How Integrated Payments is changing the Experience for Merchants and Consumers
2020 was a challenging year for businesses as pressure mounted among entrepreneurs to take on multiple priorities at a go. Brands were forced to adjust their operations to meet customer expectations while streamlining back-end operations and struggling to drive more income.
These diverse needs call for a more comprehensive strategy in commerce. Integrating payments as a central business operation software is one widespread approach to survive in a dynamic online business environment PinwheelPay.
For SMBs solidifying into established companies, one priority is to choose software that will grow with their businesses. Because payment is a critical part of business, brands are implementing a long-lasting solution to avoid unnecessary interruptions once customers familiarize themselves with it.
When choosing software, businesses check the payment module and its ability to collect revenue while streamlining workflow.
Integrated payments offer numerous benefits to companies that implement them. For instance, the convenience of sending automatic invoices to their B2C and B2B clients, take payments through multiple avenues, tap into a rich pool of transaction data and enjoy hassle-free accounting (in real-time).
This opens doors for numerous opportunities, including the likelihood for more income, better accounting, and more informed decisions based on payment data.
And for the consumer, connected payments have improved flexibility and convenience. They achieve this by allowing consumers to settle invoices straight from their email or portal. On top, they offer access to various payment methods and enable transactions through multiple devices.
For Software-as-a-service (SaaS) vendors, the market opens a new door to make profits from their products.
Most lucrative sectors—like medical care, education, local authorities, metropolises, not-for-profit organizations and manufacturing—hesitated to implement e-payments because of the challenges of serving these sectors. Having been neglected for long, software vendors who customize their integrated payment services to appeal to them will be widely adopted, and are likely to retain their clients.
For software vendors, connected payments will unlock a stable revenue stream by making the profits off the clients’ transaction volumes on top of the SaaS fees.
Final Words
Integrating payments as a central business operations software is one way to thrive in an ever-changing ecosystem.
Because payments are a delicate part of business, you want to choose a reliable solution that will grow with your brand.
Author Bio: Content crafter Alex Wilmont from PinwheelPay has been active in the payments industry for over 15 years. He lives simply, gives generously, and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.