With the festive season fast approaching, many businesses are pushing to increase sales and snag more customers. It’s the most profitable time of the year and the festive season drives significant revenue.
Whether a small or big business, attracting international customers should be a priority. Going global isn’t only about currency-friendly check-out carts or expanding your services or products.
You must integrate solutions that go beyond your sales strategy and revenue goals. Below, we’ll unpack innovative Software as a Service (SaaS) tools to help increase your return on investment (ROI).
Merchant of Record (MOR) Services
A SaaS business hoping to expand its international footprint should look into MOR technology.
The term refers to a legal entity that handles all payments. Many SaaS partners offer the software to navigate the complex landscape of global sales tax and regulations.
Abiding by international rules can be a stumbling block for companies unaware of the legal environment in another country. A scalable MOR takes the headache out of dealing with the intricacies of operating on a global platform.
Payment processing should be a frictionless experience for international customers. Herein lies the importance of MOR, says PayPro Global. Diverse local payment methods are tailored to regional preferences.
Integrated Payment Methods
The festive season isn’t the only big money spinner. Black Friday and Cyber Monday sales can produce as many revenue streams; you just need to know how to leverage them for maximum output.
An abandoned cart is very telling of a company’s payment process. Statista claims the biggest reason consumers abandon carts is because delivery fees are too expensive. About 17% said their preferred payment method was unavailable.
These could translate to a loss in sales and customers. Along with MOR, an easily integrated payment platform can help win back revenue.
A few ways of resolving these problems are to localize customer experience tools where needed and optimize product pricing for regional markets.
With integrated payment methods, you empower your customer to choose their preferred payment gateway. The single-payment infrastructure linked to one platform connects you to a global network of partners and suppliers.
SaaS Customer Support
CustomerThink says there is a growing trend of SaaS companies moving their subscription management to usage-based pricing (UBP). The reason given is that UBP provides flexible and transparent billing, charging customers only for what they use.
If your company is considering UBP, you’ve probably explored all the options. The business model could fail without a strong customer support team.
The publication suggests integrating AI and post-sales CX observability to give your customer support department the upper hand.
Predictive AI technologies, such as natural language processing (NLP), are helping teams address queries and customer issues using customers’ language and voice. Another advantage of NLP is that it monitors support data across multiple channels in real time, anticipating customer needs throughout their buying journey.
Fraud Prevention
Online fraud can significantly affect your bottom line. With the right fraud detection tools, you can mitigate any cyber threats.
INTERPOL warns that investment fraud is on the rise. According to the World Economic Forum, scammers stole about $1 trillion from unsuspecting victims last year.
Just when the IT sector thought it was one step ahead, INTERPOL’s Global Financial Fraud Assessment claimed otherwise. The report found that technology is the main vehicle aiding organized crime groups to more effectively target victims worldwide.
Cyber security experts have witnessed an increase in remote monitoring tools to prevent financial fraud. Companies wanting to safeguard their financial assets are investing in advanced Internet of Things (IoT) sensors and AI-powered analytics.
These tools detect suspicious activity in real-time, enabling immediate intervention to prevent financial losses. The systems continuously scan for unusual access attempts, unauthorized transactions, and other red flags.
Final Thoughts
Your company is thriving in the local market. The next big move is to go global. However, big plans don’t always translate into massive revenue.
Research the various tools available to you and choose those that are easily incorporated into your current system. Invest in a merchant of record solution that takes care of the legal and tax challenges of operating in a remote region.
Ensure you have a solid integrated payment method that supports local and global payments. A strong customer support team is the backbone of every thriving business but must have the right tools to succeed.
Fraud prevention tools shouldn’t be taken lightly. Protecting your financial assets and sensitive customer data must be a priority. Leverage AI technology and other innovations to add an extra layer of security.
By integrating the above SaaS solutions into your business strategy, you have every chance of achieving international success. Good luck!