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The average churn rate for the software industry as a whole is 14%. As a SaaS business leader, reducing software user churn is an important part of maintaining your customer base and increasing revenue. TL;DR The average software industry churn rate is 14%, but SaaS companies should aim for under 2%. Looking to measure churn?
Small businesses in America and worldwide have to choose from a wide variety of accounting software solutions, and this range of choices can be overwhelming. Research shows that 64% of small businesses use accounting software and the market for accounting software solutions is projected to be worth $4.3billion by 2023.
As industry leaders in billing software, our mission is to help our customers work more efficiently, recover more revenue, and effortlessly collect invoices. Stax Bill simplifies invoice and subscription billing management by automating manual financial processes. said Suneera Madhani, founder and CEO of Stax. “The
Ensure it integrates with accounting software like Xero, QuickBooks, and FreshBooks for streamlined financial tracking and tax reporting. How to Choose the Right Payment Solution for Your Business With the multitude of options in the market today, selecting the right eCommerce payment software for your business can be overwhelming.
Selecting the right payment processing software is crucial for any business aiming to streamline transactions and enhance customer experience. Factors to Consider When Choosing Payment Processing Software Below are factors you must consider before choosing a payment processing software platform for your business.
While previously many nonprofits only had the option to use payment processors like PayPal, Stripe, or Square, there’s been a shift towards independent software vendors (ISVs) that offer integrated payments. If in doubt, just start by drawing up a list of what’re must-haves and nice-to-haves for software and the organizations your serve.
Businesses can also streamline accounting tasks by integrating digital payment systems with their financial software, which improves accuracy and efficiency in financial reporting. Solutions providers like Stax integrate with a range of solutions to enable merchants to go mobile. These are not traditional card reader devices.
Data cited by Statista shows that the software as service is expected to hit $299 billion by the end of 2025. Join the payments-led growth movement Sign up to keep up-to-date with the latest trends in payments, vertical SaaS, and technology from industry experts. Optimize your software onboarding process User experience is everything.
The consistent software updates and upgrades have made it easier than ever to run businesses. We’re seeing a similar trend in the legal industry, where law firms rely on case management systems to run their businesses. With management systems’ continual growth and improvement, it’s no wonder software sales are at an all-time high.
Field service management software is a system that helps a company monitor and coordinate their employees’ activities off the company’s premises. The software allows managers to view and modify work schedules, orders, inventory, invoices, customer account records, and other records in the database.
Software companies are always on the lookout for new ways to build a better product offerings for their customers. This is especially true now more than ever before as Software-as-a-Service (SaaS) solutions continue to be amongst the fastest-growing segment within the tech world. But how exactly should a SaaS company monetize payments?
This could be a subscription box, a SaaS (Software as a Service) product, or even just a streaming platform like Netflix. In this blog, we’re exploring how subscription management software works: The benefits, features, and what to look for in a best-in-class solution.
We caught up with payment experts from Forrester and Stax to help you navigate these evolving times and achieve success with embedded payments. A survey by Finextra (across 1000 businesses in five countries) found that 83% of SMBs want to integrate payment services in their software applications. We’ve seen trimming of headcount.
In this guide we will discuss the following: What is Payment Tokenization How Payment Tokenization Works Payment Tokenization vs. Encryption SaaS Payment Tokenization Requirements Benefits of Payment Tokenization SaaS Payment Vulnerabilities Using Stax Connect and Payment Tokenization Lets get started. What Is Payment Tokenization?
Software-as-a-service (SaaS) businesses need to constantly evolve their offerings to stay fresh and relevant. How do you add payment processing capabilities to your software? In this guide, we’re going to cover what companies need to consider when choosing a SaaS billing platform—and how Stax Connect makes this process simple.
Once these mechanisms are in place, you also need to educate your sub-merchants about fraud and keep them informed about the latest trends in fraudulent activity. Be aware of the latest news and trends in data, cyber security, and fraud. They can also inform you about industry trends, technological advancements, and regulatory changes.
Additionally, the Global Payments Report has been a valuable resource in analyzing market trends and consumer choices, further solidifying Worldpay’s position in the industry. Stax and Worldpay: A Powerful Partnership Stax is one of the largest Independent Sales Organizations (ISOs) partnered with Worldpay.
There are many options available that plug into existing smartphones and tablets , such as the Swipe Simple B250 Reader available from Stax , to solve this problem effectively. Leveraging Peer-to-Peer Payments One trend gaining traction with mobile payments is the use of applications such as PayPal and Venmo for more than peer payments.
Because the transaction takes place through a payment gateway that utilizes data encryption or tokenization to secure sensitive information during transmission, accepting payments using a virtual terminal from Stax (which is PCI compliant) is secure. What Are the Benefits of Using Stax Contactless Solutions?
TL;DR A payment facilitator (PayFac) is essentially a SaaS vendor or software provider that enables its users (businesses) to accept online payments from their customers through the platform itself. To learn how Stax Connect can help, contact the team for a consultation now! Let’s get started.
Offering payment processing services is a move that makes sense for a lot of SaaS companies, particularly if your software helps your customers run their business. For example, if you have a project management app, then you can add payment features that allow people to use your software to take payments from their clients.
