Independent software vendors (ISVs) know the value a good integrated payment processing partner can provide. But how do you find the perfect partner? A good partner provides so much more than just payment processing. Here are ten factors ISVs should consider when choosing a payments partner. Make sure your potential integrated payments partner provides the following.
1) Flexible APIs
Look for a payments partner that offers robust, flexible APIs that are easy and fast to integrate, regardless of your integration method. This reduces speed-to-market and eases the development cycles for developers.
2) Ease of Integration
ISVs want an integration process that is designed to be simple and fast. With our approach, a Sales Engineer will discuss and gather your technical requirements, educate your staff on our offerings, and provide an overview and samples of how you can consume our APIs to deliver feature rich payment functionality to your software. Within a few weeks, your payments application can be certified and ready for market.
3) Digital Merchant Onboarding
Merchant onboarding can be a complex process, and your customers want it to be as simple and streamlined as possible. In research by North Highland Worldwide Consulting and Harvard Business Review, 85% of executives agreed that successful customer onboarding helps to ensure long-term customer loyalty. Additionally, over 80% of executives reported that “an increased focus on onboarding offers moderate to significant positive impact for revenue, client retention and client referrals over the life of the relationship.”
Digital merchant onboarding speeds up the onboarding process for merchant accounts, resulting in greater satisfaction for your customers and greater adoption and close rates for you.
4) Acceptance of a Variety of Payment Methods
Consumers use a wide variety of payment methods nowadays, including the more traditional debit card, credit card, and check. In addition, newer contactless payment methods such as digital wallets, wearables, and contactless cards are starting to see widespread use.
ISVs should make sure to choose a payment processing partner that offers functionality for all the ways customers want to pay, including card-on-file and recurring payments.
5) Credit Card Readers and Terminals
Different payment methods require different technology in the form of different credit card readers and terminals. As payment processing technologies continue to quickly evolve, many businesses prefer to rent their processing devices to remain agile.
6) Security and PCI Compliance
All organizations that store, process, or transmit payment data must ensure they are doing so in accordance with PCI compliance requirements. These requirements help to prevent potential data breaches. A good payments partner can help educate ISVs on how to reduce PCI scope within their software solution.
7) Value-Added Products and Services
Integrated payments companies have evolved to encompass more than just payment processing. The best payments partners will offer additional value-added products and services to help increase adoption of your software solution. These products can include analytics and customer engagement tools.
8) 24/7 Technical Support
As independent software vendors, you know your customers need prompt and thorough technical support. Our technical support team is available twenty-four hours a day, seven days a week. In addition, Global Payments Integrated has been recognized by J.D. Power for providing “An Outstanding Customer Service Experience” for phone support.
9) Revenue Sharing
Monetizing payments is another benefit for ISVs who have the right payments partner. With revenue sharing, a payment processing partner can help you grow your business and add another revenue stream.
10) Payments Experience
Independent software vendors should look for a partner with extensive experience in the integrated payments space. Global Payments Integrated fits the bill, with:
- 30+ years of integrated partnerships
- 1.1b+ transactions processed annually
- $94b+ transaction volume in 2019
- 4000+ software partners
- 300k+ merchant customers
A good integrated payments partner is invaluable to an independent software vendor. ISVs should consider all aspects when choosing one to partner with. The best partners provide much more than just payment processing - they provide value-added technology, great technical support, and more.
To learn more about partnering with Global Payments Integrated, contact us today.
J.D. Power 2019 Certified Customer Service Program recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. For more information, visit www.jdpower.com/ccc