Why it’s important for SaaS businesses to educate their customers
Customer education is not a revolutionary idea at all, although it sounds fresh enough. We encounter it every day: welcome letters when registering for a new service or pop-ups on the website are some of the most frequent tools for customer education. However, there are others.
Like all digital, the principles of customer education are changing very quickly. The speed at which businesses adapt is more important than ever. This is because of new technologies, more resources (and easy access to them), and a higher awareness of users. If 10-15 years ago the Internet was still fairly uncharted territory for the then adults (service consumers), the current generation Z (1997-2012) grew up with a PC or even a smartphone in their hands. So the demanding nature of today’s audience is already a fact, which should not just be accepted, but something should be done about it.
In this article, we will talk about why it’s important for SaaS businesses to educate their customers.
What is customer education?
Customer education means applying tools and resources, like next-gen payment solutions, that help customers use your SaaS product more successfully.
The goal of customer education for SaaS businesses is to guide people through the customer journey from initial interaction to continued use. Customer education must eliminate the lack of information at different stages of the customer journey. Objectives of customer education for SaaS business:
- Mastering the product through education
- Better acceptance of the SaaS product
- Connecting users through community, certification, etc.
Customer education is a set of tools that help scale other customer success processes. It’s like standing next to the user when he or she fills out a form on the website, and just in time to hold his or her hand saying, “wait, wait, don’t press that button, fill in this information.”
What’s important! Customer education is not the very task of writing documentation or developing learning management systems, courses, and certificates. All of the above are customer education tools. And customer education itself is the implementation of those processes for success. You can find more about customer education on Studocu.
Why is it important for SaaS businesses to educate their customers?
Customer education, like many interdisciplinary digital activities, is tightly connected to different aspects of SaaS business. That’s why customer education doesn’t provide one or two clear benefits but rather has a holistic effect on the entire SaaS business, driving its growth and development.
Customer education can impact all steps of the sales funnel. A strong education strategy can lead to thought leadership, a better understanding of what your SaaS brand offers, and higher conversions in the long run.
There are 5 main reasons why it is important to invest in customer education for SaaS businesses:
- It shows the customers how to best use your SaaS product, explains its features and strengths, and shows the best practices and tips for a successful SaaS application. Educational content is especially relevant to SaaS and eCommerce industries. In general, the more complex and innovative the product, the more critical customer education is for it.
- It strengthens the support team by giving operators more tools to influence customer decisions. Effective documentation for customer education will help agents better answer questions and can even offload the support team through user self-learning. For example, the same way IVR in IP telephony reduces the number of calls by having the user answer in a voice menu rather than with a real operator. By the way, IVR can also be used as a tool for customer education.
- It increases customer satisfaction. Customers have the tools and support they need to use the SaaS product successfully. When customers use the SaaS product successfully, they are more satisfied with both the product and the brand. When a customer is more satisfied, they are more loyal. And this provides some other benefits.
- It strengthens the brand. Expertise and awareness don’t just promote the brand and increase reach. It strengthens the SaaS business’s position in the marketplace, promotes “word of mouth marketing,” improves social proof, and ultimately gives a better NPS. And better NPS = satisfied customers = more orders = more profits.
- It helps to scale the business. The more customers are aware of the product effectively, the faster the SaaS business grows due to all the benefits listed above. People are more willing to recommend the product to friends and colleagues, leave feedback on it, and use it longer (which increases LTV and improves LTV/CAC).
Customer education is a win-win for customers and SaaS businesses. The customers get more pleasure from the product (because they understand it better), while SaaS businesses get more profit due to better reviews, outreach, and conversion.
Conclusion
Of course, customer education is important not only for large SaaS companies like Slack, Checkr, Box, and Optimizely. It is important and necessary for companies of any profile and size. The plan for implementation and optimization of customer education is based on the available resources of the company.
Conrad is a professional blogger, content maker, and freelance writer. He has written many great and valuable posts on a variety of topics. Conrad loves outdoor activities. He believes the fresh air brings him inspiration for new ideas.
5 benefits of payment portals for small business credit collections
One of the biggest changes businesses have gone through in recent years is digitization. In addition to setting up an online presence for businesses, accepting payments online has also become normal. Payment portals have become an important asset for businesses worldwide and have benefitted them in numerous ways. The Covid pandemic accelerated this momentum, with more and more customers preferring the more convenient way of transacting online rather than paying cash and risking contact.
