While attention for many software companies is currently focused on getting through the COVID-19 outbreak – and rightly so – managers can’t afford to ignore the future of their companies.
Our partners at Infinicept recently published an article on how becoming a payment facilitator can help SaaS companies increase and diversify their revenue: Before You Enter Your Zoom Boardroom: Arm Yourself with a Plan to Exit the COVID-19 Crisis on Top.
As the article points out, the outbreak has likely changed the long-term view for many companies. While software companies in particular have been ramping up their growth aggressively, the economic impact of the virus has shown the need to create a more sustainable future by maximizing the revenue available to you.
Fortunately, there is an opportunity to gain more revenue that is easily within the grasp of software providers that are enabling payments through their platforms. The bulk of the processing fees attached to those transactions are going to someone – often to third parties.
But by becoming payment facilitators and bringing the payments capability in-house, software companies can take advantage of an existing revenue stream that is already a fundamental component of the product and the customers the company has worked hard to build and maintain.
As board members look to company management to define the company’s strategy for that more sustainable future, taking on payments can be a key part of that strategy for the right software companies.
For more on the opportunity this creates and why a future shaped by the impact of the coronavirus on consumer behavior makes now an optimal time to take advantage of it, see the article here.