The writing on the wall is clear—businesses need to start accepting digital payments and software providers need to start offering payment services one way or another. TL;DR An independent software vendor (ISV) develops and sells software applications independently of hardware manufacturers.
In fact, last year, we discussed the top seven payment trends to keep an eye on, all of which are examples of EFT payments and remain trending now. To accept card payments, you’ll need a trusted payment processor to provide the hardware and software needed to process the transactions. Are EFT Payments Safe?
Integration with your accounting software, CRM, or inventory system saves you time and effort when analyzing financial performance. Reporting and analytics: A good PMS provides you with reporting and analytics tools, giving you valuable insights into your cash flow, customer trends, and spending patterns. Ready to get started?
The commerce landscape—whether it’s retail, services or software—is moving faster than ever. We can see this trend in action in the realm of payment processing with the advent of recurring payments, also known as automatic payments.
To stay ahead of fraud means merchants must understand the threats, use trusted and secure providers, and keep up to date on payment security trends. Other trending payment methods include peer-to-peer (P2P) payment apps like PayPal or Venmo are a secure and convenient way to transfer funds between people and businesses.
Here are Stax’ Top Credit Card Processing Tips. Part of this includes performing regular maintenance on your hardware- and software, and ensuring that your settings are configured for reduced friction. Request a custom quote to see how Stax Pay can work for you. It’s best to avoid long-term contracts.
This business model has now been adapted very well in the internet age, especially in the SaaS (Software-as-a-Service) and eCommerce industries. Subscription-billing software can also improve the customer experience because it saves them from having to manually remit payments.
TL;DR PSPs help businesses accept credit cards, digital wallets, ACH transfers, recurring payments, and other types of mobile payments, while also providing POS systems and the integrated software required for managing business financial operations. The company also provides a card reader and mobile POS app for free.
Many CRMs or accounting software like Salesforce and Netsuite can integrate with payment gateways. Trends in B2B Payments Like most aspects of life in the 21st century, the landscape of B2B payments is undergoing significant transformation fueled by digital innovation. Most often, this link would be embedded in an electronic invoice.
For modern Software as a Service (SaaS) companies, the automobile is replaced by primarily digital and cloud-based solutions and software. Pro tip: if you’re looking to offer integrated payments within your software, Stax Connect can help fuel your growth.
To make that easier for you, some of the most popular brands currently in use are: Clover (by First Data): Clover is a popular brand known for its sleek and user-friendly payment terminals, which integrate with a range of business management tools and software. Square Terminals, while popular, do only work with Square systems.
Learn More Mitigating Risks as a PayFac: Key Risk Categories As you may already know, as a payment facilitator, you can enable your software users (or sub-merchants ) to accept payments through your SaaS platform—without having to use a third-party payment gateway or provider. Contact our team today to learn how. <img
Includes data on sales trends, most popular products, busiest times of the day, and best-performing employees. Every POS software provider will boast diverse offerings. It should give you valuable insights like sales trends, most popular products, busiest times of the day, and best-performing employees.
Most businesses rely on algorithms to analyze data in real-time and identify trends in customer behavior or market demand. Their dynamic pricing software, named Smart Pricing, automatically adjusts prices according to factors like location, demand, and time left to book. This is where Stax comes in.
Setting up recurring payments Select a Recurring Billing Software Platform: The solution you choose must support recurring payments and integrate seamlessly with your existing operations. This may come with the billing software platform , or a gateway provider may need to be sought separately.
Not many trends stay relevant for a long time. Their platform seamlessly integrates with the Stax Connect API to help its customers accept ACH , eChecks, and card payments. Future Trends and Predictions The embedded finance and fintech industries are yet to reach their maximum potential.
With seamless online payment processing, streamlined processes, and enhanced operational efficiency, online terminals simplify transactions, bolster security, and provide valuable insights into customer behavior and sales trends. Analytics and Reporting Tools: Many online terminals have built-in analytics and reporting features.
Most important to improving inventory efficiency is using inventory management software. This software keeps your inventory organized and tracked, as well as offering analysis to improve your buying strategy. CardX by Stax enables you to maximize profitability through an automated and fully compliant surcharging program.
When regularly reviewed, P&L statements are like a consultant in a spreadsheet, identifying trends in revenue, expenses, and profitability over time. This information can be pulled from accounting software like Quickbooks if it is up to date with transaction data from sources like your payment platform provider.
Regular POS software updates and security patches are important to protect against new threats. Systems should be compatible with accounting software , eCommerce platforms, CRMs , and other operational tools that a small business or retail store might use, including loyalty solutions and other marketing tools.
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If this trend translates to businesses, $1000 would not go far in safeguarding against unplanned bills, let alone significant financial interruptions. Specialized features tailored to specific business needs, such as integration with accounting software , can also be a deciding factor. It’s not all for the bad times, either.
Navigating the world of payments can be complicated, especially when you’re running a software business with many moving parts. For modern software businesses, payments adoption holds the key to staying competitive and meeting the evolving expectations of consumers.
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