How a Software Business Can Market Their Payment Processing Services
Software companies are expected to be at the forefront of today’s technological advances. With the right marketing plan in place, independent software vendors (ISVs) can properly market their new integrated payment processing features and show that they are using the latest payment technology available.
If you are an ISV and you’re looking to market your integrated payment processing services, here are some tips.
Highlight Your Software Business’s Key Payment Features
When you’re marketing information about your payments system, first discuss how convenient it is. Describe how it offers payment acceptance capabilities via CNP, CP, and ACH channels, where mobile, over the phone, and card and non-card payments are simple, safe, and quick. By demonstrating how you accept a variety of payment types, you are widening your customer base and opening yourself up to increased revenue generation.
Marketing payments is not the same as marketing a general software feature. When it comes to marketing payments, you need to account for certain security aspects (PCI) in order to keep users’ sensitive data safe. Payments have many layers and ways to accept payments, such as in-person, through mobile phone/desktop, and invoicing. There are different product types to consider, such as card terminals and enterprise POS systems. Additionally, users need to know how they can access the payment options. Is it inside the software’s platform or dashboard? Do they need to log into someplace else? By being as thorough as possible about the payments system’s offerings, you can answer customers’ questions upfront, making their decision to do business with you that much simpler.
Market to Your Different Audiences
Your target audiences are going to have different needs. For example, your SMB audience is going to care about integrating a payments system quickly, low- and no-fee services, and how fast payouts will be made. Enterprise businesses will want to know how quickly they can scale with your payments system and that no matter how many users there are, their financial information is safe and secure. Sellers will want to know about the various payment processing methods you offer so that they can appeal to a wide variety of customers. When it comes to your marketing plan, don’t forget to segment the right message for your audience; it shows you understand their specific needs and are equipped to service them.
Try Paid and Organic Marketing Channels
Since your audiences utilize a variety of platforms, you’re going to have to reach them where they already congregate. This means marketing your payments system on different channels for paid and organic marketing. Paid channels could include advertisements on social media, search engines, website banners, TV, billboards, and radio, while organic marketing could include social media updates, blog posts, videos, email newsletters. Of course, it’s critical to measure the success of these campaigns by looking at open rates, conversion rates, and other key analytics.
The Benefits of a Comprehensive SaaS Marketing Strategy
When marketing your integrated payment options, you need to build a comprehensive SaaS marketing strategy either in-house or with the help of an outside provider. Your comprehensive marketing plan should include:
- Business goals: Determine why you are running your marketing campaign and how it could help your overall business.
- Marketing goals: Do you hope to increase open rates for emails? Boost engagement on social media posts? Attract more potential users to your website? Come up with goals that are S.M.A.R.T. (Specific, Measurable, Achievable, Realistic, and Timely) before launching any campaign.
- Target audiences: Who are you hoping to reach with your message? Decide who each audience is, where they hang out, and what message you will communicate to them.
- Strategy: Come up with the strategy for each campaign.
- Budget: Determine how much you’re going to spend on each campaign.
- Timing: Figure out when you’re going to run each campaign and for how long.
Marketing plans that are well-thought-out will have a much higher chance of success. Never underestimate the power of planning.
Pros and Cons of Managing Marketing In-House vs. Outsourcing
There are different pros and cons when you manage your marketing in-house instead of outsourcing it.
Pros and Cons for In-House
On the plus side, with in-house marketing, you could have more control over your marketing message. You will also have access to your marketing team whenever you want. The team’s sole focus is on the ISV; outsourced companies have other clients they need to assist.
However, hiring marketers in-house is extremely expensive. If every marketer’s salary ranges from $50,000 to $100,000 per year, and you need to hire at least a few different people for your team, you’re already shelling out a lot of money for help. Additionally, you need to hire the right people; you must be very knowledgeable about marketing to determine who is the best candidate. Hiring takes a long time, so you need to be prepared to allocate all those hours for reviewing resumes, conducting interviews, and onboarding.
