ISVs that integrate payments can get more than just payment functionality; they can also gain automation solutions that increase their value offering. Here are some payments-related automated solutions ISVs can offer when they partner with an established payment processor.
Businesses that process fixed amounts on a routine basis need a solution that offers recurring payments. While there are many payment processors that a merchant can work with to provide recurring payment functionality, it could lead to the merchant needing additional time to research all their choices.
When ISVs offer integrated payments, they can entice customers by informing them of the payment solution already available within the software, effectively cutting down the time needed to contact outside payment processors. Such promotion gives ISVs a competitive edge and allows them to own more of the customer relationship.
ISVs that partner with Global Payments Integrated benefit from our unique payments ecosystem, where we take on multiple roles in the payment process. By being the payment gateway, payment processor, acquirer, and in some cases, the card issuer, this closed-loop model helps recoup costs usually charged by resellers and other third parties. It also allows ISVs to monetize their payment offerings successfully.
Updating expired or outdated card information
Keeping a customer card on file is a convenient feature for businesses with regular customers who utilize recurring payments. However, if card information expires and does not get updated, it can lead to card declines, negatively impacting businesses with delayed or lost revenues.
A good payment processor will offer functionality to update customers’ expired and changed card numbers automatically. Global Payments Integrated has a Decline Minimizer service that automates this entire process. It updates cards daily and sends notifications of cards where customer contact is required, such as canceled or closed accounts.
Text messaging capabilities
The easiest way for businesses to reach their customers is through their mobile phones. According to SlickText, in North America alone, 80% of the total population, or 292 million people, use text messages. ISVs that work with Global Payments Integrated can integrate various commerce enablement tools that automate messaging to customers and encourage payments to happen.
With our phone intelligence software, businesses have the opportunity to send automated and custom texts to their customers. For example, they can automatically send texts that welcome new customers, appointment reminders, or requests to leave an online review, making it effortless for businesses to keep in touch.
Additionally, the software can send pay-by-link texts that take customers to a secure website to enter their payment details and settle their bills. Providing fast and convenient payment opportunities automates the collection process. Staff no longer need to take payment details over the phone, which can be prone to data entry errors. It can also free them from needing to follow up on past-due accounts. When ISVs offer pay-by-link options, they can help businesses reduce their number of outstanding invoices and get them paid more quickly.
Buy now, pay later solutions continue to maintain their popularity during the pandemic, giving consumers flexibility in paying for big-ticket items and services. Similar to recurring payments, there are various companies that a merchant can work with to offer this option to their clients.
ISVs can choose to integrate this functionality within their software. Global Payments Integrated has an alternative financing product called Delay Pay*, powered by Tua, allowing end-consumers to access installment payment options. After entering in some details, Tua’s financing solution will automatically present the customer with a variety of loan options that they are qualified to take.
Integrating this product can be helpful for ISVs that work with small to medium businesses interested in offering financing opportunities, saving them the additional time needed to vet third-party installment payment solutions.
Offer automation solutions with integrated payments
Integrated payments enhance ISV value by streamlining operations, keeping payments secure, and automating payment processes that tend to be paper-based and time-consuming. Contact our sales team to learn more about options that can accelerate automation for your customers.
*Global Payments Integrated is not a consumer lending company. Delay Pay is powered by Tua, a consumer financing solution that pays merchants upfront and allows consumers to pay over time.