What Is Royalty Payment Software and How Can It Help Your Business?

We go through many capabilities provided by royalty payment software, some of the benefits that significantly impact your royalty-related operations

As businesses grow, brands develop, and franchises expand, being able to efficiently manage the many complex details associated with royalties, contracts, and licenses become more important to your franchise operations. Royalty payment software can help to ease the burden of your many day-to-day tasks by managing your client relationships, agreements, and payment processing.

From the first inquiry through final contract execution, your royalty payment software can help to securely maintain sensitive data, monitor the exploitation of your rights, send and accept payment for invoices, and handle a variety of other intricate details that would be cumbersome or impossible to manage otherwise. Here are three valuable capabilities of royalty payments software and how it can help your business.

Secure Data and Processes

Royalty Payment Software

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Trust and security is a fundamental characteristic of any organization. While it’s not often the most exciting feature, it’s imperative that you’re able to store your data and processes securely. If you’re storing any sensitive, personally identifiable, or financial information, you must ensure that you’re protecting those details from prying eyes and data-intrusion attempts.

Royalty payment software can do so much more than just process payments. It can keep all vital data securely vaulted away with access only granted to specific parties. Data security is so important that companies who forego taking the necessary steps to secure their clients’ details run the risk of significant legal and public relations issues.

Royalty and Rights Management

Depending on your licensee or franchisee, the rights provided, payments schedule, and allowed timeframes can pose extreme challenges to any business with multiple contracts or brands to manage. With royalty payment software, you can actively monitor the exploitation of your licensed rights, create and issue invoices, collect the payments, and renew, revoke, or extend rights. The ability to manage each aspect of your royalty agreements can become an invaluable asset and can allow you to focus on further development of your brand and relationships.

Handle Complex Details

Multiple varying aspects go into handling royalties and related payments, especially if there are numerous brands, rights holders, and locations. Royalty Payment Software makes facilitating all the intricate details a breeze. Quickly gather the necessary information from the licensees, create contracts, and send invoices. As rights expiration dates get nearer, the software can automatically prompt renewals or create opportunities to develop the sales relationship further. Based on the contract and rights granted, your royalty payment software can help you monitor or receive notices of various details and automate specific actions on your behalf.

Regardless of whether your company is highly selective with royalty agreements or manages multiple brands with a high volume of activity, royalty payment software can help to ensure that your business continues to run smoothly. It is impractical, if not impossible, to manage all of your royalty relationships without a dedicated software suite to handle the variety of complicated tasks required. While this list is not all-inclusive of the many capabilities provided by royalty payment software, it gives many undeniable key benefits that can have a significantly positive impact on your royalty-related operations.