18 Nov 5 Key areas ISV business owners need to consider when choosing a payment partner
With more businesses ditching the traditional cash register for more modern, tech-enabled alternatives as well as taking payments online, it’s little surprise that the global ISV market is estimated to grow from $202.85 million in 2020 to $408.15 million by 20271. While the opportunity is significant, the level of work required from ISV’s to become successful should not be underestimated. Successful ISV’s dedicate a significant amount of time and resources to their application development, sales strategy, market research and technical support for their clients.
With ISV’s juggling so many balls in the air, it’s important to have a trusted and experienced payments provider that can support them. We highlight the five areas ISV’s should look to when choosing a payments provider to integrate with.
1. Do they have a tried and tested integration process?
Experienced payment processors have integration plans and procedures in place to support ISV’s. This should concentrate on an initial technical investigation, support throughout development and a testing phase before going live. Following an agreed best practice approach offers piece of mind with solution engineers supporting initial development and an implementation team providing a smooth ISV partner on boarding process. With ISV business owners busy evolving the development of their own technology, it’s essential your payment partner can support quick and seamless integration.
2. What payment solutions do they provide to ISV’s?
Depending on the sector/s your software solution supports (hospitality, retail, professional services etc.), your payment provider will need to guarantee they have a range of POS (point-of-sale) systems and / or reliable online payment options that suit their needs.
To support in-store payments, options should include fixed and mobile card terminals, capable of accepting Visa, MasterCard, Union Pay, AMEX, JCB, Diners and Discover, Google Pay and Apple Pay, as well as having contactless payment and payment acceptance functionality.
For online, payment gateway options that turn browsers into buyers, one-click checkouts following best in class security protocols is a must for both websites and apps.
Additions to this could be Virtual Terminals, that allow businesses to accept payments from customers over the phone, as well as Pay by Link options, that allows customers the ability to pay via a secure link, pay button or QR code.
3. What’s their pricing structure?
Pricing with digital payments can be complex and layered by some providers. It’s important to understand the terms and conditions attached to the agreement the payment provider will offer your clients and seek clarification on transaction charge.
While EVO Payments prides itself on its transparent pricing and no hidden fees approach, other providers may include additional costs on top of the fee for your card terminal and monthly transactions like PCI. There could also be joining and authentication fees, as well as a potential minimal monthly fee added to the initial price quoted.
4. What other value can they offer to ISV business owners’ customers?
Merchant now expect more than just payment acceptance. It’s important the payment provider can offer additional benefits as well as reliable card acceptance functionality.
Merchant Support
The support payment providers offer varies considerably. Some may offer 24/7 support while others may operate standard Monday to Friday hours. Having a payment provider with credible support centre staff helps maintain your customers’ satisfaction and your business reputation.
Online Merchant Payments Portal
With most businesses now tech savvy, having easy access to statements, transaction queries and other information online is a key selling point, allows better planning and transparency.
Settlement times
The average time it takes for your card transactions to be processed and lodged into your bank account is another key question you should ask a merchant services provider as, in some cases, this could take over 3 working days.
Given that cash flow and finance has been consistently cited as a concern for businesses in our annual surveys, next day settlement is a must have.
Logo on receipt
Give your clients additional brand awareness opportunities by enabling their logo to be printed on every receipts.
Dynamic Currency Conversion
Let your clients’ overseas visitors pay in their native currency to give them a clear view of how much they are spending. It will also earn businesses a rebate and helps reduce chargeback disputes.
ISV’s offered PCI compliance and payment security
Your payment provider should help you adhere to the guidelines of the PCI Data Security Standard (PCI DSS) and become PCI-compliant. Some, like EVO Payments, automatically enrol customers on PCI Data Security Standard programme, designed to help keep their payment systems secure so that your customers can trust them with their card details.
5. What partnership supports do they offer to ISV’s?
The relationship between ISV and payment provider is key to encouraging potential client growth with the payment provider needing to be more than a supplier but an engaged payments partner.
Some payment providers offer partner hubs to ISV’s with exclusive marketing toolkits, co-marketing opportunities and other assets to support marketing and sales opportunities.
Active relationship managers offering consistent updates and engagement would also demonstrate a payments provider committed to offering value added service and an relationship that offers more than just payments.
EVO Payments – Trusted Payments Partners
EVO Payments continually strives to be at the forefront of the payments industry. By focusing on the development and delivery of innovative, best-in-class payment processing solutions, we are more than an acquirer or a processor – we are a technology partner too.
EVO Payments’ partner program will give you an on-going source of revenue whilst helping you to create a solution with real USPs to differentiate you and your products in the UK market.
Reach out to talk with us today