How to Leverage Connectors and Get the Most Out of Your Marketplace
18/02/2021 | Blog
Cloud businesses need access to a host of applications that support their dynamic marketplace requirements to remain competitive. When these applications are not communicating with each other or have difficulty integrating into your existing infrastructure, it can disrupt your business continuity and cause your business to fall behind the pack.
Leveraging a CSP automation tool with built-in connectors can give your business a significant edge by providing the foundation for an interconnected integration framework. Connectors seamlessly integrate your cloud sales, billing elements, customer subscriptions, and product catalog with third-party systems to create synergies that add up to a highly productive Agile workflow. Considering that 70% of all system integration projects fail, having a trusted automation platform with built-in connectors is vital for ensuring marketplace continuity and success.
Here are some of the ways connectors can transform your cloud business.
Collection and Payment Platforms
Payment connectors provide collection automation for your cloud marketplace. This allows you to easily manage multiple payment methods such as PayPal, Authorize.net, Paymill, and others.
Define customer levels, set pricing rules, and offer your customers incentives to increase their productivity and sales. Even businesses that need to integrate with local payment gateways can use smart APIs to connect the automation platform to their choice gateway.
Integrating a payment gateway into your marketplace ensures a frictionless checkout experience, leading to happier, repeat customers and a quick way to scale your cloud business.
Ensure safe accounting practices with a seamless accounting connector such as QuickBooks, NetSuite, or Sage. CSPs need a reliable solution that integrates with their third-party systems and payment gateways to make provisioning seamless and accurate.
Built-in accounting connectors make it easy for CSPs to rapidly provision services and subscriptions and facilitate invoicing and accounts receivable. Replace manual accounting processes with an automated connector that saves valuable time and powers your GTM strategy. Streamline the order-to-activation process for your marketplace customers by letting them self-manage orders while minimizing frustration and increasing customer satisfaction.
By leveraging a business accounting connector with their CSP automation platform, one company was able to auto-provision more than 60% of new customer orders. This empowered user administration efforts and drove cost savings for the company’s invoicing and accounts receivable departments.
Smart Tax Software for US-based companies
Many cloud businesses are adopting an omnichannel sales approach to grow their business and reach new customers. However, it can be challenging to ensure sales tax is appropriately managed when scaling quickly across multiple channels—and new facilitator laws are making sales tax compliance even more challenging for CSPs.
As a result of the South Dakota vs. Wayfair case in 2018, states can now require remote marketplaces to collect and remit taxes based on economic activity, not physical store locations. More than 30 states have passed economic nexus laws with individual thresholds, applicable sales periods, and effective dates since then.
With a tax software connector built into your CSP automation platform, cloud businesses can navigate remote taxes with ease. The prebuilt connection allows for seamless interaction between your tax software and business so marketplaces can automatically calculate sales and use tax information for transactions, invoices, and exemptions. Since each state has its unique regulations, the smart sales connector is invaluable in automatically ensuring compliance.
Don’t See a Connector You’re Looking For? Reach out!
Connectors are designed to enable data synchronization between accounts, products, invoices, and third-party integrations. They allow businesses to grow using their existing legacy systems to support a powerful cloud operations platform to create seamless workflows.
With interworks.cloud open APIs cloud businesses can integrate what they need when they need it. Connect to a wide range of applications including ERPs, CRMs, ticketing solutions, and others to create a fully interconnected system of services to support your cloud business.
interworks.cloud works to provide a comprehensive suite of connectors for CSPs to leverage as part of their business strategy. Cloud marketplaces are ever-evolving and new technologies arise all the time—which is why we are committed to expanding our connector network and will continue to work with CSPs to build upon our existing list of interconnected integrations.
To see how the interworks.cloud automation platform and its suite of out-of-the-box connectors can work for your organization, request a live demo here.