your existing software user base, it makes no difference, you’ll need a compelling value proposition that articulates how payments compliments your software platform and your customers’ operation. For a sneak peek at the Payrix value proposition to get your creative ideas flowing, check out this blog post on how SaaS providers can promote Embedded Payments.  

When it comes to a value proposition, one size fits all (or even most) does not apply. You’ll need to tailor your value proposition to your distinct customer segments.   

At the very highest level, you’ll want to think about crafting two value propositions: one for net new customers and another for existing software users and ensure they are centered around the Embedded Payments partnership model you’ve selected. However, it is possible you’ll have to go one to two layers deeper particularly when tackling your existing user base.  

Depending on where you are in your payments journey, it’s possible that some of your current software users may be on a legacy payments platform of yours. It’s equally as plausible that some of them are unintegrated, meaning they don’t offer any kind of payments experience to their end consumer or maybe they leverage a platform outside of your software ecosystem. The benefits and positioning that resonate with these customer subsets vastly differ.  

Similarly, the size of your customers may vary, which would impact your value proposition too. What resonates with a company that focuses on small and medium size businesses (SMBs) varies significantly from an organization that goes upstream from SMB to midmarket to Enterprise. Therefore, it’s critical to craft compelling value propositions that resonate with each one of your customer segments.  

Selling Embedded Payments to net new software users

When it comes to selling payments to new customers, bundling the value of payments within your software sell is a recommended approach. Don’t be afraid to couple your payments offering with your software feature functionality set. This approach and mentality allow you to create a single selling motion for your sales force, which can maximize the attachment rate of payments. When you sell your software to a prospect and explicitly name payments as a core feature of your software, you eliminate the need to revisit that customer later and sell payments separately, creating another buying decision. A single selling motion creates an optimal sales process for your internal teams and experience for your prospects.  

If this is the first time that you’re bringing payments in house and making it a core software feature, you’ll also want to consider how you’ll get your sales force up to speed on payments. To battle the steep curve, a learning and development team, hiring a tenured payments leader, or aligning with an Embedded Payments partner with in-house experts, like Payrix, is an important consideration.  

Selling Embedded Payments to existing customers

Selling payments to your existing software user base can take many forms. You may want to co-sell, upsell, or take a more operational approach, and migrate your entire back-book of customers off your legacy platform and onto your new Embedded Payments platform eliminating the need for a sale all together.  

No matter what path you choose, a well-defined value proposition, segmentation plan, and sales strategy will be instrumental in your success. Similarly, your success hinges on your ability to ground yourself and take an honest look at your internal resources, capabilities, and goals to launch, sell, and market Embedded Payments.  

An experienced Embedded Payments partner that is committed to your success can help here too, particularly as it relates to strategy optimization, best practices, considerations, and planning.  

Ready to learn more about the art (and science) of selling Embedded Payments? Check out this information-packed episode of PayFAQ: The Embedded Payments podcast – How to build a successful Embedded Payments strategy Part 2 (Episode 34).  

Sales enablement tools for your toolkit

Here are a few enablement ideas for software companies to explore and create to support your unique sales strategy: 

• Case Studies

  Create case studies highlighting customer success stories centered around your software and payments feature.

• Blogs

  Publish blog posts that solve customer problems or answer questions and serve them up to your new and existing customers.  

• Email campaign

  Craft a sales sequence about the benefits of your software and payments feature and send it to new leads and existing customers. A great next step is to follow-up with a call from your sales and customer success teams.  

• Battlecards

  Create battlecards to help your sales force get up to speed on your competitors and how they stack up against your product and features. This enablement tool can help your sales team overcome prospect and customer hesitation and properly articulate what makes your software unique.  

   

• Explainer videos

  Produce and publish a product explainer video to visually and creatively explain your software and core feature functionality set, including payments. Looking for inspiration? Check out our Payrix explainer video. 

• Social media

  Do your current customers follow you on social media? Or do a lot of your prospective customers spend time on platforms like LinkedIn, Facebook, X, or Instagram? Create top-of-the-funnel content and publish on social media to introduce your audience to your software and new feature functionality: Embedded Payments.  

• Sales scripts

  If selling your software and payments is a new muscle creating sales scripts for your sales team to follow allows them to share all relevant information about your solution accurately and appropriately.  

• Looking for more sales and marketing content ideas?

  Hear Andy talk about the Payrix Marketing Resource Center, a robust content library available to all Payrix partners to help simplify the sales and marketing process.

Leveraging an Embedded Payments partnership to help you sell more software

The possibilities with payments are endless, but victory hinges on your ability to attach payments to your software offering and drive adoption with your software users. While no small feat, it’s not impossible. Although, it does require dedicated resources and a particular skill set.  

Payrix provides the industry-leading software providers payments solution consulting from payments veterans to ensure they’re set up for success and achieving their software goals. For some this may take the form of sales strategy.  

Here’s how our Partner teams set software companies, like yours, up for Embedded Payments sales success:

Additionally, the Partner Success team can help you monetize your payment services efficiently with configurable payment processing fees to ensure your squeezing every available ounce of opportunity out of your Embedded Payments investment to meet your goals.  

If you’re looking for a new Embedded Payment partner, we’d love to show you how we’ve helped software companies like yours achieve 264% lift in ROI compared to their previous Embedded Payments solution, actualize 2-3x higher payments margins, and deploy Embedded Payments 40% faster.