Independent software vendors (ISVs) can enhance their software offering through the incorporation of integrated payments. Integrated payment systems can help make software more attractive to their customers by embedding payment processing and other value-added technology into one software solution. Here are five ways ISVs can optimize their software offering with integrated payments.
Offer Functionality for Various Payment Methods
ISVs who integrate payment processing into their software should ensure they offer functionality for the myriad ways customers want to pay these days. Beyond the traditional credit card, debit card, and check, software solutions should also support newer payment technologies such as EMV contactless cards, NFC technology for contactless payments, digital wallets, and more.
ISVs should also provide functionality that allows their clients to accept gift cards, as well as card-on-file support for use with recurring payments.
Ensure Robust Security
Customers of independent software vendors want to know that the software they use to process payments is secure. ISVs can reassure them of this by offering a suite of security measures as part of their solution. A robust suite of security measures within integrated payment systems can help prevent data breaches, chargebacks, and fraud.
Some of the security measures ISVs should consider including in their solution are encryption and tokenization. They should also ensure that they are always following the most up-to-date PCI compliance standards.
Encryption is a process that encodes information (such as cardholder data) so that it is unreadable unless decrypted by someone with knowledge of the decryption key. Tokenization replaces cardholder data with one or more unrelated symbols generated randomly or by algorithm.
PCI compliance standards are standards developed by the PCI Security Standards Council. They set forth the minimum security features that must be in place to limit the chances of a cardholder data compromise.
Offer Value-Added Features
Offering additional value-added features within their software solution allows ISVs to become a “one-stop-shop” for their clients, thus giving them a competitive edge in the marketplace. Including tools such as customer demographics and analytics enhances the customer experience, increases engagement, and enables businesses to drive commerce. When a merchant works with one ISV and gets these value-added solutions within their business management software solution as well as payment processing all in one rather than having to work with several additional outside vendors, the merchant saves time and money.
Continue to Evolve Your Software Offering
The payment landscape is constantly changing. As an example, overall usage of contactless payments in the United States rose 150% between March 2019 and June 2020. As payment technology continues to evolve, ISVs should continuously update their software offering in order to remain competitive.
Choose the Right Payments Partner
The critical first step in integrating payment processing into your software offering is to choose the right payments partner for your business. Consider their history, their experience, and their knowledge of the payments landscape, as well as what value-added products and services they can provide.
To learn more about how to optimize your software offering with integrated payments, contact us today.