When you are first starting out with your platform or SaaS, your goal for the first few years is probably to break even. It's tough to start turning a profit, and it can take a while to get your brand established.
Around 30% of new businesses fail within the first two years, and 50% within the first five years. If you can make it past this point, chances are you're going to look for new ways to bring in additional revenue.
When it comes to your business, any money is good money. Looking for ways to add new revenue streams will take some strategic and creative thinking.
Your first thought may be that developing a new product or service is a great way to bring in more revenue, but unless you have a brilliant idea that relates to your current offering, this can be a very costly process.
With your platform, you have opened up your customer base to a national, or even global audience. As you continue to grow, you will likely be looking to offer a payment solution for your customers.
Utilize the resources that you already have. One of the easiest ways to add a new stream of revenue is by partnering with a payment provider that offers revenue sharing.
What is revenue sharing?
Revenue sharing occurs when you partner with a payment provider and introduce them to new clients either directly or through your platform.
Partners buy the services wholesale and sell it to their customers for retail, keeping the spread for themselves.
What ways can you partake in revenue sharing?
When you partner with a payment provider like Bambora, there are multiple ways you can earn revenue. The share structure varies from partner to partner, but the three main types of revenue sharing you can earn on are:
Per transaction fees: You win every time a client processes a transaction
Set-up fees: You win this on a one-time basis for each new client you set-up
Monthly fees: You earn a percent of the proceeds from each monthly fee collected from a client
The way you want to earn depends on what makes the most sense for your business; one way is not necessarily better than the other. No matter what structure you decide to go with, it's a guaranteed win for your business.
What qualifies you to be a partner?
For Bambora, a partner is anyone who can introduce new clients to any of our products or services. You can integrate directly into our payment platform and offer this capability right in your solution, or if you use any of our services, you can send your merchants to do the same.
We have partners from every type of industry you could think of, with more solutions than you can shake a stick at.
You have made it past the point of wondering how and if your business will grow. Congratulations! The solution you offer has carved out its place in your industry, your customers are happy, and you want to take your business to the next level.
Finding additional ways to generate profits is likely where you will be spending most of your efforts. Incorporating revenue sharing into your strategy is a great way to add a new stream of revenue without the hassle of developing new products or services.
Revenue sharing is just one of the many ways Bambora can add value to your platform. Contact our sales team to find out more.