Every business is looking for new, sustainable revenue sources. Increasingly, can be achieved through investments in payment technologies that will transform your regular revenue streams.
The question software company leaders must answer is how they can tap into the ever-growing payments ecosystem to boost their bottom line. Independent Software Vendors (ISVs) can achieve this goal by partnering with the right payment enablement partner (like GoEmerchant) to acquire this additional resource.
Integrated payments processing allows businesses to offer a more comprehensive software solution to help expand their own customer base. Integrating payment processing into your business offerings gives you and your clients the ability to easily accept payments and generate invoices for their services. ISVs can enable their customers to pay their bills without having to leave the application, which can maximize their potential to tap into new revenue-generating payment technologies such as loyalty programs.
Integrating payment solutions makes your own software more powerful. They add functionality, simplify business processes and empower your users with more tools to serve their customers better. That’s just the tip of the iceberg.
Core Benefits of Adding Payment Processing
The revenue benefits of adding payment processing into your software company’s business plan can be calculated two different ways: How it adds to your bottom line and how it boosts your customer relations. Both of those outcomes can be achieved by finding the right payments partner to process, reconcile and record payments across your existing systems.
Today’s online payment processing experiences provide your business with enhanced integration flexibility, advanced security features. (PCI, point-to-point encryption (P2PE) and tokenization), and the ability to operate seamlessly across any digital channel. These key features matter when growing your income streams and protecting your profits.
How To Boost Revenues With Payment Processing
The easiest way to add value to your company is to add new products or features. ISVs have a variety of methods to add revenue through direct payment methods. The first way to do so is to form the right relationships within the payment processing world that allow you to grow your product using their payments expertise. Tackling this alone adds unnecessary friction and complications.
The key to scaling your payments revenue seamlessly with the rest of your everyday practices is to partner with an existing ISO to realize the benefits of payments processing without taking on the full burden and costs themselves. Below are a few methods for achieving that goal.
Partner with an ISO
To achieve revenue benefits, there are a number of ways ISVs can approach this process. The first is to work through a referral model that allows ISVs to receive a percentage of revenue processed through businesses referred to the ISO.
Embrace the Referral Model
ISVs can also work on a shared sales model that allows ISVs to integrate with a payment processor to handle everyday payment processing. This process involves and ISV to work on behalf of an ISO to secure their portion of the payment revenues.
Share Sales With Your Payment Processor
Once your payment partnership is established, it might be beneficial for your software company to rely on a shared sales model. This is where ISVs integrate with a payment processor but are more involved with the nuances of the processing itself. It should be noted that businesses can bring in more revenue with this model, but it requires more work on your part to run the payment processing features.
Embrace a White-Label Payment Processing Model
Payment processing providers often offer their customers the ability to white-label their own payments products. This allows ISVs to incorporate their own branding on the payment processor, which helps maintain control over the relationship with the customer. This is another viable revenue stream for ISVs.
Regardless of which route your software company thinks is best to integrate payments processing into your business model, it’s clear that becoming part of the rapidly-growing payments ecosystem is beneficial to your bottom line. Having a payment processing partner can bring in sustainable revenue streams and boost your customer satisfaction. The trick to securing all of these above goals is the right partner that can offer your business custom, flexible and secure payment processing services.
