ISVs have blossomed into their role as an integral part of the sales and software ecosystem; their software solutions have transformed the way niche industries conduct everyday business while also serving as a conduit for partnerships and integrations across multiple market segments.
This success has also introduced more competition – your current customers and prospects are getting messages from other sales teams pitching software similar to yours, sometimes at a lower cost. To outsell them, you need a market differentiator.
Integrated payment systems are one low cost, high return option, with considerable advantages:
Value
Merchants prefer one software platform to meet their business needs – not several disparate “solutions.” Enabling integrated payments within your software will increase its appeal to potential customers.
This takes more than just utilizing basic payment acceptance services for your software. An all-encompassing payment solution that goes above and beyond for your customers and your software ecosystem is what will help distinguish your business from the rest of the pack. Some of the potential services that an integrated payment system like this can offer include:
- Diverse payment forms – the ability to accept newer and emerging forms of payment (contactless i.e. Android Pay™ and Apple Pay®);
- Recurring payments – the means to set up and automatically collect standing payments without storing cardholder data;
- Reduced declines – a mechanism that monitors and proactively updates soon to expire card data prior to a scheduled recurring payment;
- Safe information storage – the strictest security protocols available, with data that is tokenized, encrypted, and fully PCI compliant.
Expansion
While these services can help catapult your software to the next level, your payment solution can also benefit from ISV-specific customization, helping you grow into business opportunities that were previously out of reach.
At First American, we don’t do one size fits all. We’re selective about the ISVs with whom we align, opting to partner with those we know we can help grow through our integrated payment systems.
It’s an approach that keeps us nimble enough to tailor payment solutions specific to a given ISV versus retrofitting something off the shelf. On a daily basis, we’re helping ISVs via custom code and SDK specific libraries, as well as through rapid merchant onboarding procedures that make the most sense for their individual business model.
Efficiency
With an integrated payment system you can also slash the operational costs saddling your business. A payment solution’s capabilities goes far beyond transactional processing. At First American, they includee two layers of customer support – one team dedicated to working with you, the ISV, through any and all integration payments matters, and another, focused on those using your software solution providing customer service 24/7.
In partnering with a payment solution tool, you pass the burden to a partner built to handle any issue. Your processor’s PCI-DSS compliance will cover all of your transactions and your security will be elevated through tokenization and encryption. The processor can help with merchant training and will take on IT and customer service responsibilities as well.
You will have around the clock access to courteous and highly trained individuals who know what they are talking about, and actually work through the problem to find a solution before the end of the conversation.
