November is National Career Development Month in North America. To celebrate, we wanted to share an overview of the payments industry and different payment roles to help independent software vendors (ISVs) better understand what integrated payments should look like, in addition to what they should be expecting from a payments partnership.
The current payments industry landscape
The payments industry is complex. Payment gateways, processors, acquirers, facilitators, banks, and credit card brands are just a few players participating in the payments space. This vast ecosystem means different payments companies exist to address specific aspects of the payment process.
The pandemic has accelerated payments innovation, with consumers increasingly preferring contactless payments and younger generations open to trying technologies that allow for frictionless payment experiences. However, payment systems worldwide still lack the infrastructure to support faster payments that will meet security standards. These ongoing challenges mean that ISVs should continue to work with a strong payments partner that can give them access to these future growth opportunities once the proper infrastructure exists.
The payments industry continues to attract those who like constant change. Our Women in Payments series featured female professionals who have been in the industry for several years. The speakers consistently noted how the changes in payments continually challenge them - one reason they stay in this industry.
ISV-focused payment processing jobs
ISVs may encounter the following people when they start looking for a payments partner.
Prospective ISVs looking to learn more about payment technology partnerships would typically start by talking to someone from a business development team to get their payment integration questions answered and discuss partnership specifics such as their go-to-market strategy. Business development is responsible for bringing in new partnerships and connecting them to the right resources to complete an integration.
A business development representative can recommend an inside sales team that can perform sales and account management tasks for an ISV’s merchants, in addition to an outbound sales team that looks for sales opportunities within a partner’s existing customer base. There could also be an enterprise sales team that focuses on an ISV partners’ enterprise clients, treating them with the extra care and attention they deserve.
Imagine dedicating resources to developing a payments solution perfect for your software, only to find out that your customers won’t adopt it or were unaware it existed.
When choosing a payments provider, ISVs should ask if their partnership includes resources like email marketing, landing pages, and the creation of other marketing collateral to help promote their new payment solution to their customers. Working with a marketing team that can explain the benefits of an integrated payment solution by using language that resonates with the ISV’s customers can make a huge difference in getting ISV merchants to start onboarding quickly.
The developers and engineers at a payments company should speak with an ISV to understand their software model, points of interaction with end-users, their particular vertical needs, and the best API to address those needs. They should also be thorough in documenting all the ISV’s technical requirements for payment integration.
Additional developer resources that a payments partner can provide can include:
- An integration specialist to assist the ISV developer team throughout the entire integration process
- UI/UX Consultants to give guidance and help streamline your payment integration
- In-house compliance services team to serve as a PCI resource for partners and their customers.
One benefit of ISVs working with a payments partner is focusing on their primary business rather than payments. For those who find payments a pain, it may be tempting to work with a payments provider with an open API that developers can connect themselves with no assistance. But what happens when issues arise during or after the integration? If that payments partner takes a self-service approach to support, the ISV is left on its own to address these ongoing issues.
ISVs who don’t have the internal resources to maintain a payments integration should consider a payments partner that offers a partner manager. Partner managers will advise, consult, and support ISVs throughout the life of their integration. They will also liaise internally with the payment company’s sales, product, and marketing departments to implement helpful partner solutions.
In addition to helping ISVs during the life of their integration, a good payments partner will also be willing to provide day-to-day operational support for the ISV’s merchants. Having access to a payments support team that can help merchants with onboarding or credit card processing can take the burden of payments issues off of the ISV’s own internal support team.
Payments partners should offer a support team that enhances the value of the partnership through engagement, communication, and a focus on the best interests of the ISV. They should also have an approach that revolves around support, outreach, consultation, compassion, and understanding.
Building the future of commerce
It’s exciting to be a part of the payments industry right now, as new waves of innovations usher in the future of commerce. A good payments technology partner should have employees that work cross-functionally to ensure ISVs get the most out of their payments integration.
At Global Payments Integrated, our employees work with more than 4,000 software developer partners and 400,000 businesses accepting payments. Keep in touch with our latest efforts and product updates by subscribing to our monthly newsletter today.