You’ll also need to invest in tools, software, and training for each area of marketing, including demand gen/paid advertising, email marketing, website and landing page development, performance, and data analysis. After all, you need to be able to understand payment marketing KPIs to support increased user adoption and recurring revenue generation.
Pros and Cons of Outsourcing
On the other hand, if you outsource, you won’t have to figure out what marketing software to use or which marketing agency to hire, which can take an incredible amount of time, money, and energy. Instead, when you sign up for an integrated payments system, you will have a marketing strategy customized to fit your needs. Your company can get up and running with your marketing quickly and efficiently, which could potentially boost your revenue at the same time.
It will typically cost you much less money because you’ll have the right people working on your marketing campaigns. You will gain immediate access to experienced marketing professionals who are dedicated to your account. If you aren’t happy, they can always provide feedback to the outsourced provider to decide how to correct any issues.
You won’t have immediate access to your outsourced provider and they won’t be focused solely on you, which can be a definite downside. However, you can always provide them with feedback if you feel like your needs are not being met.
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How Stax’ Rocket Accelerator Maximizes Revenue Opportunities for SaaS Software Companies
If you’re an ISV and you need help marketing your integrated payment processing system, then partner up with Stax’ Rocket Accelerator.
With Stax’ Rocket Accelerator, you can gain access to our 12 marketing specialists, who will continuously monitor and review your key marketing metrics to optimize your marketing strategy. You can quickly launch and scale campaigns for your different audiences, as well as view valuable insights about the success of campaigns to decide how to move forward with future strategies.
Additionally, with the Stax in-house business success team, you can access customer support 24/7. We assist with implementation success, software user support, and insight and analytics as well.
FAQs about Integrated Payment Processing Services
Q: What can integrated payment processing services do for software businesses?
Integrated payment processing services enable software businesses to accept a variety of payment types, which widens the customer base and increases potential revenue. The payment system should be convenient, offering payment acceptance via CNP, CP, and ACH channels. It should also uphold rigorous security standards to protect users’ sensitive data.
Q: How can a software business highlight its payment features while marketing?
When marketing their payment features, a software business should emphasize the convenience and security of their system. They should explain how various payment types, including mobile, phone, and card or non-card payments, can easily and safely be made. It is also important to clarify how users can access the payment options and emphasize the various product types like card terminals and enterprise POS systems.
Q: Why is audience segmentation important in marketing payment processing services?
Different audiences have different needs. SMBs may prioritize quick integration, low fees, and fast payouts, while enterprise businesses may emphasize scalability and security. Sellers may focus on the variety of processing methods available. Segmenting the right message for the right audience demonstrates that a software business understands their specific needs and is well-equipped to serve them.
Q: What channels can software businesses use to market their payment processing services?
Businesses should target the platforms where their audiences are most active. Paid channels can include advertisements on social media, search engines, TV, billboards, and radio. Organic marketing can include social media updates, blog posts, videos, and email newsletters.
Q: What should a comprehensive software-as-a-service (SaaS) marketing strategy include?
A robust SaaS marketing strategy should define specific business and marketing goals. It should also identify target audiences and plan a strategy for each campaign, define a set budget, and determine the timeline for each campaign.
Q: What are the advantages and disadvantages of managing marketing in-house vs outsourcing it?
In-house marketing provides more control over the marketing message and immediate access to the marketing team. However, it can be costly due to salaries, tools, software, and training costs. Outsourcing frees up time and can be more efficient. Companies gain access to experienced professionals specialized in different campaigns. However, immediate access to the outsourced provider can be a limitation.
Q: How can software businesses work with third parties, like Stax’ Rocket Accelerator, to boost their payment processing services marketing efforts?
Companies like Stax’s Rocket Accelerator offer access to marketing professionals who help optimize the marketing strategy. Services like implementation success, software user support, and insights and analytics can be accessed around the clock. This can potentially expedite the marketing process and optimize the business’s revenue generation.