The ISV market is exploding as software companies flourish in new verticals and expand into viable market segments. At the same time, merchants are expecting more out of their payment technology, namely reduced overhead cost.
How much of that market share you can claim is largely dependent on two factors - the substance of the integrated payment platform you’re offering and how quickly you can deploy it.
These are the all-important details that define any successful payment processing partnership.
Before aligning with any particular payment technology platform, evaluate them against these criteria.
What are the specific integrated payments services they can add to your solution? What is the fine print associated with integration? What happens in the event of a problem or delay?
Be clear about what you expect up front – and don’t compromise on it.
Below is our list of the table stakes functionality any would-be payment technology partner should provide.
Payment Technology Security that does its job
THE WHY: Data protection is a top priority for any merchant, but the cost – developers, testing and on-going support – can drive many ISVs away from developing these systems themselves. By partnering with an established integrated payments processor, an ISV entrusts their security needs to an organization with stringent security controls already in place.
WHAT TO ASK: “What kind of security protocols do you use?” You’re looking for an answer that includes end-to-end tokenization and encryption. Any less and your payment technology software solution will not be taken seriously.
“Can you help me implement PCI security standards, and if yes, how?” This is an important question to ask because these standards are complex, thorough, and applicable to anyone who accepts or processes payment cards – including you, the software developer. The standards include three subsets, respectively covering requirements for equipment manufacturers protecting PIN transaction security), software developers (securing the payment application environment), and merchants and integrated payments processors (safeguarding cardholder data).
An integrated payments processor worthy of your serious consideration should be able to answer thoroughly how they maintain PCI security standard compliance in all these areas.
Payment Technology methods consumers already understand
THE WHY: Consumers are weary of waiting for businesses to catch up. The right payment technology processor should help bolster your software solution to include the payment forms your prospects are already being asked to accept.
WHAT TO ASK: What payment forms can you help my software support? Traditional integrated payments methods will do little to set your software solution apart. But come to the table with a system that performs superbly in store, online and via mobile, accommodating every payment type from contactless (Android Pay, Apple Pay, Google Pay, and Samsung Pay) to cash, and it’s an entirely different conversation.
Features that boost timely integrated payments
THE WHY: Your prospects aren’t sitting around with extra dollars to spend on payment technology software. Even if it’s software as a service, that service will be considered a luxury until you show them how it can make their lives easier (hint – it’s all about cash flow).
WHAT TO ASK: How can my integrated payments software help customers collect funds faster? We’ve yet to meet a business owner who didn’t have a frustrating experience with credit card declines and related missed payments.
It led us to implement a payment technology service that automatically updates soon to expire credit card data, virtually eliminating one of the costliest in-house expenses a business owner would otherwise endure. Your prospect will know very well how much their collection efforts cost them. Offering an integrated payment platform solution to mitigate that can quickly catapult your solution to the top of the heap.
All the better when you can differentiate your payment technology offering with a service many of your prospects customers are clamoring for – recurring payments. It works particularly well for businesses offering personal services and a standing appointment model.
As you evaluate what payment technology services could look like for your ISV, the above list will give you a firm foundation from which to start.
Don’t settle for less. Your competitors aren’t.