On today’s episode, SaaS and big banks team up. We talk expansion revenue with Kajabi, and behind the scenes of this year’s Recur Boston conference with event master Erin Phinney.
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Big banks x SaaS
We’re hearing word that Boston-based Flywire, a global payment SaaS platform and processor, just formed a partnership with Bank of America. The company has clients in a variety of industries—from healthcare to education (and beyond)—and one of their biggest use cases is having international students get their money to the U.S. without hidden bank fees, difficult wire transfers, and the like.
And according to Flywire, cross border payments and receipts represent a growing portion of transactions for banks and their clients, with the total cross border remittances expected to exceed $22 trillion this year.
By 2025, this is forecasted to increase to over $25 trillion.
So we're looking at pretty big business here. But as we witness economies becoming more global, how is this partnership noteworthy?
Flywire’s CEO Mike Massaro points out that “Cross border payments and receipts remain complex, costly, and difficult to reconcile for both payers and receivers.”
And that working with Bank of America can “significantly expand access to the Flywire solution, while providing integrated banking and payment solutions that make the receipt of global payments much faster and easier for any type of business or institution.”
In September, Flywire and Japan’s JCB International partnered to provide international students with a new method for making cross border tuition payments. So this sounds like a push for higher education and corporate clients to see a lot less friction in processing these cross border transactions.
Not to mention this is a pretty big progression in the SaaS space. Big banks are coming around and pivoting with the times… at last.
So we welcome another new member to the SaaS class.
Let's Talk: product
Our neighbors in the subscription space, Kajabi—an online business platform—release a video series called Let’s Talk, during which the team takes us behind the business with leaders of their departments to talk about ways of improving online business.
In the latest episode, Court, Kajabi’s VP of Product Experience, and Jeremy, its VP of Product, sit down regarding all things product.
The Kajabi crew tells their users to start small: create one small product, and sell it.
"But then, once your customer purchases from you, realize they are now more likely to purchase from you again. So from there, you can “expand” your content and provide more products to your customers."
This really comes down to expansion revenue. The beauty of the subscription model is that for the first time in our history we have a business model where relationships are built directly into the revenue model. If a customer continues to like you, they aren’t going to churn, and they may even buy more of what you’re selling. So to put it bluntly: more is almost always better when it comes to expansion revenue.
We have an episode of the ProfitWell Report with pricing guru Patrick Campbell that digs into expansion revenue (and how much a company needs in order to succeed), linked accordingly.
Thanks for the lowdown, Kajabi. We’re all ears for more Let’s Talk episodes to keep in the loop on what you're up to.
Time: let's make the most of it
We try to use the most of it, but when building a subscription business, there just never seems to be enough of it. But what if we could slow time down? What if we could take a moment, take a step back, and get the most out of our time to make us better?
It's time for Recur Boston, a time during which we bring together the best and the brightest in the subscription space for three days of relationships, learnings, and data.
Here with me is ProfitWell Event Manager Erin Phinney, who reveals what’s in store for this year’s conference.
Erin, tell us a bit about Recur Boston.
"Recur Boston is our flagship annual conference that we host here in Boston, Mass., where our headquarters are located. The main day is taking place on Thursday, Dec. 12, at the Revere Hotel Boston Common. The day prior to that we have an optional pricing and monetization workshop and for the two days following—the 13th and 14th—we have a leaders' retreat."
Got it, but can you give us a look behind the scenes? What’s something our listeners wouldn’t get from the Eventbrite page, per se?
"We care very deeply about the attendee experience here and quality. So we take time to make sure that you guys are all very well taken care of when you're here with us. That's everything from food and beverage (coffee is included, hot meals, drinks at all of our parties), but it also means your experience with your connections and networking with your fellow peers."
Who’s the ideal attendee? Why would (or wouldn't) I choose to join the ProfitWell crew this December?
"An executive in the subscription or SaaS space."
This is your second year in charge of the event. What’s new this year that veteran attendees can get psyched over?
"We got some feedback from our amazing attendees that the one-day, one-track setup for the conference is amazing, but it's jam-packed from start to finish. And we wanted to add a little bit more time for our wonderful attendees to get to know each other and network, so we added a pre-event party that's happening the night before—included in your general session ticket. All food and drinks are included in that, and it's just time for everyone to get to know each other before the madness of the main conference starts."
Come hang with us at Recur Boston this December at the Revere Hotel. Further details, speaker lineup, event agenda, and signup intel, here.
Recur Boston 2019
Where will you be this December?
Join the smartest subscription professionals for talks from the trenches, one-on-one advice and networking for our four-day conference in Boston. Extended info. and signup can be found at our event site, here.
And that’s a wrap for your October 30 subscription news. Recruit your teammates into the subscription know: recurnow.com to sign up for episodes on the daily.
If you have news to share, hit me up at firstname.lastname@example.org and we'll collaborate.