Regardless of why any business owner creates a company, there’s one common thread every CEO or owner cares about most at the end up the day: driving up your payment API revenue. Of course, there’s plenty of routes to get there, but one sure path is with a payment API.
The best way to ensure your company is always hyper-focused on your revenue goals? Tracking and managing your cash flow with the right tools. When it comes to overseeing your revenue, this process isn’t just about the sales your company is making — it’s about everything that makes your business complete: the customers, the services and the products and teams that pull it all together.
At the heart of understanding how all those elements connect, and how they contribute to driving up your revenue streams, you’ll need to consider how payment API-based solutions can help you achieve your goals.
Payment API Revenue Tip No. 1: Properly Connect Your Business Accounts
Not only do you need to have the right type of accounts to make your cash flow easier to manage, you’ll need a payment process to effectively move money from your business into a merchant account.
This is the first place a payment API can begin to boost your revenue. For any COO needing to streamline the payment process, the first thing to think about is how to gain better control over the payment experience so you can focus your time on actually generating revenue, instead of just tracking how it flows into your system. Integrating payments into your merchant account also needs to be done in a fast and secure manner, which can be done with the help of the right payment API solution.
Payment API Revenue Tip No. 2: Determine How an API Fits Into Your Goals.
With any business plan, you’ll need to have plenty of goals. This includes deciding how, if and when a payment API-based solution can help streamline your revenue plans.
Setting and achieving revenue goals requires that your business be equipped with the right payment reporting tools to ensure your funds are flowing properly into their accounts, between your various investment tools — and at the rate necessary to hit your cash-flow goals. But managing this process can’t be done alone.
By working with Payline, and Payline I/O, our full-stack payments API, businesses are equipped to offer secure integration of all your necessary accounts and are easily able to onboard software platforms that better connect your business to your customers. The faster that process happens, the faster your revenue streams start flowing into your business’ accounts.
Payment API Revenue Tip No. 3: Find the Right Partners
As we mentioned above, reaching your revenue goals shouldn’t be a task you should tackle alone. In today’s fast-paced business ecosystem, particularly when it comes to managing payments, you should leave that work up to the experts.
Partnering with a company like Payline allows you to offer the right payments products and services to meet your business goals — while being able to serve your customers. For example, with Payline’s payment API solution, your business will be better equipped to control the settlement of funds, which can create a better experience for both buyers and sellers. That matters for boosting your business’ revenue.
With this solution, your company will also be able to settle funds to multiple sub-merchant bank accounts through more flexible funding options. All of this together enables your business to focus its efforts on customer acquisition and retention — while letting the payments side of your business be handled by a trusted partner.
You may have the right plans for understanding how to grow your product lines and services, but when it comes to payments, picking a partner that can enable you with the right tools, software and platforms makes all the difference in meeting your revenue goals.
Payment API Revenue Tip No. 4: Understand How Your Services Actually Work
The problem many companies face is they rely on outside resources to run much of their business, including payroll, managing their supplies and handling their loans. The real problem here? Those expenses add up quickly and the pricing isn’t always transparent.
When managing cash flow you need to consider the value of all the outside services you’re paying for. If you’re paying for a service that isn’t linked to a revenue-generating product, then it may be time to start evaluating your processes. You’ll also want to evaluate how your payments products, software and tools are contributing to your overall revenue goals.
By asking questions like: Does this service help me retain and attract more customers? Or, does this product help streamline my processes, save me time and money and drive up my revenue goals? If the answer isn’t yes to those questions, it may be time to explore how Payline’s payment API solution can work for your business.
Anna Lothson is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.