In the rapidly-changing payment processing environment, independent software vendors (ISVs) may find that their existing payments integration is no longer working well for them.
Here are five signs that ISVs have outgrown their existing payments integration.
Your payment provider’s technology isn’t up to date
Technology is constantly evolving, so your payments partner should be keeping up with the trends and using the latest technology to make your integration as easy and seamless as possible.
If your payment provider isn’t giving you regular updates on new technologies and helping you future-proof your solution, it might be time to look elsewhere. At Global Payments Integrated, we offer a single API call for integration and keep you informed on the latest updates in payment technology.
Your payment integration doesn’t offer features your clients want or need
With all the payment methods available now, customers must be able to pay the way they want to. One survey found that 73% of consumers say that the type of payment options available when comparing two businesses will influence their final decision.
While most payment providers likely provide the functionality to process credit and debit cards, customers now use many additional payment methods, such as contactless payments or text to pay. They also want alternative financing options such as buy now, pay later (BNPL).
In addition to versatile payments functionality, your merchant clients need digital commerce enablement solutions to remain competitive. These include features such as online appointment booking, online forms management, appointment reminders, and more.
You have to partner with multiple vendors to get all the solutions you need
As an ISV, you may already realize the necessity of offering commerce enablement tools within their software solution. Still, you may be concerned that implementing these offerings will require multiple different vendors and systems.
Having one technology partner, such as Global Payments Integrated, who can provide ISVs with payment processing functionality and these value-added tools, provides enormous benefit. When provided by one partner, all these tools can “speak” to each other, providing a better experience and workflow for you and your clients.
The solution doesn’t offer you ways to monetize payments
One of the major advantages for ISVs who partner with the right payments provider is that it creates an additional revenue stream.
Monetizing the payments volume that flows through your systems adds a predictable and forecastable revenue stream and helps bring additional value to your business. ISVs often discover they can make more on their payment processing revenue than on their software fees, allowing them to grow their business more rapidly.
The provider doesn’t offer dedicated support teams
There are many variables that can complicate payment processing. If your payments partner doesn’t offer robust support resources, or offers inadequate resources to support a high processing volume, that might be a red flag. The right partner will have dedicated teams to assist you with each aspect of payments - integration, PCI compliance, partner success, and even sales and marketing support to help you onboard new merchants.
If you’ve determined that your payment integration does not address your current needs, it may be best to consider an upgrade. Contact our sales team today to learn about tailored solutions that fit your needs.