For ISVs, the decision to switch payment processors can be a stressful experience. Not only can the switch to a new payments provider be a risky choice, but also requires extensive research on behalf of the ISV in order to find a reputable provider. Before making the move, it is important for ISVs to examine their current payments offering and determine what their future goals and objectives are to help increase the overall success of their business.
ISVs need to evaluate the following key points when looking for a prospective new payments partner:
- Does the new payments partner offer the right products and tools your business and your customers will need to succeed?
- Do they comply with industry standards and regulations such as PCI compliance?
- Do they offer fraud protection and comprehensive security solutions?
- Can they match or beat the rates your current partner offers?
- Can their solutions integrate with your current software easily?
- What kind of technical support and customer service is offered?
- Are there reporting solutions available to track the success of the program?
- Does the partner know your industry well?
By conducting in-depth research and asking these questions, ISVs will be able to find the right partner that has the solutions and support for their payment processing needs.
After due diligence and conversations with payment partners, the next step is entering into an agreement with the partner and discussing the best way to launch the new partnership to the ISVs customers.
An ISV who is switching payment processors will need to inform their current provider they want to terminate their contract and will no longer need their services. Make sure and confirm the date of when the current contract will expire and the steps on how to pay any outstanding funds.
Once an ISV is has a signed agreement with the new payment partner, the next step is the technical integration phase. The partner should be able to provide comprehensive integration tools including APIs and coding samples to make adding payments to your software easy. Once the coding is complete and tested, the next step is launching the new payments module to your customers. Ensure they understand the benefits of the new payments solution, how it works and how to sign up.
ISVs who are looking to make the move to a new payment partner need to be prepared and understand the necessary steps in order to change their provider. By conducting thorough research on potential processors, entering into an agreement, cancelling the service with the current provider, and testing and launching the new payment processing service, ISVs will be readily prepared for the transition and can begin accepting payments seamlessly.