Payment gateways are a boon, especially for smaller businesses that might not even have a physical presence and are solely operating digitally. Online shopping has increased significantly in recent years, and not having a payment gateway can mean a substantial loss of business. In 2021 alone, the total market size of global payment gateways was valued at around USD 23 billion and is expected to grow at a CAGR of 22.1% by 2030. Are you still wondering if it’s worth investing in a payment gateway? Here are some more reasons that will make a case for payment portals, no matter if you’re a small business or an established brand.
Image link: https://cdn.pixabay.com/photo/2017/03/13/17/26/ecommerce-2140603_960_720.jpg
Benefits of Using Payment Portals for Business
Enhanced User Experience
Payment portals help in improving the payment experience for users. It makes it easier for the customer to pay for your products or services through the payment portal and provides full visibility of their transactional data. Customers have full transparency on their past payments, get instant notifications about successful payments, and have options for completing payments from different channels. Users spend a substantial amount of time searching and deciding on products and will not have a positive experience if it takes forever to complete the payment, even after deciding what to buy. Payment portals also take care of customer service in case any payment falls through or gets stuck in processing for a long time.
Safer and Faster Transactions
One of the most significant advantages of having a payment gateway is the peace of mind it provides to both customers and businesses. Robust payment gateways ensure that every transaction is secured and free from any phishing attempt. They have fraud detection tools in place, high-level data encryption methods, and comply with PCI-DSS standards so that you and your customers get maximum security.
Payment portals process payments quickly as well. The process of adding something to the cart, deciding how to pay, and completing the payment can be done in a matter of seconds and with just a few clicks. Not only does it enable businesses to accept payments quickly, it also allows them to regulate their cash flow seamlessly.
Low Set Up Costs
There is a common misconception among business owners that setting up a payment gateway requires a lot of effort and money upfront and is only suitable for large businesses and enterprises. However, this is not true. While payment gateways require some initial set-up costs and can also incur a small number of chargeback fees and transaction charges from the business, they are worth it in the long run. Payment gateways have become an important and integral part of how organizations conduct business transactions, with more customers preferring to pay for things online rather than using cash. This trend will also remain for the future, so having a payment gateway adequately set up in place will become a necessity for businesses. Hence, it doesn’t matter if you’re running a start-up or a small business. Paying a minimum cost for setting up a payment gateway will help your business grow and reach new heights.
Increased Sales
You might wonder how a payment gateway can help increase the sales of a business. After all, they just accept payments and don’t serve any marketing purposes. Payment gateways help in increasing sales by providing numerous ways of payment to the customer. They can pay for something via debit cards, credit cards, UPI, or any other mode of payment they prefer. This not only makes life easier for customers but this ease of transaction kind of allures them to come back and do more business. Further, it has been found that businesses that accept card payments tend to get a lot of impulse buys from customers. A swipe of the card completes the entire transaction, allowing customers to spend more without overthinking.
Also Read: 4 Ways to Prevent Credit Card Fraud at Your Business
One more way payment gateways help increase sales is by enabling the business to go global. Anyone with an internet connection can access your website and, with a robust payment gateway in place, can pay for products from any corner of the world. You can accept payments in multiple currencies and through several methods to cater to international customers as well without any hassle.
Business Growth
In 2023, the internet will become the best place to set up and grow your business. Digital businesses are easy to set up and free of physical constraints like having a brick-and-mortar store or a cashier to complete payment. With the help of payment gateways, anyone from a big business to an individual artist can reach people worldwide and accept their payments for a product or service. Merchants who accept online payments are trusted by customers more because they have to pass through rigorous compliance checks and various security measures. This instils confidence in users and attracts them to shop from your store more frequently.
Conclusion
Having an online payment gateway in place has transcended from being a good-to-have service to an absolute necessity. Customers look for online modes of payment no matter where they shop, and they are bound to do so because of the different offers and discounts they can score while paying online. A survey done by BI Intelligence found that nearly 25% of customers would leave your website, even after adding things to their cart, if they don’t find their preferred mode of payment available. That’s one out of every four potential customers. If you’re a small business or just starting your enterprise, PayTabs can help you set up a robust payment gateway for your store. It will ensure that the transactions are quick and secure and give you full visibility of the transactions on the platform.
