There is plenty of emerging software, products, and tools on the market aimed at making merchant’s lives easier. Of course, with an influx of products flooding the industry, it can be overwhelming for any business owner to navigate which will provide the most benefit and profitable return on their investment.
One growing trend that’s sure to help you cut through the noise is the rise of the API economy. APIs are designed to help companies quickly integrate advanced technology in a way that doesn’t cut too deep into their time or resources.
All businesses must accept payments, in some form or another, and increasingly those payments are expected to be accepted via online and mobile devices. The best route to achieving the most seamless path possible is to consider where payment APIs could fit into your business model.
Boost Revenue With Payment APIs
One method to helping boost your business revenue streams is by expanding the methods by which your customers can pay. With a payment API, you’ll have the tools necessary to onboard a dynamic payments experience into your mobile app, POS software or eCommerce site — helping all your revenue streams remain in sync with each other.
Not only can you rely on each of those channels to attract more customers, but you can also connect all of them through one seamless app. This enables you to have a well-rounded understanding of how your customers are shopping, which channel they like the most and what payment methods they prefer. You’ll also have more access to real-time data that provides you with actionable insights that help you understand how to expand your products and services to accelerate growth.
By enabling a seamless app and online commerce experience, your business will be equipped to integrate new, emerging trends like subscription and recurring payment methods. This provides you another route to secure more regular revenue streams and ensure your customers will stay loyal to your brand. Combine that with the ability to pay and interact with your business through multiple channels, and you’ll be able to create additional routes to attract customers — producing another outlet to boost revenue.
Retain and Acquire New Customers with Payment APIs
The added perk of expanding the number of methods and channels that your business supports will not only help you retain customers but also acquire new ones. Not only can you boost loyalty with your existing customers, but you’ll also be able better serve the market and encourage engagement with your brand. The cost of finding new customers is estimated to be at least five times higher than retaining the ones you already have. This illustrates why focusing on offering new, diverse and emerging payment options is so important to increase overall retention.
The ability to scale and boost customer retention can also be directly impacted by a business’ ability and willingness to innovate with the latest technologies and solutions available in the marketplace. This includes integrating toolkits and coding that will enable your business to offer mobile/digital payments, online payments and whatever the next big payment trend is, so your business can meet the expectations of customers in a digital marketplace.
What to Look for in a Payment API Solution
When seeking how to scale your business and expand your customer base, exploring how to best integrate payment APIs is a great place to start. The trick is finding a solution that matches the goals of your short and long-term growth plans. There are a few key features to look for when picking what integration partner is right for your business.
Whether your team has novice or experienced programmers, or even no developers at all — look for a payment API solution that offers user-friendly, flexible payment onboarding methods to make accepting payments as seamless as possible. To achieve this, you’ll need to look for solutions that offer easy-to-use toolkits, drop-in code and the ability to contact the API provider’s support team 24/7 if any problems arise.
Integration payments don’t have to interfere with a business’ ability to scale quickly. The right payments integration solutions help your businesses to scale faster, and in a way that appeals to how your customers want to interact with and pay for your products or services. Choose a payments partner focused on building customer relationships, developing forward-looking solutions and delivering payment technology that helps companies proactively plan for growth.
How to get there? Focus on onboarding payment APIs to help future-proof your businesses, so you can continually upgrade your solutions exceed customers expectations and beat your competitors in the marketplace.