Monetizing Payments through Embedded Commerce
Embedded Commerce — What It Is
Embedded commerce is a new way of thinking about how you run your software company. It is a way to enhance your platform with commerce — monetizing payments revenue and providing frictionless experiences for your customers, making it easier for your merchants to get paid. Embedded commerce goes beyond integrated payments; it is having a partner that is strategically focused on growing your business and adding value to your solution. Taking software vendors from simply processing transactions to enabling commerce through customer engagement and tools tailored to your customers’ needs.
Why Embedded Commerce is Important for ISVs
Embedded commerce means helping software providers not only connect payments, but also to drive payments through enhanced customer engagement, streamlined payment experiences, and communication tools that help your customers grow their business. You are able to help your customers increase their business while making your software solution more attractive to customers and benefiting from the new revenue stream created for your business that integrated payments provides.
Why It’s Important for Your Merchants
Beyond just payments, your customers need analytics and tools to help them grow their business. They need tools that help them interact and understand their customers and data to make smarter decisions about their business. They need automation to enhance communication through channels like text, online, social media, and telephony, which creates a frictionless experience and drives new business. You can provide your customers all of this and more which makes your solution more attractive to potential customers and increases satisfaction and in turn your retention rates for your current customers.
Top Benefits of Embedded Commerce
Monetizing Payments Revenue
When payments are thought about strategically and you have the right partner, the potential for growth is endless. Having a partner that wants to help you grow your business and cares about your customers as their own is invaluable. Just read what Sean McCormick, CEO of SingleOps, has to say about his experience monetizing payments.
“We felt it was not a good option to take the easy way out and go with a simple solution and forget about it. For us, IT really did need to be part of the strategy as we were building out our product. Global Payments Integrated provides so many more benefits, the additional revenue stream is huge. We totally underestimated how impactful this solution would be for our business. We discovered you can make more on your payment processing revenue than you do on your software fees. The additional embedded revenue stream is huge in terms of growing our business.”
Providing a Frictionless Experience
Having a partner dedicated to providing a seamless experience for your customers simplifying how they do business and how they get paid is something your customers will appreciate and will increase their overall satisfaction with your solution. One partner and one platform to manage everything from payments to customer reviews and analytics makes your customers’ lives easier, which is something everyone can benefit from in today’s world.
“Looking at the data brought in by the Customer Engagement Suite, you can find a multitude of information about your business and more importantly about your customers. You can get a nice grasp of some very important metrics about your business.”
-Jon Lupton, IT Manager, Snappy’s
Adding Value to Your Solution
Adding embedded commerce to your solution adds real tangible value that your customers will appreciate. Providing them with tools that help them make smarter decisions and grow their business on the same platform they are accepting payments adds an extra level of stickiness to your software solutions that makes you irreplaceable to your customers.
Having a True Technology Partner
Having an embedded commerce partner who truly cares about helping you and your customers grow their business is critical. We align our goals & milestones with our partners, we educate and train our partners on this ever-evolving ecosystem, and we invest in our partners.
Multiple Solutions to Embed Commerce Within Your Software
We offer APIs that are easy and fast to integrate, regardless of your integration method, and are tailored to your customers’ needs. These solutions empower your customers with tools to help them get paid, grow their business and operate more efficiently while also increasing speed-to-market and easing the development cycles for ISVs.
- Cloud-Based/SaaS — Solutions for developers providing software your customers access through a browser
- Mobile Solutions — Payment processing for integrated mobile solutions and standalone mobile apps
- Client Server — Innovative payment processing in your Remote Desktop application
- eCommerce — Offering a highly-customizable iFrame, eCommerce solutions that maintain your site or web application look and feel
- Unattended — Full-featured and secure payment solutions for unattended environments like car washes and parking facilities
- Deployed Applications — Deployed/locally-installed applications can provide easy API integration and flexible payment options
It’s time you start looking at payments as an overall strategy for expanding your business and not just another checkbox of something you need to add to your software solution. Having a technology partner focused on value-driven solutions that help you grow your business and add value to your software rather than just a partner that can process transactions for you will change how you think about payments in general.
The payments landscape is evolving and it’s time that you adapt to differentiate yourself and gain a competitive advantage against other ISVs. Contact us today to learn more.
Originally published at https://www.globalpaymentsintegrated.com.