Give Wings to Your Travel Business with the Right Payment Gateway
Ever since the pandemic eased out, more and more people have booked tickets to travel abroad, and most of these tickets were booked online. While tourism in the Middle East fell by 73% at the height of Covid-19, it recovered quickly and is expected to see a rise of more than 100% in 2022. Modern infrastructure blended with natural beauty, mesmerizing beaches, historial significance and tons of entertainment options is what attracts tourists the most. With middle eastern countries hosting numerous sporting events like the ICC World T20 tournament and the Fifa World Cup 2022, the number of people booking tickets online will increase exponentially. In fact, nearly 3 million people are expected to arrive in Qatar for the Fifa World Cup alone.
If you’re a travel agency trying to get back on your feet after the pandemic or are just starting out to attract customers, you should know the importance of payment gateways and accepting payments online from customers. Not only does it make life easier for customers, but it also ensures that transactions are completely safe and secure. While payment gateways are important for your travel business, choosing the correct one is also crucial.
In this article, we’ll list some points you can consider when selecting a payment gateway for your travel agency. It is important to understand that several vendors exist, and not every payment portal might suit your business needs and aspirations.
Tips for Choosing the Best Payment Gateway for Your Travel Business
Customer Service
One of the most important and basic features your payment gateway needs to have is efficient customer service. Travel agencies deal with customers from around the world, and they can face many different issues regarding payments, refunds, and more. Coherent customer service becomes necessary so that customers’ issues can be resolved promptly and effectively. Choose a payment gateway that is not only trustworthy but is available round the clock for your customers. They should also provide additional features like an active phone number that customers can contact for quick resolution and a working email address. There should also be support for handling queries online through the help of a chatbot or a voice bot.
Security
Your preferred payment gateway should be secure as well. Customers are always sceptical when transacting online and generally fear losing their money. Partnering up with a payment gateway that ensures safe and secure payments instils a sense of trust among the customers and gives them the confidence to not only do business with you but also come back in the future to do business with you again.
Look for payment gateways that offer bank-grade security features like PCI-DSS compliance, fraud detection, two-step verification, and more. Such features ensure that all your transactions are encrypted, safe, and protected from phishing or fraudulent activities. The fewer payment-related troubles you’ll experience, the more will be the faith of customers in your business.
Ease of Payments
Many of your potential customers leave the website if they don’t find their preferred mode of payment. You can lose a lot of business if your chosen payment gateway doesn’t allow customers to pay for products however they like. The best payment gateway for your travel business will accept payments in a number of different modes, currencies, and options. Along with providing different modes of payment, you need to ensure that paying for products on your platform is straightforward for even the least technically savvy person. Unnecessary complications and too many intermediary steps before a transaction are complete can trigger the customer to leave the payment mid-way and search for a competitor.
Cost
The next most significant factor you need to consider while choosing a payment gateway for your travel business is how much it will cost you upfront and in the long run. It’s important to understand that payment portals will incur costs in different areas, including the set-up fee, charge for every transaction, and an annual maintenance charge. If you’re a small travel agency or are just setting up your business, it becomes all the more important to analyse your budget and how much you can afford to spend on a new-age payment gateway.
Examine the volume of transactions your business experiences on a daily basis and estimate future trends. If your transaction volume is considerably high, choosing a payment gateway with a higher transaction fee and annual charge might not fit your budget. Similarly, if the transaction volume is low, you can look at some competitive pricing and still be profitable. However, it is vital to have a payment gateway in place in 2023, no matter what it costs, due to its high ROI in the long run.
Timely Payouts
Maintaining cash flow in your business is essential to ensure you don’t run out of funds when needed. Customers can book tickets and pay for services on the same day, but if it takes a lot of time to reach your bank account, then you have some deliberation to do about your payment gateway. While a three-day wait is considered typical for business payouts, anything more than that should be a reason for concern. If your payment partner takes more than three days or even a week to pay you back, it can cause serious cash flow issues, especially when customers ask for refunds or cancel their booking. Choose a payment partner that doesn’t have a history of delayed settlements and goes through with their payments at regular intervals.
Conclusion
An increase in the number of people opting for booking tickets online should be an indication of how important a payment gateway can be for your travel business. Apart from just booking tickets, it will prevent any fraudulent activities from happening with you or your consumer, provide complete visibility on the transactions, and help you increase your business. PayTabs is an excellent payment partner for your travel business. With decades of combined experience among the team and several clients under their belt, PayTabs is one of the best payment gateways for any business.