In business, as in life, there is a truism. Even the best, most fruitful relationships often have an endpoint, a stopping place beyond which the prospect of mutual productivity and growth is diminished. As a developer at the forefront of designing and building future-looking payment solutions, you know this experience all too well.
In particular, many of today’s most competitive Independent Software Vendors (ISVs) need to offer their merchants more than straightforward payment integration. Businesses are increasingly looking for payment solutions that can pivot and scale along with their needs, and those of their customer base. That requires ISVs to partner with a leader that understands cloud-based, cradle to grave, top to bottom, East to West and every other conceivable scenario for securing and retaining merchant business.
Here are four signs an ISV may have outgrown its payments integration.
1. They’re relying on multiple payment partners.
Variety isn’t always the spice of life. While engaging multiple payment partners can be a benefit in certain situations, offering flexibility for ISVs, too much proliferation carries risk. Independent software vendors put the emphasis on “independent.” Relying too heavily on more than one relationship is usually a harbinger of complexity - integration challenges, varying pricing structures, merchant confusion, and the security risks that can come with them being asked to manage multiple payment gateways.
The line can be fine between delivery on a diverse range of merchant needs, vs. degrading the user experience and hindering efficient software operations. Choosing a single primary payment partner that offers the right mix of quick onboarding and customization - safely, and without inefficient complexity - can be a huge competitive advantage for ISVs.
2. They’re tired of a poor user experience.
Developers are some of the most tech-savvy people on the planet, problem solvers with a real affection for cracking complex challenges. However, innovation isn’t done in a time vacuum. When it comes to providing the best overall merchant experience, ISVs need to rely on a fast, consistent one with their chosen payment gateway provider.
A positive ISV user experience is multi-faceted. The ability to support quick resolution for payments integration roadblocks, a deep understanding of payment method technical specifications, and strategic, scalable solution implementation expertise – these are some of the characteristics ISVs require from a payments integration partner. Just one ingredient missing from this formula could be an indicator that your ISV has outgrown the relationship – and needs a new one.
3. The ISV is experiencing a lack of support.
Independent Software Vendor developers are a resourceful group, but they still require an ongoing, supportive relationship with an integrated payments partner. That shouldn’t stop following the successful download of an API. The right partner must be one with the experience, flexibility, and demonstrated history of success to inspire confidence when it comes to meeting the evolving technology needs of your customer base. If your present payments integration partner is lacking in these areas, consider a switch – before getting left behind.
Be wary of potential partners that don’t explicitly offer assistance, maintenance, and troubleshooting. It’s very likely you’ll be on your own for addressing issues that arise. Be specific in asking about the type of post-implementation support the partner offers, and what experience they have with the types of payments you want to offer your merchants. Can they support customer acquisition efforts? The answer to that question matters.
4. They’re unable to monetize payments.
At the end of everyday, a business is about trying to safely and soundly maximize profits, right? ISVs are no different. However, and for a number of reasons, they are frequently unable to fully monetize payments from customer payment integration. These reasons can include exposure to one-size-fits-all merchant solutions that are unable to adapt as an ISV business grows, lack of in-house expertise to quickly accommodate changes in payment types or compliance requirements, and yes, partnership with an inexperienced integrated payments organization.
For example, missed opportunities like recurring revenue can cause ISVs to leave considerable money on the proverbial table. By selecting a payment partner with a winning track record, a complete stack of offerings, and robust, evolving technology, ISVs can add payments data to the customer information that makes for valuable decision-making, new feature design, and upsell opportunities.
Take control of your ISV’s growth potential with a forward-looking partner.
The right payments integration partner can help facilitate ISV growth, end-to-end. From integrations with less friction, to revenue sharing opportunities, and support and service that can save time for you and your customer base, North is the answer.
The merchants of today – and tomorrow – need more from their independent software vendors. We can help if you’ve outgrown your payments integration.
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