Payments and the “B2B” customer experience
The transaction is the pivotal revenue gathering process. For many, the process for accepting cards is complicated and unfortunately, this confusion may also result in a clunky and confusing experience for their customers. When everyone is faced with a growing number of competitors, “clunky” is unacceptable. In addition, the struggle to differentiate yourself is also an increasing concern. Having an educated and thoughtful payments strategy can offer a solution.
- Improve your customers’ loyalty
- Increase the value of your company by differentiating your offering in the marketplace
- Increase the value of your company by creating a new stream of revenue
Improve your customers’ loyalty
Right now, what forms of payment are your customers dependent on? How are they limited? Checks? Credit cards? If the process is not user friendly you have a problem. It may be complicating the customer relationships. Are your customers sent to a third-party site to pay? If so, you have lost the ability to control the experience. Let’s take a fresh look at the process.
Embedding payments into your offering would simplify the experience for customers and provide both consistency and trust in the event of a chargeback. Having payments as a part of your software may also increase the value you offer clients. This is explained in our case study about Clio.
Increase the value of your company
As a software company, you are one of many different vendors used to run the business. And chances are, if a cheaper, “shinier” version comes along, you may no longer be desirable.
By incorporating payments into your business strategy, you broaden your service to clients. Many customers expect to be able to pay in a variety of new ways, and need extensive reports/data on transactions. With a properly developed payment facilitation model you may be able to offer additional service with a reduced transaction cost. If you are a B2B enterprise and engage with numerous merchants through your software solution, partnering with or becoming a payment facilitator may be the route to take.
Create new streams of revenue for your organization
Using a payments strategy that allows you to embed payments into your software could provide your company with the ability to monetize these payments. This represents an evolution of your cost structure which is based on an improved customer service. But, with this increased revenue comes more responsibility.
Payments can create a more convenient experience for your customer. But what’s that really look like for you?