If you’re reading this, you’ve probably been considering the significant competitive advantage of integrated payments. Payment integration can easily set you apart from what your competitors are doing, but you’re likely not alone in pursuing this path. There are several important questions to ask yourself about your competitors before you take this leap, and we’re here to let you in on the ones that need answering.
It goes without saying, but no matter what industry you operate in, understanding the competitive landscape is going to be key to your future success, especially for software providers where the industry can change overnight. This is especially vital when considering implementing payments on your platform.
Here are four essential questions you should answer to understand the competitive advantage of integrated payments.
- What are my competitors doing? – Are they already offering payments? Is your company attempting to play catch-up, or are you looking to differentiate yourself?
- How are they treating credit card fees? – The fees involved with accepting payments (credit card fees, payment processor fees, etc.) are complex, and there are multiple ways to manage how they are handled and who is responsible.
- Does your competition see integrated payment acceptance as a competitive advantage? – Not everyone is going to integrate payments just for the advantage it can give. Some are going to do it just for customer convenience or because they think it’s necessary to stay current.
- Do I have a tighter payment integration than others?D- This is probably the most important question at the end of the day. Creating a seamless, feature-rich environment with user experience top-of-mind is going to give you a significant advantage.
In extremely competitive environments, the answers to these questions can push you in one direction or the other. A feature-rich platform with tight payment integration can allow you to significantly distinguish yourself from your industry competition. If you can do that, opportunities for monetization will continue to open up before you.
If you’d like assistance determining the answers to these questions or would like to see a use-case for payment integration on your platform, we’d be happy to help you. Or feel free to read more about the revenue potential of payment integration.