Navigating the world of payments can be complicated, especially when you’re running a software business with many moving parts. Embedding payments is a great first step, but encouraging merchants to adopt payments and onboarding them is another hurdle many ISV/SaaS businesses run into.
If only there was a team that would work strategically with you to deliver a seamless payment experience in all areas including sales, support, activation, onboarding, product, and marketing… Oh, wait, now there is!
Introducing: Stax Connect Plus, the program designed to provide partners with unparalleled access to a dedicated team of payment experts, offering a comprehensive range of resources and support to enhance their success.
From a dedicated sales team to marketing materials, this program aims to empower partners with the tools and expertise needed to thrive in the competitive landscape of payment integration.
By leveraging the collective knowledge and guidance of industry professionals, Stax Connect Plus sets a new standard for excellence, ensuring that partners have the support they need to achieve their payment goals and drive revenue growth.
What is Payments Adoption and how does it relate to your SaaS business?
Payments adoption refers to the process of integrating and utilizing various forms of electronic payments within a business framework. It encompasses the implementation of digital payment methods, such as credit cards, online transactions, and mobile payments, to enhance the customer experience and streamline financial operations.
For modern software businesses, payments adoption holds the key to staying competitive and meeting the evolving expectations of consumers. Embracing these advancements not only fosters convenience and flexibility for customers but also unlocks new avenues for revenue generation and operational efficiency. As businesses navigate the ever-changing landscape of commerce, payment adoption becomes a critical factor in shaping success, enabling companies to enhance their offerings, expand their reach, and deliver a seamless and modernized payments experience.
Common Payments Misconceptions
Myth: It is easy to sell and support payments.
Many software companies believe that selling payments to their audience will be easy.
Truth: The complexity surrounding payments integration and communication with customers is a common challenge that many ISV SaaS providers are confronting in the digital landscape. Whether an organization is a newcomer in the space or a seasoned player, the hurdles remain constant, and many struggle to find the balance between education, sales enablement, and selecting the right partners to navigate the integrated payments journey.
Stax’s VP of Sales Enablement, Fred Nelson stated in the recent Stax Connect Plus Launch Webinar that “There’s a lot of moving pieces that go on behind the scenes, and whether you’re a net new ISV SaaS provider in the space or even a legacy tenured SaaS ISV provider in the space, the challenges can be the same and some really struggle to overcome them.”
Revenue Gap: What is it and how can you bridge it?
When it comes to the numbers, an ISV reseller’s average payment adoption rate is 10-30% while an ISV referral is 50-90%. That is a large gap between potential and realized revenue and should be a top consideration for software providers.
The concept of the revenue gap is a crucial consideration for ISV/SaaS businesses, representing the difference between potential and realized revenue. There are many reasons that this gap can occur. Some include not having a supportive and dedicated payments partner, inefficiencies in the sales process, or underutilization of available resources.
So, how do you bridge this gap?
There are many ways and some may work better for different software but at the core: streamlining sales funnels, optimizing pricing strategies, and leveraging customer data are pivotal steps in bridging the revenue gap. Embracing a customer-centric approach, investing in robust sales training, and continuously refining product offerings are also essential in aligning potential revenue with actual outcomes.
By closing the revenue gap, ISV/SaaS businesses can maximize their revenue potential, drive sustainable growth, and fortify their position in the competitive market landscape.
Challenges in Payments Adoption
With all of the moving parts involved in payment adoption, there can be a range of challenges that come along with it. Some businesses have found hurdles in selling payments, application process complications, and support training. This is understandable as most companies are not payment experts and hesitate to invest that extra time and money into their workflow when they can hit the ground running and start onboarding.
Successfully navigating these challenges requires a strategic approach, including investing in robust training programs, enhancing cybersecurity measures, and staying nimble to adapt to emerging trends. By addressing these obstacles head-on, businesses can pave the way for seamless payment adoption and unlock the countless benefits that come with embracing innovation in the payment ecosystem.
Introducing: Stax Connect Plus
Designed with the mission of supporting partners in payment adoption, Stax Connect Plus represents a one-of-a-kind partnership that empowers organizations to thrive in the payments space.
At its core, Stax Connect Plus is a collaborative partnership with our team of payment experts who are dedicated to taking on pivotal roles in sales, onboarding, activations, support, and marketing. By leveraging the expertise and insights of the Stax team, businesses can navigate the complexities of the payment landscape with confidence and precision, unlocking new growth opportunities and enhancing the overall customer experience.
We are not just offering a partnership program; we are forging a collaborative journey toward success, where innovation, expertise, and seamless support converge to drive sustainable business growth and prosperity.
Real World Success Story: ISV Partner Testimonial
Don’t believe us? Hear it from our partners.
One of our valued partners saw the effects of the program firsthand. Fishbowl was able to successfully leverage the Stax sales and support teams to significantly improve their payments onboarding, activations, and recurring revenue.
Chief Evangelist at Fishbowl, Kendrick Hair says, “With their payments expertise, the Stax Connect Plus program has increased our onboarded MIDs by 36% while increasing active processing MIDs by 25%. With their support, we were able to see immediate results in improving our attachment rate, revenue (by 93% from onboarded merchants), and quality of payment support.”
Watch the On-Demand Webinar Now
Let Stax Connect Plus support your organization’s payments journey. Click here to watch our on-demand webinar and dive deeper into all of the offerings that come along with joining Stax Connect Plus.
If you have any further questions or want to learn more about how Stax Connect Plus can support your payment adoption growth, schedule a time to chat with one of our business development specialists.
