One of the keys to a successful business model is to leverage systems and processes that generate new revenue streams. Increasingly for ISVs, this can be done through enhanced payment processing technology.
It’s easy to think of payments simply as a means to an end. Payment technology takes that concept to an entirely new level and helps ISVs turn their payment processing into a tool to boost their bottom line and grow their company. A great starting point when looking to scale your ISV business is to evaluate where integrated payments fit into your growth plans.
Scaling your ISV business should be accomplished by managing the customer relationship in a way that provides your customers with the necessary technical specs, but with a human touch. Ask them about their payment processing needs and if their current systems are fitting the bill. Explore which options are best for their own customer base and help them navigate the vast world of payment processing technology to determine how your software best fits into their overall growth goals. You can achieve this can by focusing on a few core elements, which we explore below.
Focus on Payment Security
Security is the building block to scaling your ISV business through payments technology. ISVs must focus on integrating payment technology that is focused on data protection. The easiest way to ensure security is by working with an integrated payment processor partner that has the necessary security protocols already embedded into their software systems.
What ISVs must look for is an integrated payments provider that offers technology equipped with end-to-end tokenization (E2E), encryption and PCI security standards. Overlooking these key security protocols can significantly hinder your ability to protect your business and your customers. In contrast, protecting yourself with the latest security measures is a crucial part of securing your revenue streams for the long term.
Deliver Seamless Payment Methods
Payment technology is designed to make your business’ everyday tasks easier, which includes how you interact with customers. Your customers expect flexibility and choice in what types of payment methods they can take advantage of, which is where an integrated payments provider can serve ISVs. Payment providers like goEmerchant help give your software solution a jumpstart by offering your customers payments tailored to their needs.
An integrated payments partner can provide a diverse number of payment methods to help scale your ISV business. This includes traditional card payments, but also emerging technologies such as mobile EMV & NFC payments and recurring payment methods. Having the ability to easily and quickly onboard these payment options — and offer them to your customers, can be a game-changer for any ISV looking to scale quickly with a growing customer base.
Onboard Timely Payment Methods
The classic saying “time is money” rings true in the software market. All of your customers expect many things from the relationship but some are mission-critical; your software needs to make their lives easier, and transactions must happen quickly. Luckily, with the right integrated payments processing partner, this is seamless.
The right integrated payments software gets funds into a business’ account faster by having systems in place to navigate the potential hurdles that arise in payment processing. Whether it’s issues related to delayed or declined payments, knowing how to scale your business also has to do with knowing how to manage the flow of your payments.
Today’s modern payment experiences, powered by better payment gateways and enhanced software services, allow for automatic reconciliation, faster fund transfers and payment methods that make transactions between the business and their customers easier. Integrated payment solutions can help your customers avoid unnecessary pitfalls by equipping them with the best set of tools from the start.
Achieve Top-Notch Customer Service
Integrated payment technology has transformed the customer journey process for how ISVs attract customers, but that doesn’t mean you can ignore good, old-fashioned customer service.
Whether it be to ensure your recurring payments are communicated properly, or know how to quickly fix a bug when it occur in your software, the last piece of the puzzle in scaling your business is all about establishing expectations from the start. A confused or angry customer can quickly cause churn, and will significantly hinder your ability to scale.
Integrated payment solutions will set your business apart in today’s crowded market, but you must remember to focus on delivering the support necessary to ensure the technology and tools are operating at full capacity. Your customers value the power within the payment software solutions you’re able to offer them, but they expect to have a team of experts by their side whenever questions arise. Deliver the truly integrated payments experience by taking the software service to the next level and adding a human touch to the customer journey.
