Want a market on an upward swing? Look no further than the Software as a Service (SaaS) industry. The global SaaS market is booming and according to a recent report from Siemer & Associates, there will be global growth of 16.8% between 2012 and the end of 2015; or from $14.3B in 2012 to $16.7B in 2013 to $21.3B in 2015.
What’s driving this massive growth? Well, SaaS applications provide secure, easy access to all users across a network. So if you are in Atlanta and your colleagues are in New York, software “in the Cloud” connects you and your daily activities.
But with such growth comes new entrants and the question is how to differentiate your software from your competitors. Enter “integrated payment processing.” Essentially, this is the enablement of electronic payments – credit/debit card processing, ACH – within a piece of software. Companies that add integrated payments to their SaaS application have a completely connected, efficient, enterprise payment solution for clients – all within the Cloud.
Bluefin has been providing integrated payment processing for several years – there are many benefits to software vendors that embed payment processing in their applications, including revenue generation from clients that process payments, increased customer loyalty and stickiness, and greater app utility.
And Small Business Computing.com’s recent article states that companies using an integrated payment solution save time and money, improve cash flow and get more visibility and control over finances. And if you pick the right integrated payment provider, then you can actually increase your company’s security and decrease PCI compliance costs.
Here are a few things to consider when researching integrated payment providers:
- : Make sure your choice offers debit and credit card payments as well as ACH, recurring billing and options for the future such as mobile payments.
- : Look for a solution that can integrate with your accounting and CRM software so that your online process is seamless.
- : It is imperative to select a solution that is PCI-DSS certified which keeps your customer’s card data safe and helps to reduce your PCI scope.
- : Solutions can vary, so find out the intricacies of the features and benefits to get a good match for your business model.
- : Make sure the company is serious about forging a close relationship with you, to help with all support, sales and marketing of the integrated payments piece.
Bluefin is totally on board the integrated payment processing train. Our payment platform, PayConex, has been designed with SaaS providers in mind; from debit/credit, ACH, or electronic check payments right within your software’s interface to payment acceptance via a mobile phone or tablet, through our PayConex virtual terminal, or face-to-face with a point of sale (POS) device. And not only are members of our management participants in the PCI Security Standards Council, but our security suite – including tokenization, point-to-point encryption (P2PE) and transparent redirect – greatly reduces our partners PCI scope.
The prevalence of SaaS will only increase into the future – so software vendors, if you haven’t already, definitely look into adding integrated payments soon. Don’t miss that train!