What Are the Residual Reporting Features That a CRM Software Must Provide?
You should know that after an ISO grows to a certain level, the most important revenue streams that it has are the residuals. But together with the growth of the company and the number of clients that it has, the management of the residuals becomes extremely complicated as well. So, a CRM starts to be a mandatory investment that an ISO must make. The residual reporting and residual analytics parts of this type of program will help your ISO manage its residuals with ease. There are 4 types of features that the reporting part must contain.
• Residual calculations. A reliable CRM must be able to calculate the residuals of an ISO by itself. So, it basically automates this process. And for a big ISO, this feature alone is worth the price for the whole software. It may take days for a human to do these calculations and residual analytics and the risk for errors and mistakes is extremely high. But luckily, everything can be avoided through the use of reliable software.
• Agents payment. Another feature that the residual reporting part of a CRM must contain is the ability to pay your ISO’s agents directly. The best alternative that you can find is to make sure that the payments are made through a secure and fast method such as ACH. This feature will ensure that your agents are satisfied and that no problem will ever arise. Also, due to the ability to calculate everything about the residuals, you will be able to find out instantly how much you need to pay each one of your agents.
• Detailed overview. A standard feature that the reporting part of the software will include is an overview of the situation of your company’s residuals. The reports should be real-time or as fresh as possible. The overview must include the results of the calculations and all the information about the residuals that you will need to make basic decisions. This feature is essential for the future of the company. Why? Because it allows you to make accurate decisions based on critical information.
• Management for payment processors. Keep in mind that an overview does not provide all the information that you will need about the residuals. So, you need to make sure that the CRM also provides you the ability to manage the residuals of your ISO from the payment processor level. You will be able to detect which processors are the most profitable ones. And you can use that information to either focus your efforts on the best alternative or try and raise the effectiveness of the other processors as well.
What Advantages and Benefits Can You Expect from the Residual Reporting Features?
After knowing the essential features that the residual reporting part of a CRM must include, you should also know what advantages and benefits can you expect from these features. There are many advantages and benefits that your ISO will obtain. But most of them can be separated into 3 categories or critical benefits. All 3 of them will help your company in different ways. But all of them will increase the growth rate of your ISO.
• Save time. The first advantage that you can expect from residual analytics and reporting is a lot of time saved. As mentioned in the beginning, the calculation process of the residuals takes a lot of time. But a reliable CRM will not only help you save time on calculations. But it's management as well. Keep in mind that both the agent payments and the reports creations will need extra time to take care of manually. And this process will be repeated at least once a month. So, you will be able to save at least a week of working time each month. And that will drastically increase the efficiency of your ISO.
• Save human resources. The second type of benefit that you can expect is to reduce the need for human resources in the management of your ISO’s residuals. You will not need a human to take care of the calculations, payments, and even the creation of the reports anymore. Your staff will be able to focus their efforts on more important tasks. For example, tasks that will directly increase the revenue of your company. Also, the productivity of your team will increase because they will be able to accomplish and take care of more tasks with the help of the CRM.
• Make better decisions. Lastly, with all the information provided by the CRM, you will be able to make the best decisions for the future of the company, not only the management decisions needed for the short term will be very accurate. But the riskier ones that affect the long-term success of the company will produce much better results.
Other Residual Analytics Features That a Professional CRM Can Provide?
The residual analytics part of the CRM is also important. And it contains features and tools that will help you accomplish new goals besides the ones accomplished by residual reporting that would be almost impossible without the help of this type of software. The 3 most important goals are:
• Growth tracking. You can check the growth of your company in real-time. From day to day or from month to month, if you choose so, you can see the increase in the residuals of your company. And you will also be able to check the reasons behind the growth.
• Staff improvement. Another ability that you can expect to get from residual analytics is the ability to monitor your staff. You can make use of this advantage to improve the skills and the results produced by your team. You can also get rid of any employee that does not take his role seriously and has no desire to improve himself.
• Check the results of new strategies. Lastly, you will be able to check the results produced by your decisions and strategies. Keep in mind that the CRM will help you make the best possible decisions. But you will also be able to check their effectiveness through the features that the software provides.