The business landscape is constantly evolving, and so are the expectations merchants have when it comes to payment solutions. Merchants are increasingly realizing the power of integrated payments when it comes to meeting their business needs. However, they are no longer just looking for a solution to run their business effectively - they are looking for ways to improve their business and stand out from their competition.
When a customer has a choice to pick a business that offers a superior experience versus one that just gets them in and out the door, more often than not they will pick the option that provides them with the great experience. The newer generations pay attention to how they make purchases and how they are treated.
For ISVs, it's important for your merchants that their payments partner helps them to differentiate their business and provide top notch service for their customers. Here are five things your customers want in their payment processing software.
1) Easy Integration
Many merchants are intimidated by what they expect will be a long and complicated integration process. This doesn’t have to be the case. With the right integrated payments company, ISVs can offer their merchants a fast and easy API and integration.
Further, merchants often need specialized support teams. ISVs should choose a payments partner who can offer dedicated engineers, development specialists, client advocates, UI/UX consultants, training teams, and more.
2) Rapid Onboarding
Merchants want the onboarding process to be quick and simple. They understand how the onboarding process can affect their bottom line. Research found that:
- 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.”
- 85% of executives agreed that successful customer onboarding helps to ensure long-term customer loyalty.
ISVs should ensure that the payment processing solution they offer their merchants has a smooth and fast onboarding process built in.
The payment process is a big part of the customer experience - if it doesn’t go quickly and smoothly, it can tarnish a customer’s view of their entire shopping experience. Merchants today want to be able to offer their customers a frictionless payment experience - which means supporting the many different ways customers want to pay.
Independent software vendors (ISVs) therefore need to offer payment processing functionality for a wide variety of payment methods. While the more traditional payment methods of credit cards, debit cards, and checks are still used, there has been a monumental shift this year to contactless payments.
This is evidenced by recent data in the American Express 2020 Digital Payments Trendex, which found that:
- 7 out of 10 merchants say that since the COVID-19 outbreak, customers have requested contactless.
- 73% of merchants agree that since the COVID-19 outbreak, they prefer customers to pay with a card or app, instead of having to handle cash.
- 81% of merchants intend to make contactless a permanent option for their customers.
This shows that contactless is here to stay. ISVs need to offer their merchants payment software that includes the functionality to accept various contactless payment methods, such as digital wallets, contactless cards, and even QR code payments.
4) Payment Security
Another aspect of payment processing that is important to merchants is payment security. In 2019, 69% of U.S. merchants reported that a “significant amount of company time and expense is dedicated to dealing with payment fraud.”
Merchants understand the importance of payment security. A majority of surveyed merchants agreed that biometrics (76%) and tokenization (70%) are two effective methods in helping to prevent fraud.
ISVs should provide them reassurance through offering a robust suite of security features within their solution, such as tokenization, encryption, and adherence to PCI compliance requirements.
5) Customization/Value-Added Features
Payment processing technology has evolved into more than just payments. Merchants these days want additional features built into their payment processing software so that everything is in one interface for quicker and easier business management. ISVs who offer these value-added features have a leg up on their competitors whose solutions are strictly payment-processing-only.
These features can include tools that allow merchants to analyze and manage their online reputation, as well as monitor competitor performance. They can include online forms management, online appointment booking, and more.
Value-added features like those mentioned above can help merchants use the power of data to enhance their business, drive engagement and commerce, and improve customer experience.
Merchants expect a payment processing solution that does the job well, is secure, and consolidates their various business management tools into one program. They are looking for a partner to help them increase their revenue and run their business better while delighting their customers along the way. For ISVs who are interested in providing these solutions to your merchants, contact Global Payments Integrated today.