Why field service platforms should integrate payments
Four benefits for software vendors that partner with a payments provider to offer an integrated checkout within their solutions.
In the field service industry, software platforms are becoming a standard tool for business management. This technology is reshaping the way field service companies operate, including the scheduling of technicians, tracking work orders, and managing communication. According to a new report by Allied Market Research, the field service management market is predicted to reach $10.81 billion by 2026 – a CAGR of 16.9% from 2019 to 2026. But even still the supply market for field services technology is becoming increasingly crowded.
However, many platforms have yet to integrate payments into their software. Software providers typically have other priorities, feature enhancements and resource constraints, meaning that payment integrations are placed on the back burner.
More generally, integrated payments are now a top priority for software platforms. According to our recent report, Lost in Transaction: The new relationship for ISVs and payments, 88% of ISVs shared that upgrading their payment integrations was a priority. To stay ahead of the curve in the field service industry, now is a good time to prioritize adding payments to your software. Here are four reasons why.
1. Boosts efficiency
Many field service businesses still rely on manual processes for collecting payments. This means the shuffling paperwork by generating paper invoices, processing checks and collecting cash. This can be a cumbersome process requiring extra work for both service technicians and back-office staff. In fact, 51% of developers stated that they need to bring efficiency to their clients to avoid duplicating accounting tasks. With integrated payments, field service technicians can accept payments on-site via a handheld mobile device, or customers can pay online. This saves time by reducing manual work and double entry, and helps eliminate human errors. This amount of time saved enables service technicians to complete more jobs each day and focus on their core competency.
2. Enhances the customer experience
Adding payments to your software platform provides a better customer experience for both your clients and their customers. Businesses can manage all functions within the platform, enabling them to streamline processes, boost productivity and gain more visibility across their entire business.
More than ever, customers have more choices and their expectations are high. They want the ability to pay how they want through a quick, seamless experience. With integrated payments, you can give businesses the flexibility and transparency they need, while providing the convenience customers want.
3. Provides payment flexibility
Having payment flexibility is essential, especially in the field service industry, where businesses typically require customized payment flows. Field service companies need the ability to pay various vendors, such as contractors and part suppliers. When considering a payments partner, it’s important to find one with expertise in split payment flows.
The variety of payment options offered is also critical to a platform’s success. 80% of ISVs stated that the range of payment options an integrated payments provider could offer was a very important consideration when selecting a partner. With the right payments partner, you can give field service businesses the option to accept multiple payment types, set up recurring billing, and securely store customer profiles.
4. Open a new revenue stream
When you work with the right partner, you have the opportunity to open a new revenue stream for your business. You will earn a share of every transaction which is distributed in a monthly residual check. Look for a partner program that offers revenue sharing and don’t miss out on the opportunity to generate more revenue every month.
If there’s one thing to prioritize right now, it’s finding a long-term payment partner to help you grow your platform.