Independent Software Vendors (ISVs) are experts in what their merchants need.
Why ISVs Need a Merchant Service Partner
Merchant service providers such as North have a large sales force with agents nationwide who are out soliciting merchants every day. Merchant service providers offer tools to retain customers as well as assisting in acquiring them. This is especially true for providers that have a direct payment processor, such as North.
If an ISV is working with a merchant service provider and they can build that payment experience into the enrollment of a new customer — into the support of that new customer or who the primary contact is for that new customer — it makes the sales cycle easier because it creates a seamless onboarding that can be fully branded for the ISV.
Not only can a payment processing partner bring them more distribution, but it can also bring additional revenue streams allowing them to generate revenue by bundling services together and creating an easier enrollment experience for merchants.
Types of Partner Models
Referral Model
In the referral model, the payments partner typically then interacts directly with the customer, compiles the information needed to onboard them, negotiates pricing, and then compensates the referral partner for the lead. This is considered the most hands-off and least labor-intensive type of partner model.
Agent Model
In this scenario, the agent typically stays in contact after the merchant account is boarded to assist in service and support, giving them more responsibility than the referral model.
ISO Model
In this model, the ISOs typically sell under their own brand, and have more customer interaction. Here, it is the payments processor that is a little more hands off and essentially just provides the rails for processing transactions. In addition, the service provider might be responsible for the liability of the account in the ISO model. If the account takes a loss for some reason, or if something else goes wrong, the ISO might be responsible versus the payments partner or payment gateway.
ISV Model
Best Merchant Service Partners
Companies in the middle of fintech and face-to-face let merchants know that there is both a process and a person in place no matter what their issues or goals might be. It is thanks to these service models that companies like North can deliver on the wants and needs of merchants, while helping ISVs reach their goals, as well.
Partner With Us
To learn more about how a merchant service partner can support your business, contact our Sales Engineering team or browse the solutions that make up the North ecosystem.