The world of payments, software, and technology are intersecting at a rapid rate, causing companies to innovate faster than ever before, casting wider nets and looking for new revenue streams.
Just as fast as the payments industry is evolving, so is the Independent Software Vendors (ISV) market. Increasingly, ISVs have found value in integrated payments solutions to better process, reconcile and record payments across their interface, without having to overhaul their entire IT infrastructure. As more sophisticated payment methods gain ground (mobile/digital payments, NFC, etc.) ISVs need to investigate how integrated payment processing services can fit into their business model.
For ISVs looking for new revenue streams, the real value of integrated payments is the ability to evolve with market trends. All businesses need to offer at least one method to accept payments. With the financial landscape changing so rapidly, having the right payment processing partner allows the best ISVs to advance faster than their competition. Before selecting what integrated payments route is best for your business, consider the following.
Choose a Future-Proofed Payments Solution
ISVs must adapt at the same rate as new technologies evolve which are incredibly complex to handle. Choosing the right payment solution starts with assessing your current and future needs. Payment trends have shown that consumer preferences shift fast, which means the method in which they will want to pay in a few years could be drastically different than exists today.
Future-proofing is about anticipating your needs as an ISV, but also the needs of clients who rely on your software to run their business. Achieving a frictionless integration of new software can only be done when you have the right platform to build on.
Consider Enhanced Security Protocols
ISVs understand the importance of security measures. The same concept must apply to your payment processing standards. No matter how sophisticated your software is, before selecting an integration partner, ISVs must consider the embedded security measures and how they align with your specific needs.
As evidenced by the many high-profile data breaches in 2017 alone, adhering to the latest security protocols can make or break a company’s success. Failing to secure your payment systems can lead to costly regulatory issues, loss of revenue and destroy customer trust. Once your software is breached, the fallout from the incident can have long-lasting effects that dig deep into your bottom line and tarnish your reputation with potential and current customers. With increased market competition, these are risks ISVs can’t afford to take.
To avoid security pitfalls, ISVs should look for integrated payment solutions that are fully equipped with built-in security features. This including being PCI compliant and offering point-to-point encryption (P2PE) and tokenization abilities. ISVs should also work with a payment processing partner that offers highly-sophisticated tools, such as a secure card vault and embedded IFrame security.
Be sure to that your payment partner is EMV-certified to handle the integration, protecting yourself from unnecessary liability if a breach does occur. Choosing an EMV-certified payment processor also eliminates the need for you to get your EMV card brand certification and increases the overall security of your systems. Regardless of your customer base, integration and security go hand-in-hand when selecting the right solution.
Optimize Your Software To Adapt to Market Needs
Another critical feature for ISVs to consider when evaluating an integrated payments solution is how well optimized your software is to be compatible with the payments processor’s abilities. Consumers and business today expect to be able to pay through a variety of methods, which increasingly is through digital means. ISVs should ensure their software can seamlessly integrate with payment systems that accept mobile and digital wallets, NFC payments — along with traditional magstripe and EMV chip cards.
Optimizing the payments experience is another method that delights customers, assuring them that your business is putting their needs first. Offering the latest payment methods also signals to your customers that your software is fully up-to-date with the most recent security measures and will be able to process their payment without any hassle or delay. True optimization in today’s fast-paced environment means being able to integrate with the best payment technology in the market — and being able to meet the needs of your current and future clients.
Focus on Easy-To-Integration Solutions
The right integrated payments partner will also have a host of developer APIs that allow ISVs to leverage the power of integrating payments processing. ISVs must consider what APIs are available in the developer’s toolbox to achieve a seamless integration experience. Features like a full stack REST gateway API allow developers to integrate better payment processing solutions, which in turn will enable ISVs to help their clients manage their mobile app, POS software, online storefront and payment processing solutions more efficiently.
Bottom line: Better, faster integration with robust built-in security features is a win-win for both you and your clients. Find the right partner to set you on that path, and you’ll be equipped to execute a more strategic plan to growing your customer base and boosting your revenue. From there, you are better suited to build brand value, which will have a positive domino effect on your future growth.