Independent Software Vendors (ISVs) have a lot of moving parts to manage. From client onboarding to keeping up with evolving industry regulations, there is always something that needs to be handled. While payments might not be at the top of your priority list, there are a few things you should be aware of in order to gain the benefits for your business.
What ISVs must first know about online payment processing is the revenue-generating opportunity that is available. Payment processing can provide ISVs an entirely new revenue stream to count on. At goEmerchant, we partner with ISVs to share the revenue generated through payment processing. This adds to your bottom line and increases your valuation.
Integrated payments are quickly becoming standard practice for businesses wanting to offer a more comprehensive software solution. It’s helpful to have an understanding of how exactly this complex industry operates. We’ve broken down the ins and outs of online payment processing to get you up to speed.
The Key Components of Online Payment Processing
Integrating a payment system into your software allows you to accept payments within the software itself. Your clients can easily accept payments and generate invoices for their services, whatever they may be, within the software; and their customers, in turn, can pay those bills without having to leave the application. Customers can leverage convenient payment options including mobile, semi-integrated EMV, credit and debit card, checking accounts and more. But that’s just the start.
ISVs also benefit from enhanced services such as loyalty programs, multi-platform compatibility, data analytics, API integration and more. Beyond just online payment processing, an integrated payment solution makes your software better. It improves the functionality, simplifies business processes and gives users the tools they need to better serve their customers.
Additional features include detailed reporting and analytics for merchant accounts. This feature helps you get in sync with what your customers want and better understand their purchasing habits.
ISVs must determine what their clients are looking to get out of their online payment processing experience. The level of sophistication varies across every business, and you should be prepared to accommodate different types of products and services. Choosing an online payment processor that can deliver diverse offerings can set you apart in the ISV market. To fully take advantage of these features and optimize your own business offerings, you’ll want to find an online payment processing partner that can scale with your growth.
Online payment processing tools today are about more than just basic settlement tasks. A dynamic payment processor provides an integrated experience that allows ISVs to process, reconcile and record payments into their existing systems. Beyond that, today’s modern online payment processing experiences allow for enhanced integration flexibility, advanced security features. (PCI, point-to-point encryption (P2PE) and tokenization), and the ability to operate seamlessly across any digital channel.
Online Payment Processing Integration: Tips for ISVs
ISVs must consider ease of integration when thinking about their online payment processing. To streamline onboarding, it’s important to work with a payment processing and gateway provider that provides developer APIs to lessen your integration burden. This includes working with a partner that offers a full stack REST gateway API so developers can integrate a more comprehensive payment experience.
Work with a partner that allows you to take advantage of more options, such as mobile apps, better POS software, online storefront tools and dynamic online payment processing. Look for easy-to-integrate code that can easily be dropped into your custom online payment solutions. Don’t settle for a service that doesn’t evolve with your business.
An integrated payment processing solution provides access to the tools they need to achieve this vision. From developer toolkits, faster and easier code integration, and industry-leading security features, these are just a few of the features ISVs must consider streamlining their online payment processing onboarding experience.
Creating the best customer experience is directly correlated to their buying experience inside of your software. Whether that means having the best tech on the market or a diverse amount of payment options, this is made possible with the right payment partner by your side. ISVs must think outside the traditional software mold and create industry relationships based on three things: mutual trust, industry-leading technology, and seamless integration. If you don’t have that in your current payment relationship, it may be time to start looking for a new one.
Online payment processing should complement what your business is already achieving, not complicate your day-to-day workflow. When considering how new software and solutions can help your business, always focus on what your own customers care about most. The right online payment processing solution can help you deliver the type of experience they expect in today’s ever-competitive marketplace. As an added bonus? You’ll unearth an entirely new revenue stream.
