Beyond the Transaction: Software for a Service-Based Economy

Service-based businesses make up a huge portion of our economy. As our world digitally transforms and customer expectations change in parallel, service-based businesses are finding ways to optimize users’ experiences. An integral part of optimization is automation through flexible software technologies.

The innovations that software technology has brought to our economy significantly impact our everyday lives in more ways than one—contributing to the GDP, creating jobs, lifting wages, securing our future, and more. New software has also transformed our economy to be more autonomous and personalized to meet evolving consumer expectations.

However, even with these technological advancements, many businesses are still not equipped with systems able to go the extra mile and deliver the quality services customers want.

While COVID-19 has intensified the call for service-based businesses, the market’s trajectory was headed toward that path even before its influence due to rapid digital transformation. Still, companies too slow to match the changing landscape are guaranteed to lose their customers. According to CallMiner research, U.S. businesses lose around $136 billion annually due to avoidable customer churn. This critical business metric determines customer satisfaction with your company, product, and service. It is also the Achilles heel of most businesses and the main reason long-term customer retention should be their primary focus.

Fortunately, service-based businesses are uniquely poised to create a remarkable experience that starts with adding value for the customer and keeping them engaged to make repeat purchases in the future. One way business leaders can achieve this and stay afloat in this digital environment is to change the way they handle customer interactions—this is where automation shines.

More Than Just a Payment

Automating different functions of your business—onboarding, customized account management, billing, etc.— can be the key to boosting the overall impression customers have of your business. In a customer-centric economy, a flexible payments software platform makes the difference between a potential buyer and a long-term customer. They expect a fast, seamless experience regardless of the touchpoint, so a personalized experience is mandatory for consumers to follow through with their orders.

Research shows that 53% of U.S. consumers would quickly abandon their purchases if the checkout process is too complicated. An additional 42% stated they would also stop a purchase if their favorite payment method were unavailable. This shows that convenience may not have been a big part of the initial purchase decision, but consumers are more likely to defect from the process without it. A billing system like Regpack, which provides multiple options to pay, improves the trust within a profitable customer relationship.

When working in an online business ecosystem, your systems need to operate like clockwork. A vital feature of a quality payments software platform is the flexibility to construct customized solutions with minimal costs. Self-service customer portals, updated payment options, and personalization lead to higher customer ratings and more memorable experiences.Collected data allows you to monitor customer preferences, offer custom content and new services, contact a specific customer to follow up on any changes in their service portal, and much more.

For example, with the proper payments software, you can generate tailored messages automatically to notify customers of upcoming payment due dates, expiring credit cards, or failed payments. This gives them the notice they need while enabling you to rectify a potential revenue-affecting situation quickly.

It is becoming increasingly clear that software innovation is transforming the way we do almost everything, from communicating with one another to making payments.

Software tools can bring any company–startups, governments, small businesses, and large enterprises—a competitive edge and the means to serve their clients better. Taking advantage of the technology at your disposal—like a better payments system—will have your business ready to dominate in the economy.