When you provide solutions as an Integrated Software Vendor (ISV), your revenue growth depends on retaining your current customers while gaining new ones. To do so, you need to provide a product and service that meets and exceeds that of your competitors. Integrating payments into your platform or software is a critical tool to help you achieve greater financial results. If you choose your payments partner effectively, you can enhance your ability to boost your bottom line in 2021 and beyond.
Powerful Value Added
ISVs that provide business software have clients who need to collect payments. The pain points for those clients often come with steps connected to:
- Security gaps between business functions and payments
- Abandoned online shopping carts
- Accounting headaches between functions
- Customer service gaps
An integrated payments solution can help you overcome all of these. It links payments with other business functions and provides a more seamless experience for your customers’ end clients. If you manage this process well, the entire experience becomes both simpler and safer—two important value points for your organization.
Security Matters
Payment processing depends on secure functionality. In fact, failure to follow the Payment Card Industry (PCI) standard for online security can not only cost you in the form of damaged customer relationships and lost data, but in the ability to continue to take payments. If your customers have gaps between your product and their processing solution, their businesses face existential risk. Integrated, PCI-compliant payments in your software protect them and you.
Reduce Expected Complications
All the debugging in the world cannot keep software glitches from occurring once you get your product in the hands of your clients. Some of these will be user error, while others stem from problems among different software products. An integrated payment solution builds the needed integration into your software, thus removing some of the unknown compatibility issues from the equation. It allows you test and eliminate those problems before they ever reach your customer. In doing so, you remove an expected headache and give your end clients a boost toward getting up and running quickly and efficiently.
New Revenue Streams
Payment processing integration doesn’t just help your clients. You gain an additional revenue stream that comes from fees generated with every transaction a client completes. If you do not build this solution into your product, you are choosing not to take in what can be a long-lasting source of revenue—one that only increases with the success of your clients.
The Right Partnership
Unless your core business is payment processing, you should partner with an industry expert. Payment processing demands institutional knowledge and event tracking for laws, regulations, and currencies of every nation and locality in which your clients do business. The right payments partner should have extensive experience in the industry, knowledge of the product, and the ability to scale customer service to meet your needs. Partner carefully in this area to give your product the boost it needs to deliver for your end clients.
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Russell Palay is Nuvei’s VP Product. He is a proven senior-level leader in the electronic payments and campus industry product, technology and business space with over 20 years experience leading, developing and implementing innovative global market-facing solutions and establishing strong strategic partnerships within the financial services and payments industry, training, certification, higher education and eCommerce space.
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