The payment processing industry has experienced some radical innovation over the last few years. These innovations have positively influenced the ability for payment processing companies to provide additional value to their partners. Independent Software Vendors (ISVs) and developers are quickly adapting to these advancements and moving to take advantage of the new opportunities available to improve and grow their businesses.
End-user value creation
The worth of a company or product is directly proportional to the value it provides to the customer. Payment processors are helping ISVs and developers add even more value by enhancing the service or product offerings they deliver to their customers.
Merchant service providers are no longer restricted to offering only traditional toolkits comprising of online payment gateways, credit card processing, virtual terminals, recurring payments, etc. Today, companies like goEmerchant are providing value added components like loyalty programs, revenue sharing, multi-platform compatibility, data analytics, API integration and more. The payment processor you partner with can directly influence whether a customer chooses your product or service over the competitors.
When looking for the right payment partner, ISVs and developers should first retain a deep understanding of their customer base and then decide what additional value should be taken advantage of. Would some of your customers appreciate the ability to be involved in a loyalty program? Do any of your customers prefer using Apple Pay? Would having API integration improve the overall effectiveness of your software or application?
Payment processors like goEmerchant can also provide detailed reporting and analytics for your merchant account. This allows you to get a better understanding of who your customer is, how they prefer to pay and what it would take to keep that customer happy. Many of these innovations enhance the end user experience and help to optimize your business, but don’t ultimately alter the underlying product or service itself.
Reaching new markets
Payment processors can help their partners reach new markets by allowing transactions on a multitude of platforms and providing the ability to accept a large variety of payment methods. By collaborating with a payment processor that can scale with your business and cater to all future requirements, you will be fully prepared to penetrate new, untapped markets and reach more customers.
Security, the primary concern
A key concern for consumers when providing credit card and payment information is cybersecurity. It remains one of the top reasons shoppers chose to abandon an online purchase. Not only can payment processors help to offer a seamless checkout experience for your customers, they can also help your customers feel confident that their payment information will be handled properly. There are rapid innovations taking place like EMV and multi factor authentication that make accepting payments more secure than ever before. This benefits ISVs and developers by letting them concentrate on their business and not worry about fraud detection or preventing security breaches.
It is clear that overtime, payment processing has been divided into two segments. On one side, you have the essential components – everything that is critical for you to process payments in your business. On the other side of the spectrum, however, are payment processors like goEmerchant, partnering with you in order to add additional value to your business. They occupy a unique position in your product delivery platform and have direct access to customer data. It is this aspect that enables them to augment the customer experience and provide more value to ISVs and developers than ever before.
At goEmerchant, our partners get more than great payment processing technology and top-notch service. We provide the integration and customization tools and services that enhance your customers’ payment environments – making your solutions more valuable. Click here if you’re interested in learning more or would like to submit a partnership application.