Many a great SaaS providers have experienced failure to launch in the last few years. While the underlying idea behind their software and service may have been genuinely good, the rollout of their product may have been missing a few key elements. If you have big dreams of launching a SaaS product in the near future, here are three things you really need to get under control right away:
No matter what industry you are serving, you need to make it easy for your customers to set up payments for your service. Expecting clients to hunt you down every month and send you a check, or sending out manual invoices each and every month will really eat up a lot of time and energy. The best solution is using a recurring subscription billing system that automatically tracks due dates, sends reminders, and handles payment processing.
The less time you have to think about managing payments, the smoother they will come to you. Afterall, automation is an important part of any great SaaS.
Your SaaS product does not exist in its own bubble. API Integration is the way of the future, and your product needs to play well within the system if you want to earn subscriptions.
Many companies see API integration as one of the biggest risk factors associated with SaaS products because there can be so many costly hurdles to cross to gain full integration and support.
If you have not already considered how you will minimize these risks and work through issues to assist with the integration process, you need to sit down and formulate a plan. Without an API integration plan in place, your customers may find that they are unable to use your product as advertised until you come up with a workable solution.
It is also important that your SaaS has plenty of tools in place to help customers use the system efficiently. For instance, rolling a payment facilitator tool directly into the software will turn your SaaS into a one-stop-shop for your customers. This saves them time and money over trying to choose a third party payment processor.
It also makes it possible for their customers to utilize the system to make payments, book reservations, make deposits and more. In the age of digital payments, this is one of the most important tools that businesses are looking to offer to consumers.
If you have not already considered these three elements to your software-as-a-service product, now is the time to rethink how they will affect your launch. You don't want your product to launch with limited functionality, so you need to have billing, API and payment facilitation all taken care of long before your first customer ever places an order.
Shannon is currently the SVP Sales and Business Development for GlobalOnePay, a division of Pivotal Payments Inc. His goal is to establish strategic partnerships with sales organizations that specialize in the eCommerce space globally. As commerce shifts online, there is exceptional growth potential that Shannon can help ISVs, SaaS, Marketplaces and platforms tap into, to drive payments into profits.