There’s a big “F-word” that much of the payments industry talks about but fails to address. That word, of course, is friction — and it’s becoming the leading buzzword across the payments processing ecosystem.
By 2018, many Independent Software Vendors (ISVs) have realized that payments processing enables them to diversify income streams and grow their revenues. To do this, ISVs must understand what products, services, and solutions will streamline the integration of new tech and payment tools, helping them process, reconcile and record payments smarter, faster and more efficiently.
Reduce Payment Friction with Better Developer APIs
APIs have become another leading buzzword in payment processing world due to their ability to streamline the integration process. The keyword here is integration. ISVs can reduce payment friction in almost every scenario by working with an integrated payment processing solution provider. From there, ISVs will be privy to the host of benefits that come with that – REST APIs, developer tools, faster and easier code integration, and industry-leading security features.
APIs also streamline the payment integration experience by offering a developer’s toolbox that enables ISVs and merchants to customize their payments processing hardware and software solutions to best fit the needs of their customers. Merchants should also work with an integrated payments partner that offers a software development kit (SDK) to more securely process transactions. This ensures data flows over secure networks, instead of being left on vulnerable systems.
Reduce Payment Integration Friction with an EMV-Compliant Solution Provider
By now, most merchants should understand the importance of being EMV-compliant. For those playing catch up, the task may seem daunting. ISVs needing to enhance their ability to leverage secure payment solutions for their customers must ensure they’re also compliant. Reduce payment friction by choosing an EMV-certified provider which in turn, takes any guesswork out of the equation.
Payments are complex and filled with heavy regulations. Working with an EMV-certified payment processor for integration also reduces your liability as a business, eliminates the need to get your EMV card brand certification and increases the overall security of your systems.
Reduce Payment Integration Friction with Future-Proofed Solutions
ISVs wanting to expand their customer base also need to offer solutions with diverse payment options. Beyond EMV, ISVs must choose payment solutions that accept more innovative payment forms, including contactless and mobile. The influx of tech into the payments ecosystem has driven an even more significant need for ISVs to select payment processing partners who move at the rate at which this industry evolves. Clunky, old legacy systems won’t do it anymore. The future is all about SaaS solutions that are nimble, flexible and can integrate immediately with the latest tech on the market.
Choosing a future-proofed payments processing partner also gives ISVs peace of mind that integration will be done in the most secure environment, and in the least amount of time possible. As ISVs know in this highly-competitive industry, speed and security make or break your ability to attract customers.
Reduce Payment Integration Friction with a True Integrated Payments Partner
Faster and better is the name of the game, and not every solution in the market is equipped for the challenge. Taking an integrated approach is the only way to get the friction reducing benefits mentioned above.
Integrated payments give you the ability to bridge the gap between your hardware and software needs. ISVs must be able to serve merchants’ numerous channels, which translates to both physical POS devices, and online and mobile software. Relying on a payments processing partner that provides an integrated payments experience helping you onboard new tech across each channel as seamlessly as possible. The same rings true no matter if you’re conducting payments across a physical environment, or enabling a transaction on a digital site or app. From there, the rest will fall into place. With goEmerchant, you can spend less time worrying about integrating payments and more time focused on growing your customer base.