<aside>
💡 Understanding the business aspects of your product is just as crucial as the technical and user-oriented aspects. Monetization structures, legal considerations, and privacy concerns are integral components that Product Managers (PMs) must navigate.
</aside>
Financial Integrations
- Payment Gateways: Integrate with payment gateways like Stripe, PayPal, or Square to facilitate transactions securely. Consider factors such as fees, currency support, and fraud prevention.
- Merchant Accounts: Set up merchant accounts to receive payments and manage financial transactions.
- Subscription Management: Implement subscription management systems for handling recurring payments, billing cycles, and customer billing preferences.
- Payouts: Establish systems for payouts to vendors, partners, or users, ensuring timely and accurate disbursements.
- Tax Compliance: Ensure tax compliance for transactions, including VAT, sales tax, and other regional tax requirements.
- Partnerships and Licensing
- Partner Agreements: Develop partnership agreements that outline the terms, expectations, and responsibilities of each party involved in a partnership.
- Licensing Agreements: If your product relies on third-party licenses or APIs, secure the necessary licensing agreements and adhere to their terms.
- API Integrations: Collaborate with external services through well-defined API integrations to extend the functionality and value of your product.
- Data Sharing: If sharing user data with partners, implement clear data-sharing agreements and prioritize user consent.
Legal Documents
- Terms and Conditions: Create comprehensive terms and conditions (T&C) that govern how users interact with your product, including usage policies, liability, and dispute resolution.
- End-User License Agreement (EULA): If applicable, draft an EULA that outlines the terms for software usage and intellectual property rights.
- Privacy Agreements: Develop privacy agreements that detail data collection, processing, and sharing practices, ensuring transparency with users.
- Contracts: When entering into agreements with customers, partners, or vendors, draft legally binding contracts that clearly define obligations and terms.