Commission software is a way to collect money in a traditional or digital business. With commissions, the company receiving the work acts as an intermediary and manages its pay and remits it to the person who generated it. The idea behind commission software is that it allows businesses to receive payments without involving external third parties, making it easier for companies of all sizes and industries to implement.
It might sound too good to be true – who wouldn’t want the ability to generate income simply by doing their job? – but there are plenty of companies out there raking in big bucks by relying on commission software alone. Here’s how you can become one of them…
Commission Software for a different type of Sales
Before setting up your commission software, you need to learn about what it entails and how it can help you. Here are some common types of commission software:
In-house commission software
In-house programs offer features that can be customized to match your design and brand. They’re created specifically for use within your company, meaning you have complete control over what information is stored and how the program functions. This makes them highly adaptable – but also very expensive.
Freemium commission software
This web-based system offers basic features at no cost and premium features at a nominal price. Freemium commission software is generally geared towards a broad set of users and will still be worth the investment, even if you only use it for a limited time.
Website commission software
This program best suits businesses that want to reward 1:1 interactions with customers. Website commission software tracks click, leads, and other interactions – then automatically award commissions based on the criteria you set.
Mobile app commission software
This type of program is compatible with everything from smartphones to tablets. The data you collect can be shared directly from the app to your chosen payment processing company. This makes it easy for clients to pay you whenever they’re ready.
Sales commission software is an excellent fit for any business field, but using it requires some knowledge of its inner workings. Here’s what you need to know before implementing a program…
How Commission Software Works
Commission software has three essential components; the registrant, the process manager and the payment processing company. Each part is critical to the program’s success, so keep these tips in mind as you set up your own sales commission software:
Registrant:
When customers register with your company, they’re added to the registrant database. This allows you to track their progress and reward them appropriately for their purchases.
Process manager:
This part of the program tracks all customer interactions with you, from initial purchase to payment. The process manager is essential for creating categories and setting up payouts.
Payment processing company:
This third party is used to process payments of commission software for sales and handle disbursements. This serves two purposes: It makes accepting international transactions more accessible and allows companies to take advantage of payment processing features (like coupons or discounts) that may not be available in-house.
What is Commission Clawback?
The commission clawback is an integral part of commission software that protects your company from fraud. If a customer registers using an invalid email address or if their credit card number is weak, you can automatically reject the transaction. However, you should always allow occasional fraudulent transactions, especially after your program has been running for some time.
It is possible for you to enhance the amount of money you earn by using the ElevateHQ platform. If you want to be able to run your business more effectively, stay competitive over time, and keep up to date with the most recent information, you need to be sure that the comparisons you are making with other companies in your industry are accurate.
