Independent software vendors (ISVs) are expected to deliver cutting-edge solutions to a diverse range of clients. Equally important, the software programs they develop should provide users with a seamless experience — devoid of interoperability issues, glitches and steep learning curves.
It’s a tough industry — one that only continues to become more competitive every day.
So, why would ISVs voluntarily embrace payment integration? After all, doing so involves additional coding and longer development times. Integrating payments also introduces more moving parts, and thus, more potential points of interference.
In addition, successful payment integration requires addressing a host of security concerns, including:
- Data management
- Fraud protection
Though despite these challenges, there are many compelling reasons why you should enable end users to accept payments within the programs and platforms you develop.
Below are four of the most important benefits of payment integration:
1. Customer Acquisition
End users increasingly want turnkey solutions that work out of the box. Yet finding that perfect platform is hard, which is why many companies end up using a patchwork of programs that deliver the benefits they require.
Unfortunately, this approach forces end users to troubleshoot their own interoperability issues.
However, offering payment integration allows you to remove some of this friction. This, in turn, makes it easier to attract and onboard new customers.
Better still, the learning curve is less steep for end users since they don’t have to manage as many external moving parts. From bookkeeping to reporting to fraud management — everything they need is housed under one roof.
2. Customer Retention
Surrounded by countless competing offers, clients can always change from one ISV to another. However, the switching costs are quite high. It’s not easy to find a competing solution that offers the same benefits. Plus, migrating customer data from one platform to another comes with its own headaches.
But if your solutions come pre-integrated with secure payment functionality, this gives your current users less reason to ever leave. Once invested in your platform, it’ll be harder for them to replicate that same seamless experience elsewhere.
In effect, payment integration makes your ISV solutions stickier, and this can dramatically improve your customer retention efforts.
3. Revenue Generator
Payment integration makes it easier to attract new customers and retain old ones. The extra revenues generated can more than offset any additional costs incurred during development.
Nonetheless, customer acquisition and retention aren’t the only ways to increase profits.
You can also charge more for your solutions — provided they deliver genuine value. Payment integration is one of those benefits that end users increasingly crave. Many will gladly pay a premium for a smooth user experience that allows them to begin accepting payments with minimal effort.
4. Competitive Necessity
Although the above benefits are very real, many ISVs still keep their distance when it comes to payment integration. It’s simply easier to focus on the core functions of whatever products they develop.
This means you can stand out in the crowd if your bespoke solutions do offer payment integration. You’ll have a competitive advantage in an industry that becomes more saturated with each passing day.
However, this advantage won’t last long.
That’s because more independent software vendors have started taking a closer look at payment integration. By 2021, ISV-based payments are expected to approach $4.4 billion annually.
Today’s competitive advantage will become tomorrow’s competitive necessity, and long term-success will likely favor those who got the earliest start.
Ready to Integrate Payments into Your Solutions?
Below are just some of the ways BluePay can make the payment integration process easier:
- We take payment security very seriously. In addition to PCI-compliant fraud protection, we offer a range of security tools from credit card tokenization to point-to-point encryption to hosted payment pages.
- We maintain an ever-growing list of payment plugins that work out-of-the-box — allowing you to quickly integrate our payment processing solutions with the platforms you develop.
- We also allow for customization through our multilingual API support. This documentation is accessible enough for beginners but flexible enough for even the most sophisticated applications.
- We have an entire department dedicated to independent software vendors. If you ever need assistance with any aspect of payment integration, our ISV experts can help you troubleshoot whatever problems you might be facing.
- We provide seamless integration with many of the most popular business tools on the market — from QuickBooks to WordPress to Salesforce. This multiplatform support helps to reduce friction, making it easier for both you and your clients to get up and running as quickly as possible.
If you’d like to learn more about BluePay’s payment integration solutions for independent software vendors, schedule a free consultation with our ISV department today.