The retail, kiosk, POS and e-commerce industries are expanding rapidly because of their embrace of new technologies. New marketing techniques, payment solutions, customer service tools, business intelligence, and other technologies combine to allow businesses to expand quickly.
Independent Software Vendors (ISV) now have to develop a wide range of software that enables businesses to do more with less. Considering the constantly developing economy and new payment solutions being introduced, ISV payment solutions have become crucial in the new financial environment.
The idea of integrated payments means that as an ISV, you will embed payment processing systems into the software applications you provide your clients. This integrated payment solution will allow your clients and their customers to make payments within the ISV platform, instead of being redirected to an external platform or a third-party processing company.
Immediate benefits to you include:
Integrating payments enhances your integrated software infrastructure, which is particularly beneficial for today’s fast-paced world.
In the current financial climate, payment facilitators, such as PayPal, Square, and Stripe, are the primary mode of payment, particularly for global e-stores. The transaction fees herein were roughly $4.4 billion (revenue) in 2021, and this is expected to rise.
These are third-party facilitators that charge a fee every time a transaction is made through them. As an ISV, you can benefit your client by giving them an alternative; where they don’t have to part with a major chunk of their profit.
Among the clean code, embedded functionality, responsive design, and other value-added services you may offer your clients, embedded commerce might not be included but it should be. Clients seek increased satisfaction and increased revenue in a software solution.
Payment integration for independent software vendors is perhaps the best way to help clients achieve their financial goals and get on their good graces at the same time.
Integrated payment for ISV is a win-win for three parties at the same time: you (the ISV), your merchant (clients), and their customers.
ISVs need to constantly stay up to date with the latest technological advancements in today’s ever-evolving economy. From accepting new payment methods to different currencies, especially cryptocurrencies, ISVs need to upgrade their system for better and quicker adaptability. Integrated payment providers for ISVs offer versatile solutions that consider new payment techniques, allowing you to offer solutions to a much broader market.
The payment processing gateway can be private labeled for you, giving you an immediate competitive advantage. Automated applications and boarding for fast approvals, enhancing customer satisfaction.
The gateway includes multiple payment methods including:
We upgrade our integrated solutions constantly to allow ISVs to keep track of future client needs better. This way, ISVs can offer state-of-the-art solutions to their e-commerce and retail clients and frictionless integrated updates directly into the software.
With payment solution integration into e-commerce, retail, kiosks, POS and stand alone terminals, ISVs can track incoming payments, disbursements, drawings, and expenses. This also helps you identify key partnership opportunities and boost business revenue in the process.
Through revenue sharing, e-commerce and retail ISVs also have the potential to earn a percentage of the transaction fees. The number of payment processing transactions is increasing with every passing year.
Money matters are still the most important element of any business. By offering better, integrated payment solutions to e-commerce and retail stores, you are adding value to your services. These value-added services go a long way in creating goodwill and forming long-term relationships.
As mentioned above, it also presents a chance to capitalize on a new revenue stream(s).
Other key benefits that you get through independent software vendor payment solutions include, but aren’t limited to:
The key benefits that your clients can get through ISV payment solutions include:
This allows you and your clients the ability to charge and earn more.
Finally, the benefits of payment solutions for your clients’ clients are:
Integrated payments translate into a more streamlined retail, e-commerce payment processing, kiosks, and POS experience, effectively helping all parties involved. The transactions are quick, easy, and transparent, providing convenience to buyers and sellers.
Backed with the right sales, marketing, and management team, you can make the most out of ISV integrating payment solutions easily and improve your ROI across the board. Get in touch with us to see how you can add value to your clients as an ISV, accomplish your objectives better, and what it will take to get started.