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30 June 2020
As an independent software vendor (ISV), you have a lot on your plate. It's easy to overlook certain areas of your business that don't require your immediate attention. But one area you can't afford to ignore is offering integrated payments to your clients. If you aren't offering integrated payment solutions to your clients, then you are likely losing sales and leaving money on the table.
As an independent software vendor (ISV), you have a lot on your plate. You’re expected to provide cutting-edge solutions for your clients, and many aspects of your position and daily work require a lot of attention to detail.
For that reason, it’s easy to overlook certain areas of the business that don’t require your immediate attention. But one area you can’t afford to ignore is offering integrated payments to your clients.
If you aren’t doing this, then you're likely losing sales and leaving money on the table. In 2018, Australians spent a total of $28.6 billion on online shopping, and estimations suggest that figure will reach $35.2 billion by 2021.
The world was already moving toward digital solutions, but this shift is rapidly speeding up thanks to the ongoing coronavirus pandemic. That means the ability to receive and make payments online is more important than ever.
WHAT ARE INTEGRATED PAYMENT SOLUTIONS FOR ISVs?
Integrated payments are a payment processing system that’s embedded within a software application. Instead of completing the transaction through a third-party system, the client can make a payment directly within the software solution.
For instance, an integrated payment solution would allow your clients to accept payments directly within their CRM or invoicing software. This added functionality allows your clients to improve their workflow and offer a secure, streamlined payment experience to their customers.
And integrated payment solutions benefit your company as well. It improves the value of your product and gives you new opportunities to generate revenue.
But software vendors don't have to do the work to become a payment processor themselves to support these fundamental solutions for clients. Instead, you can partner with an integrated payment solutions provider.
4 BENEFITS OF ONLINE PAYMENT SOLUTIONS FOR ISVs
The biggest thing you need to understand is that integrated payment solutions benefit you and your clients. Here are four reasons ISV payment solutions can benefit your business.
1. Be More Competitive in the Marketplace
By adding a new service or option to your line-up, your company will be more competitive in the marketplace. This is especially true when the service is as integral to business success as the ability to take payments.
Credit card processing for ISVs provide the following benefits to your company:
All of those benefits help you stand out against competition and provide a value proposition that resonates with potential clients.
2. Offer Seamless, Compliant Payment Options
There are many advantages to offering digital transactions, but it does pose a big data security threat. Every time your clients direct their customers to a third-party processor, they are putting their payment information at risk.
Integrated payment solutions let you offer technology that’s PCI compliant — all without handling the sensitive payment information yourself. That’s because integrated payment solutions implement tokenisation.
Tokenisation replaces sensitive customer data with non sensitive placeholders called tokens. A token is a unique string of characters that resembles the original data, but doesn’t have any real value.
That way, if a data breach does occur the sensitive customer information is kept safe. The only information that’s exposed is a token which has no meaning or value. This ensures that all customer payments stay secure.
Your customers can benefit from faster, more secure payments and the fact that they didn't have to do the research and vet a second technology solution for payments. That can speed up implementation times and help them save money in the long run.
According to Forbes, payment technologies are a known challenge for small businesses. For example, around 8% of small businesses have dealt with more than 10 instances of customer payment fraud.
And more than half are still spending unnecessary time visiting their bank every week to handle payment and accounting matters. When you offer integrated payment solutions with your technical products, you help reduce some of these challenges for your clients.
In fact, you might even help stabilise their cash flow. Forbes notes that when businesses use an integrated payment solution with a sales or invoicing platform, they tend to experience a 15% reduction in cash flow challenges.
3. Provide Clients With Added Selling Power
By adding payment solutions to your line-up, you create products that increase your clients' selling power. They're better able to take a variety of online payments, letting them market to wider audiences and put products into the marketplace more quickly.
Plus, manual accounting is tedious and time-consuming. Using a third-party payment processor is less accurate and more prone to human error. Integrated payment solutions remove the need for manual bookkeeping since the payment records are automatically entered into the software.
Credit card processing for ISVs support higher success rates for your clients. And because you need your clients to succeed so you can succeed, it's a win-win situation for everyone involved.
4. Increase Your Customer Retention Rates
When it comes to implementing a software solution, your customers are likely bombarded by competing offers. What is going to be their motivation to stick with your solution above all others? After all, it’s not hard to find competing offers that provide similar solutions.
That’s why it’s so important to improve the functionality of your solution and provide a better product to your customers. And that’s exactly what you’re doing by implementing integrated payment solutions.
NEXT STEPS FOR YOUR INTEGRATED PAYMENT SOLUTIONS
When you implement integrated payment solutions, you’re providing a better product for your clients. You’re helping them create a safe and seamless checkout experience for their customers, which will make your business more competitive in the marketplace.
And the best part is, you don’t have to become a payment processor to provide these solutions to your clients. When you partner with a company like Bambora, you can benefit from personalised payment solutions without needing to do the heavy lifting yourself.
Bambora provides payment solutions for ISVs so you can add more value to your product and stand out in the marketplace. Get in touch today to find out how you can position yourself and your clients for greater success by offering integrated payment solutions as an option in your software products.
Join the Bambora Partner Programme to create brand new revenue streams.
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