Identify which customer group to prioritize
It's important to distinguish between new and existing customer groups, as each requires a different selling approach.
New customers
Attracting new customers often means competing with standalone providers and legacy banks.
They typically prioritize low-cost solutions and are unaware of hidden fees like high chargebacks costs. In general, they just want payments to work.
To stand out, you’ll need to demonstrate the value of your embedded solution and educate them on the pricing, how to understand their costs, and functionalities that solve for their specific needs.
Pro tip: Use a demo to show how your solution will make their lives easier (e.g. reporting, dashboards, local payment methods and fast payout options). |
Existing customers
For existing customers, switching may sound like a hassle or unnecessary, especially if they’re happy with their current payment provider.
For this customer group, focus on the relationship you’ve built with them over time, communicate the value of having everything in one place (e.g. easy reconciliation, one contract), and highlight the specific functionalities they can benefit from.
Pro tip: Use a demo to show how easy it is to switch to your solution with seamless onboarding. |
Prioritization framework
SaaS platforms that are new to taking payments in-house should pilot their minimum viable product (MVP) with trusted customers or a few new customers first. This group can provide constructive feedback and help you optimize your MVP.
At the launch stage, emerging platforms can start to target new customers. This way you avoid disruption in existing workflows and learn from the first adopters.
Over time you’ll be able to roll-out your offering to existing customers. It’s important to have a clear plan so you can prepare your organization accordingly.