As an independent software vendor (ISV), clients expect you to create functional applications that deliver specific benefits to end-users. This delivery must be seamless across a broad range of devices and operating systems.
It’s no longer enough to make powerful applications that work. Clients increasingly demand secure payment tools that integrate seamlessly with the products you deliver. As an ISV, this requires choosing a payment partner that can provide both the technology and support you and your clients need.
But with so many competing payment solutions, finding the right provider for your business (and clients) isn’t always easy. Below are seven criteria you can use to evaluate potential candidates as you begin shopping for a payment partner.
1. PCI-Compliant Data Security
One of the most important starting points involves choosing a processor that excels in PCI compliance. If you leave your clients vulnerable to data breaches and other security threats, nothing else on this list matters.
Don’t just choose a provider that offers PCI-compliant payment processing. You should select one that goes above and beyond the required data security standards. For example, look for an ISV payment partner that offers additional fraud protection in the form of tokenization, point-to-point encryption and hosted payment pages.
2. Flexible APIs
You want a payment processor that offers robust application programming interfaces (APIs) not just for transaction processing, but also to ease the onboarding process and provide comprehensive reporting options.
With API access, you’re better able to weave payment processing into the programs you develop. Clients also increasingly want integration with the third-party applications they already use — such as QuickBooks, WordPress and Magento.
Less friction for end-users means more end-users for your products. And offering tight payment integration makes it easier to onboard new clients as quickly as possible.
Better still, your software becomes “stickier” as clients grow to depend on the seamless turnkey solutions that you provide – and the frictionless user experience they receive.
3. Integration Support
Accepting electronic payments can get complex, but with the right partner providing the level of service you require and deserve, the possibilities for integrating a solution that exceeds your expectations are limitless.
When choosing a partner, you need live support throughout every phase from discovery to post implementation.
Although some payment technology companies give you the basics, it’s important to see the bigger picture and seek knowledge from experts who can help you scale. A dedicated support team will get you there, and you won’t be required to only email support or get pushed to a community forum.
4. Customer Support
The success of your software can only be measured by your clients’ success. If you’re not meeting their needs or providing an exceptional experience, they will most likely move on to a software that will. It is important for your payments partner to share these same values. When evaluating a solution, choosing a knowledgeable, experienced and available customer support team should be high on the list.
5. Industry Experience
Do you cater primarily to hotels and restaurants? How about churches and charities? Or maybe landscapers or HVAC service professionals?
There is no right or wrong answer. The point is, payment requirements change from industry to industry (and from user to user):
- Others are interested only in secure virtual terminals.
- Some sectors lend themselves to mobile payments.
- Others are ideal candidates for contactless payments.
You want a processor that understands the unique challenges your clients face. Doing so reduces the learning curve and increases the profit potential — for everyone.
How end-users pay today isn’t reflective of how they’ll pay tomorrow. Consumer preferences evolve rapidly, and you want a payment partner that can keep pace with these changes.
In effect, you want to “futureproof” your payment processing by choosing a provider that is flexible and customizable enough to grow with your business.
7. Sales Enablement & Marketing
Marketing is expensive and time consuming, but what if you had a payment processing partner to take it all on for you at no cost? You need a partner with expertise using innovative marketing techniques and proven strategy to help reach your customers quickly and seamlessly.
By removing you from the merchant processing “marketing trenches”, you’re able to focus more time on enhancing your software and providing functionality that will be a value-add for your end users. By leaning on your partner for marketing support, you’ll see faster portfolio growth and revenue for your company.
Why Choosing the Right ISV Payment Partner Is So Important
Providing turnkey solutions that include secure and seamless payment processing isn’t easy. In fact, it can be a major challenge, which is why so many ISVs prefer to outsource their client’s payment needs.
This approach is easier, but it also forfeits the financial benefits of offering a complete end-to-end solution.
According to industry experts, ISV-based payments are expected to approach $4.4 billion by 2021. Independent software vendors that can provide true payment integration stand to reap substantial rewards. By providing one-stop-shop solutions, ISVs in this category are better positioned to attract more clients and grow their respective businesses.
In contrast, those ISVs that continue to outsource will slowly but surely lose market share.
Is BluePay the Right Payment Partner for Your ISV?
We’d certainly like to think so, but only you can make that determination — based on your industry, clients and payment processing needs.
However, we do have a lot going for us:
- We take PCI compliance very seriously. In fact, data security is central to our payment processing solutions.
- We offer ample API support with detailed documentation. This allows you to create customized payment solutions — from the ground up.
- We support payment integration with many of the most popular accounting, ERP and CRM platforms on the market. This minimizes the learning curve – both for your development teams and for your clients.
- We provide ongoing sales, marketing, and technical support to help you better serve your existing clients and make onboarding new ones as frictionless as possible.
- We cater to a broad range of industries, with dedicated departments for each. We even have one that specializes exclusively in ISV payment processing.
- We constantly scan the horizon for emerging technologies, challenges and opportunities. This ensures that our payment solutions always remain relevant and current.
We invite you to schedule a free consultation with our ISV Partner Team today.