Learn about payments and the payment facilitator model from our team of experts
Webinar Recap: How SaaS Leaders are Leveraging Payments to Grow
Now is a time when companies all over the world are making strategic decisions in order to come out of our current economic situation on top. Whether the company operates in a vertical that is negatively affected or positively affected, the one commonality that all businesses are experiencing is change.
As SaaS companies are determining how they can grow revenue and improve their customer’s experience, taking control of their customer’s payments often comes to the forefront of those conversations. Many SaaS companies provide solutions that allow businesses to operate their business more efficiently, with taking payments from their customers being an integral piece of the puzzle.
We recently hosted a webinar with SaaS leaders who have decided to take their payments in-house, allowing them to own their customers’ entire experience on their platform. The webinar was hosted by Infinicept Co-Founder & Co-CEO Todd Ablowitz and included a panel of:
- Matt Doka – Co-Founder & CTO – Fivestars
- David Giannetto – CEO – WorkWave
- Celine Kaiser – VP of Payments – Modernizing Medicine
When these three panelists discussed why they decided to become a payment facilitator and integrate payments into their overall product offering, a central theme emerged. Owning the payments process allowed them to deliver the experience they ultimately wanted to deliver for their customers while giving them control over the customer service and support for their customers’ payments needs.
David Giannetto of WorkWave discussed how, before they integrated payments, customers were coming to them for assistance with their payment problems, but unfortunately WorkWave was in no position to help. Furthermore, when those customers would reach out to the payment processor, they were often met with poor customer service, leading to frustrations.
By owning the payments function, WorkWave was able to provide the service their customers deserved without needing to rely on 3rd parties.
Modernizing Medicine realized that by owning the payments function they would be able to customize the products they provide in a way that they couldn’t before. “We really looked at it from a customization standpoint, so that when we wanted to launch payment on the kiosk or payment on the website, we had to do it once and not X times based on the number of payment providers we had to manage,” Kaiser said.
Fivestars’ decision to become a payment facilitator was solely focused on being able to provide the best product they could for their customers. As a loyalty platform that provided services to local retail businesses, they realized that owning the checkout process would allow them to create a more efficient product.
Becoming a payment facilitator allowed Fivestars to take control of the device used at checkout in order to create an integrated product. They launched Fivestars Pay, a POS device built for retail businesses that comes equipped with Fivestars’ loyalty platform. Integrating payments allowed Fivestars to accomplish their goal of “turning every transaction into a relationship”.
One thing that was clear from listening to the SaaS leaders is that controlling their customers’ payment experience allows them to build an overall better product and provide additional value to their customers. Fivestars, Modernizing Medicine, and WorkWave all care deeply about their customers and becoming payment facilitators allowed these companies to help them in new and exciting ways.