Here at Stax, we talk about integrated payment solutions quite a bit, and for good reason: it’s great for businesses, SaaS companies, ISVs, and end-users.
When payments are tightly connected, websites, businesses, and software providers are able to provide a payment experience that’s much more secure and streamlined. Integrated payments can also serve as an additional revenue stream, so businesses see a higher bottom line.
But what exactly does this look like in action?
To help you better understand the ins and outs of integrated payment solutions, here are some real-life examples of companies offering them.
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Integrated Payments Examples: 3 Companies to Watch
We can go on about the beauty of integrated payment solutions, but we think the best way to relay its value is to show you companies that are actually using them.
BigTime
About the company: BigTime is a platform that helps professional service firms track and manage their projects. The solution offers robust capabilities, including time and expense tracking, project management, reporting, billing, and payments. A solution used by customers in various industries (i.e., accounting, legal, marketing, and more), BigTime’s suite of tools helps teams large and small stay on top of all their projects.
How integrated payment solutions come into play: One of the most impressive things about BigTime’s platform is it doesn’t stop with project management. The solution also helps firms move business along even after project milestones have been completed. How? By offering billing and payment features.
BigTime has built-in invoicing capabilities, allowing users to generate invoices right from the app. What’s more, the platform has a feature called Wallet, which allows BigTime users to accept and process credit cards and ACH payments.
BigTime effectively serves as a comprehensive project platform for pro services, so users can get all their needs met from one solution.
Learn how Big Time uses Stax Connect as a solution for enabling their customers to collect payments in a more efficient and safer manner.
ProfitSolv / Mango Practice Management
About the company: ProfitSolv is a billing, payments, and software solutions provider for legal, accounting, and pro services. The company has developed a number of practice management applications to help legal and accounting firms run their practices.
One of those solutions is Mango Practice Management a one-stop-shop solution that helps accountants with file sharing, time tracking, project management, document management, billing, and more.
How integrated payment solutions come into play: Mango offers integrated payments as part of its billing capabilities. The company markets this on its website by showcasing some of the feature’s top benefits, including the ability to accept ACH, eChecks, and credit card payments online.
Mango also lets users implement surcharging, so they can pass processing fees to clients and lower their payment costs.
CHIROSPRING
About the company: CHIROSPRING is a solution designed to help chiropractors do it all. The software digitizes appointment scheduling, payment intake forms, billing, and SOAP notes, so chiropractors can streamline their practices.
How integrated payment solutions come into play: CHIROSPRING Pay is the company’s integrated payments offering, and it lets chiropractors enhance their workflows by enabling them to get paid right from the software itself (i.e., no external browser).
With CHIROSPRING Pay, chiropractors can also store cards on file, implement recurring billing, and accept multiple modes of payment—ultimately making life easier for the clinic staff and patients alike.
How to Offer Integrated Payments
Now that you’ve seen what integrated payment solutions looks like in action, you may be wondering how you can offer similar services to your users. Here are tips to help you do just that.
Select the Right Payment Processor
The first step in becoming an integrated payment solutions company is to find a payments partner that offers the right billing and payment processing capabilities. Take Stax Connect, which has everything SaaS companies need to offer integrated payments.
Stax Connect supports multiple payment types including:
- credit and debit cards
- invoicing
- SMS payments
- mobile payments
- online payments
Stax Connect also has surcharging capabilities, which you can offer to users who want to lower their payment processing fees.
What’s more, Stax Connect has an existing relationship with the world’s leading sponsor bank, which means you can benefit from the stability of being backed by a solid financial institution.
Establish an Effective Payment Enrollment Process
Another key decision that comes with offering integrated payment processing is setting up your payment enrollment method. Payment enrollment refers to the process of getting your users onboard your payment solution. In other words, it’s all about how users can sign up for payments, so they can start using your platform to get paid.
Stax Connect gives SaaS companies three payment enrollment options.
1. Full API enrollment
You can choose the full API route, which lets you offer a payment experience that’s 100% on brand. With full API enrollment, your users can sign up for payments from inside your application, making the process smooth and seamless.
Just bear in mind that a full API enrollment does require API knowledge and substantial developer resources. You will need a team of coders who can build this enrollment process into your software through the Stax API.
2. Hybrid API enrollment
With the hybrid API method, your users can begin the enrollment process inside your software, then proceed to a co-branded landing page on their browser, where they can complete their application. This enrolment method utilizes the Stax Signup Application using Single Sign On (SSO) capabilities to securely direct users from your software to the web-based application form.
While you may have to do a bit of coding, the hybrid API enrollment requires significantly less developer resources than a full API approach.
3. White-glove enrollment
The white-glove enrollment option requires zero development work because you’ll be personally helping users sign up for payments. Instead of giving people a self-service application, the white-glove enrollment method involves someone from your team to facilitate the enrollment process on behalf of your users.
See Documentation: Enrollment: Stax API
Start Selling Payments
Already have a payments partner and enrollment method in place? Then you’re ready to market and sell payments!
Kick things off by promoting your payment offerings on your website. Similar to the examples we showcased above, you can create a dedicated section on your site to talk up your payment capabilities.
It also helps to encourage your sales team to promote integrated payments to both new and existing users. Educate your staff about the benefits of integrated payment systems (i.e., a better experience, lower fees, etc.), and instruct them to relay those value propositions to users.
Ready to Become an Integrated Payment Solutions Company?
If you’re a SaaS company helping users run their businesses, offering integrated payment solutions can take your platform to new heights. By giving people the ability to accept payments and streamline the customer experience, you’ll be able to attract more users and drive faster growth.
FAQs about Integrated Payment Solutions
Q: What are Integrated Payment Solutions?
Integrated payment solutions involve connecting the crucial payment processing function with other important business systems and software. They can potentially increase the security and efficiency of transactions by enabling businesses to accept payments directly within their existing software.
Q: How do Integrated Payment Solutions benefit businesses?
Integrated payment solutions offer numerous advantages for businesses, including:
Improved security and streamlined payment experiences.
Serving as an additional revenue source, thereby increasing the business’ bottom line.
Reduction of human errors as payments are directly processed within the existing software.
Automated payment acceptance in various forms like credit and debit cards, invoicing, SMS, and online payments.
Q: Can you provide examples of companies using Integrated Payment Solutions?
Certainly, here are some examples of companies benefiting from integrated payments:
BigTime, a professional service management platform, includes billing and payment features with built-in invoicing capabilities and the option to process credit cards and ACH payments.
ProfitSolv/Mango Practice Management, offers integrated payments with its billing capabilities, accepting ACH, eChecks, online credit card payments, and implementing optional surcharging.
CHIROSPRING, a solution for chiropractic practices, offers an integrated payment service named CHIROSPRING Pay, that allows for payment directly through the software, facilitating stored cards on file, recurring billing, and multiple modes of payment.
Q: How can a business become an Integrated Payment Solutions Provider?
Businesses aiming to become integrated payment solutions providers need to:
Choose a payment partner that provides a comprehensive range of payment processing capabilities.
Establish a smooth payment enrollment process to onboard users to the payment platform.
Market and sell their payment offerings effectively by utilizing their website for promotion and engaging sales teams to communicate the benefits of integrated payments to potential customers.
Q: What is the role of Stax Connect in providing Integrated Payment Solutions?
Stax Connect serves as a comprehensive payment processor supporting multiple payment types like credit/debit cards, invoicing, SMS, and online payments. Stax Connect also has surcharging capabilities, enabling businesses to lower their payment processing costs. By creating a seamless payment enrollment process in partnership with Stax Connect, businesses can implement efficient and secure integrated payment solutions.
