One of the easiest ways to scale your business is by incorporating payment software into your service offering. Utilising payment software will not only help you reduce administrative costs but also allow you to scale your business, acquire new customers, improve your cash flow and reduce the chances of a dreaded chargeback.
It’s important to find a payment service provider that offers features that align with your company goals.
Keep reading to learn about how payment software can help you scale and grow your business.
Why integrate payment software as a scaling solution?
What are the benefits of integrating a payment software solution into your service offering? How can using payment software assist in scaling your business?
Businesses choose to incorporate payment software into their service offering for several reasons.
Automating payments can dramatically improve cash flow and reduce the likelihood of failed payments, chargebacks or disputed payments, meaning you’ll always have access to a reliable stream of income at your disposal: to pay your bills, pay your staff, pay any essential vendors... in essence, ‘keep the lights on’.
The convenience of automated payments can help improve overall customer satisfaction, reducing churn and attracting new customers to your business.
How payment software can help scale your business?
Expanding the market
Incorporating payment service software that accepts numerous payment methods (including different types of currency) is a simple way to attract customers on a global scale. A larger audience means more customers, sales and revenue – and universally recognised payment methods can help reduce cart abandonment rates and strengthen brand confidence.
Utilising payment software can be an easy way to cut back on resources and administrative time, traditionally consumed by processing payments. As payments are processed quicker (in some cases automatically), you’ll have far more time to work on scaling your business.
Repeated, successful transactions through a payment software platform like Ezypay encourage customer loyalty, increase customer retention and demonstrate business reliability. This trust encourages pre-existing customers to stick around - and can offer leverage to attract other customers, broadening your customer base.
Consistent revenue streams
Maintaining a steady, consistent cash reserve is essential to running any business – however, seemingly minor issues like late or failed payments can result in major cash flow issues.
Consistent payments will guarantee that your business always has cash reserves to draw from. On the flip side, however - subscriptions are bigger commitments than one-off payments (and thus harder to convert). Therefore, it's essential to offer extensive support to your customers, alongside an easy way to pause or cancel recurring payments.
Multiple payment methods
Of all the insights shared so far, offering multiple payment methods is one of the most important. Offering different payment methods means your customers can pick and choose the payment method that's perfect for them, and their preferences. Not only does this improve your overall customer experience, but it also encourages customers to return to your business – and may even attract new customers.
or your business isn’t keeping up to date with new payment methods as they hit the market – your business will suffer. A payment platform means you'll always have access to the latest technology.
Scaling your business with payment software
- Set up a payment platform
Find a payment service provider who meets your needs and operates within the markets your business operates. It’s essential to find a payment provider with intimate knowledge of any legislation or regulations that your business must adhere to.
- Create a merchant account
A merchant account is a type of bank account that allows businesses to accept payments in multiple ways – such as international currencies. You do not need to have a merchant account to start with Ezypay.
- Select your accepted payment method
Make sure to pick valid payment methods for your business. It’s important to offer your customers a variety of payment methods. Remember, offering multiple payment methods is a great way to attract new customers – especially when expanding overseas.
- Communicate with your customers
Remember to inform your customers about your new payment software solution. Educate them on the features they might find relevant, and keep them informed about your rollout. Be sure to communicate via several different points of contact too (e.g. social media, emails, press releases) to avoid alienating any of your customers.
Scale your business - don’t scale the costs
So, with this all being said, does scaling your business with payment software help or hinder business growth? What are some common pitfalls to watch out for?
When devising strategies to scale your business, it’s important to avoid a ‘growth at all costs’ approach – in short, you need to ensure any changes you make to your business align with your overall company goals and don’t negatively impact daily operations or turn away your customers.
Don’t be alarmed by growing pains – issues like payment inefficiencies, fraudulent payments, late or failed payments and integrating unsuitable payment methods might seem overwhelming at first, but there’s a raft of strategies to counter these:
- Ensure that any changes you make fit neatly into your budget and forecasts
- Always test and measure before you commit to a full rollout
- Ensure your customer service game is up to par
- Adapt your payment solution to focus on your customers' needs
- Ensure that your payment solution has the ability to grow and scale alongside your business.
Integrating payment software into your service offering can be a great way to scale your operations, attract new customers to your business and retain your existing customer base. Looking for a payment platform to help you scale your business? Consider Ezypay.