We recently hosted a webinar where we spoke with serial software entrepreneur, Mark Wilson. One particular point of interest was Mark’s process on deciding which payment model to use for his software. There are five payment integration models, each with their own pros and cons.
Mark has had an exciting career in the software space, but it was during his time as CEO and Founder of TermSync that he needed to evaluate payment integration strategies for his Accounts Receivable platform.
Mark knew that payments were rapidly becoming a key feature of their software, but the ways in which to best implement such a strategy could easily become a stumbling block if not properly evaluated. This led to his partnering with Wind River Financial, and together we reviewed five ways to integrate payments to determine the best option for his platform. You can review the webinar in its entirety to learn how Mark decided which model worked best for him.
Above is an excerpt from the webinar where we introduce the five payment integration models for your software. These approaches vary based on several factors, the most important of which is related to user experience of the merchant as well as which roles are managed by the software provider and payment processor. The level of revenue for the software platform provider increases with each step.
If you’d like some further reading on these payment integration models, we also have a white paper that breaks down each payment model in more detail. Or if you have a more specific question, feel free to contact us directly.
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