Profitable Freemium Software with Integrated Payments Partner
Freemium Software – How to Profit with an Integrated Payments Partner
They say the best things in life are free. If you are offering free software, you’re probably already aware of the benefits of the freemium business model. Here are a few steps to improving your profits when offering freemium software by choosing the right integrated payments partner.
What Is Freemium Software?
Freemium, which started as a blend of free and premium, is a complicated strategy that can take many shapes and forms. Typically, you offer a product for free, then charge for a premium version of the same product. The free version can simply be for a limited trial period, or it can include limited features.
Create a Profitable Business Model
Successful freemium business ventures need to be profitable. Although it can be challenging to compete in the freemium market, there are a few basic areas you need to focus on in order to profit as a freemium business:
- Premium conversion rate
- Effective product
Once you’ve created software that addresses a common problem, you’ll need to ensure that enough customers choose the premium version in order to be successful. This is the basic strategy of a freemium company, but there are alternatives ways to increase your profits as well.
Use Integrated Payments Residuals
Leveraging your integrated payments is key to increasing your profits. Whether you have a steady stream of revenue from your software or not, you should be accruing integrated payments residuals as well. With a successful integrated payments partner, your business will enjoy passive income that you can use in many ways, including:
- Reinvest in your software
- Increase advertising channels
- Expand your range of products
- Boost your working capital
Partner With Paragon Today
Don’t work with a partner who isn’t willing to help you grow your business. At Paragon Payment Solutions, our team is committed to helping our partners succeed. Contact us to learn about how your freemium business model can become more profitable with our integrated payments solutions.
Ready to see our API or open a test account? Looking for more information on our Partner Programs? Are you a merchant with a question? We are here to help!