Integrating payments should be a priority for member management software companies, as it improves the member experience and helps organizations grow their memberships.
Simplify fee and dues collections
Integrated payments enhance in-person and online payments for organizations. When member management ISVs work with a trusted payment processor, they can offer more than the traditional credit and debit card options. Newer payment functionalities such as contactless cards (tap to pay), digital wallets, and near-field communications (NFC) contactless solutions are also available, allowing organizations to let their members pay in their preferred way.
The ability to accept payments securely online and on mobile apps is also an excellent commerce enablement opportunity, as membership organizations will be able to collect fees anytime, anywhere. Payment processors that offer PCI compliance resources can also work with member management solutions to ensure their software and their organizations are not storing members’ sensitive card and payment information, reducing the chances of a payment security breach.
Add features that enable automation
When member management software integrates payments, organizations will gain access to better reporting. A good payment processor will offer detailed and customizable reporting tools with online reporting, a virtual terminal that organizations can access to view real-time processing transactions, and transaction and batch management controls. These capabilities will make reconciliation easier and record-keeping more streamlined for an organization’s finance and accounting departments.
Another essential feature that a payment integration can include is recurring payments. When members can set up monthly, quarterly, or yearly payments, it can encourage on-time dues or subscription renewals, improving membership retention.
Lastly, member management ISVs should ask their potential payment processor if they offer any automated card updating services, which automatically update expired or outdated card information. This type of service will result in fewer card declines and reduce staff time needed for following up on failed payments, asking for updated card information, and manually entering it in.
Enhance the member experience
A strong payments partnership can help ISVs enhance the member experience for their organizations in various ways. Some processors may even offer services that are beyond payments but complement other parts of the membership journey.
For example, integrating an online forms management tool can help organizations collect information directly within their member management software. Doing so would improve the user experience, as members would not need to visit a third-party website to provide information. It also reduces the need for the organization to work with a third-party vendor for this additional service.
ISVs can also integrate features that help organizations with event management. Having the option to collect event registration fees through text to pay and email can help organizations provide additional payment options that are convenient and familiar to their members. Additionally, QR code functionality can enable seamless and touchless check-ins at events.
Organizations that accept credit cards and online payments also need to be responsible for keeping their members’ information and payment details secure. Working with a payments partner can help member organizations build trust as they will be able to offer payment security features such as encryption, tokenization, and EMV® technology. Having these security solutions integrated will help protect credit card data while at rest and in transit.
Additionally, member management software can leverage member data that advanced payment processors collect from transactions, such as age, gender, income, education level, and ZIP codes. These demographic data points are helpful for organizations that want to better understand their members. By seeing the breakdown of their member types, organizations can develop personas and personalize their marketing and messaging to increase member engagement.
Add value to member management software with integrated payments
Working with a payments partner allows member management software to address major pain points in dues collections while offering automation and payment security solutions to their organizations.
Choosing to partner with a company like Global Payments Integrated can help your member management software offer a better payment experience while also having the opportunity to monetize your payments offering. Contact our sales team to learn more.
EMV® is a registered trademark or trademark of EMVCo LLC in the United States and other countries. www.emvco.com.