When it comes to managing online payments, it’s easy to only consider the payment processing side of the equation. But that’s just part of the payment journey.
Independent Software Vendors (ISVs) have quickly realized the revenue-generating benefits of payment processing. To optimize your payment processing online, it’s important to have the right online payment gateway to authorize the transfer of funds between the buyer and the seller.
While the function of a payment processor is to transmit the actual payment data, the authorization side of the payment puzzle is all part of the payment gateway process. For ISVs wanting to power a frictionless payment experience without delays, having the right processor and gateway really matter.
Similar to choosing a payments processing partner, ISVs must weigh many considerations before selecting which online payment gateway is right for them. We’ve gathered five tips for ISVs to consider during this process.
ISV Tip No. 1: Flexibility Matters
The world of online payments changes rapidly. With new tools and methods being integrated into the e-commerce ecosystem on a regular basis, ISVs should prioritize a payment solution that places value on flexibility. Not only will this make the integration of your online payment gateway that much easier, but it will also help future-proof your payments systems to adapt to the evolving needs of the market.
When providing payment processing capabilities to your customers, they should know that your business is offering the latest and greatest tech in the marketplace. Working with an online payment gateway provider that is developer-friendly for faster, easier integration of new technologies, ensures your chosen payments solution is scalable.
ISV Tip No. 2: Security Above All Else
In an era where online fraud is all too common, ISVs must choose an online payment gateway provider that invests in providing industry-leading security features. This includes being PCI compliant and offering point-to-point encryption (P2PE) and tokenization abilities. ISVs should also work with payment gateway providers integrated with highly-sophisticated tools, such as a secure card vault and embedded IFrame security.
An online payment gateway is an essential part of a payment transaction as it is responsible for encrypting information and routing the payment details to the payment processor. The ability to both quickly and seamlessly approve a valid transaction or reject a suspicious payment is equally as important in the vendor-customer relationship. When choosing the right gateway solution, ISVs should evaluate the checklist of features to ensure their business and customer’s data are fully protected.
ISV Tip No. 3: Think Integration
Much like security, the ability to easily integrate online payment gateway tools that power a better experience matters for streamlining your payment processes. The right gateway provider will offer a host of developer APIs that ease integration burdens. Features like a full stack REST gateway API allow developers to integrate a more dynamic online payment gateway, which in turn allows ISVs to better manage their payments strategies across multiple channels.
Because your clients today have mobile apps, POS software, online storefront and payment processing solutions to manage, you’ll need all the support you can get when integrating your online payment gateway. ISVs already know the value of having an experienced tech support team. Combine this with easy-to-integrate code that can easily be dropped into to your custom online payment solutions, and you’ll be up-and-running faster.
ISV Tip No. 4: Remember Omni-Channel
Accepting payments online today is about more than just completing a simple transaction. It’s about powering dynamic payment experiences that connect your business’ daily activities across multiple channels.
Whether it be managing a retail merchant account, an eCommerce merchant account or enabling mobile credit card processing, ISVs must work to integrate an online payment gateway solution that powers the best experience for their clients regardless of the channel they conduct their business through — and payment methods accepted. ISVs must think beyond the single channel approach and consider all the elements that power a business’ payment processing needs.
ISV Tip No. 5: The Right Payment Partner
This last tip, albeit a bit obvious, is the most important aspect of any relationship. Choose a payments partner that can offer you and your clients not only the payment solutions you need now – but also in the future, as your organization grows. This can only be achieved by selecting a partner with a customer-centric philosophy.
With goEmerchant, we offer ISVs simple and secure REST APIs, along with tools to instantly enable your mobile app, POS software or online storefront to accept and manage credit card payments. With an emphasis on boutique-style support, we understand the value of providing more seamless payment processing and payment gateway support.
