Not all software with credit card processing capabilities is created equal. What can ISVs do to set themselves apart from the pack and differentiate themselves within their vertical market when it comes to payments? And, perhaps more importantly, does enhanced credit card processing integration within software benefit merchants?
The answer is an unequivocal yes. Enhanced and robust credit card processing software not only provides businesses with a fast and hassle-free transaction, it can leverage a variety of different ways to pay including mobile, in-person and online payments. It also enhances the safety of financial data transmitted in the process of a transaction.
The majority (86%) of the cases of identity theft or fraud reported last year were related to existing credit card or bank accounts. Therefore, software with includes credit card processing that includes payment security enhancements provides consumers an additional degree of protection and boosts their trust in merchants who use said software.
Consider these five principles when it comes to measuring the value of customized payment processing software.
- Payment Processing “Baked Right In”
All-inclusive integrated payment software that includes payment processing solutions already built in not only streamlines the merchant’s payment process but it also helps their software work more efficiently. Beyond addressing payment processing needs, this integrated software can use payment data to enhance insight into sales trends and customer’s needs.
- Enhanced Security for Merchants and Their Customers
With integrated software that includes secure payment processing solutions, merchants can greatly reduce their risk of customer payment data falling into the wrong hands or being compromised in any way. In addition to streamlining payment processing, integrated payment software ensures that merchants are current on the latest payment security. Such software security updates offer both merchants and customers additional peace of mind.
- Acceptance of a Wider Variety of Payment Forms
As the marketplace continues to evolve and payment options are expanded, integrated payment software allows merchants to be more adaptable and accept a broader spectrum of payment forms. Those forms include, but are not limited to, online, mobile, EMV, and in-person POS transactions.
- Added Value of Recurring Payments and Customer Account Updates
Integrated payment software can add value for merchants by ensuring that a customer’s business is retained with features such as establishing a recurring payment on an established schedule. An additional feature that can help with customer retention is the software’s ability to capture updates to the form of payment on file for each customer, such as updating account data when a card expires and a new one is issued.
- Robust Payment Reporting Data Capability
These credit card processing software solutions also prove their worth with their ability to generate sales and payment processing reports for the merchant. A merchant can access real time payment data to identify their customer’s spending habits. This enables merchants to utilize those reporting features to help them develop strategic business growth strategies.
These reasons alone are enough to encourage a reevaluation of current credit card processing software. Ask yourself: Could your company benefit from a solution that is more perfectly tailored to your needs and risks? Contact us today to learn more!