What Is Residual Management?
Every business has a minimum rate of return. The amount of profit that exceeds the minimum rate is named residual income. Residual management is the part of the CRM that calculates this type of income and manages it. Depending on the complexity of a business, it can become very difficult to calculate and manage residual profit and income. For this reason, it is very important for the CRM that you use to offer this feature, especially if your business is in the payment processing industry.
Residual management must include the calculation of the income as well as an overview of its origins and a detailed report of each payment processor. This information will give you very important insight which you can use to grow your business faster. Further, you will find out what is the importance of residual profit and income for your business, what other benefits your payment processing business will get from a good CRM.
What Importance Does Residual Income Have?
The first thing you need to know is how residual income will help you grow your payment processing business. There are 3 very important pieces of information that you will obtain from a good residual management feature:
- Strategy. You will be able to see the exact results produced by your strategies. This will offer you the ability to see the effectiveness of different strategies. In this way you will have the possibility to focus on the best ones. Moreover, you will be able to take much better strategic decisions based on the information obtained from the reports.
- Sales. You can help your sales team to increase their skills. They will be able to learn from each other the methods that produced the best results. As for the rest of your team, they will also be able to improve their efficiency and especially their decision making.
- Resources. Think about it, instead of spending a lot of time, manpower, and effort to obtain this information, you can let a computer do the same thing much better and much faster. By having this feature, you can focus a bigger part of your resources on other parts of your business. For example, the saved resources could be used to find even more clients.
Now that you have an idea about the importance of a residual management feature, it is time to find out what other mandatory features should you look for. Keep in mind that a good CRM has the potential to skyrocket your business’s growth.
What Other Benefits Will You Obtain from a Good CRM?
Besides residual income, there are 4 features that good CRMs need to have. Each of them will help you with different parts of your business:
- Sales tools. For a payment processing business, it is very important to have many parts of its business automatized. This includes many repetitive tasks of the sales process. A good CRM must be able to do this through tools that are easy to use and understand. You should look for a CRM that offers proposal generation and digital signature, calendar integration and appointment boards, visitor tracking and lead management. All of these are very important tools for your business and they will help you enormously.
- Operations & back office. Most of the time, this is the central part of a CRM tool. Here you should be able to control and find all the information that you have about your clients such as the chargebacks and disputes. In this way you can decide if a customer is too troublesome to keep or not.
- Customer support. As a payment processing business, you have a very big responsibility. For this reason, you need to gain the full trust of your clients and the best way to do that is through high-quality customer support. A good CRM must be able to offer you very good tools that will help you do exactly that. For example, a white-label merchant portal that can be labeled with your brand and a help desk tickets module where you can resolve your clients’ problems.
- Communication tools. An important part of your business is communication. For this, you will need good tools that will help you in at least 3 ways. One, to manage your sales team and ensure that they are using the right methods and strategies to acquire new clients. Two, increase the level of your customer support. Three, find the true talents of your team and slowly form an elite team.
What Makes IRISCRM Your Best Choice?
Unlike our competitors, IRIS CRM has chosen to focus on a single industry. For this reason, most of our clients are payment processing companies. This is why we are able to offer more customized solutions, like residual income management.
Our CRM will offer you all the tools and automation that your business needs to grow faster. The main goal of our business is to offer:
- Efficiency. We understand the complexity of a payment processing business., The first goal of our CRM is to massively increase the efficiency of every one of our clients. This will help you avoid any future problems caused by human inefficiency.
- Quality. Our understanding of the industry gives us insights about what clients are looking for in the first place. This is quality. Business owners are willing to pay more for quality because they understand the benefits that they will obtain in the future.
- Profits. The main goals of every business are to help others and make a profit. We understand that and can ensure that your profits will grow, not only from the reduced costs made possible by automation but also because of the increased ability to scale your business and better residual management.