The Independent Software Vendor’s Guide to Integrated Payment Systems

In 2013, there were 92,000 independent software vendors (ISVs) in the world. By 2018, that number had grown to 175,000. That growth isn’t expected to slow down anytime soon, with some industry experts claiming it will surge to 1 million in the next eight years. 

Given that the SaaS market is exploding and that customers are demanding greater specialization, ISVs of today must remain well-positioned to serve in this competitive landscape. With high expectations for easy integration and across-the-board functionality, independent software vendors can’t afford to ignore integrated payments as an option to take their product to the next level. 

Choosing the right integrated payment system (IPS) is critical for an independent software vendor to provide a unique value proposition that lands them on the radar of users. 

If your missing puzzle piece is integrated payments, read on to learn more about how integrated payment systems make a difference for your clients and for your own bottom line. 

The ISV-IPS Connection

As a business that sells and develops software for other businesses, you are by definition an independent software vendor already. It’s likely that a core component of your success is the fact that these software solutions are unique to the needs of that particular business and its clientele. 

When positioned the right way, it’s easy for your ideal clients to become reliant on your software solutions because these programs make for a seamless experience not just for the business, but for their customers, too. 

Part of that seamless experience is an easy way to capture payments in an integrated payment system. 

Integrated payments is a way to upgrade the process for payment acceptance to an existing system, software, or program. Simple acceptance of credit card payments makes your product that much more appealing and builds on that reliance mentioned above. With your existing features, an IPS is just one more reason for your buyers to become long-term customers. 

Why Integrate Payments Now? 

The future for independent software vendors requires staying at the cutting edge of what companies need and developing solutions to achieve that quickly. If your customers already love the existing features of your software, you benefit from being able to provide more comprehensive offerings to build client loyalty and generate more recurring revenue once you’ve established payment processor software integration.

Businesses today want a comprehensive solution and that applies to ISV payments, too. If your competitors offer it all, you’re falling short by excluding an integrated payment system. No retailer or merchant wants to rely on multiple programs or solutions at the same time- they want integrated payments technology that allows them to focus on other aspects of running their operations.

Business owners today are also more mindful of their potential exposure to data breaches. In fact, 58% of online data breach victims were small businesses in 2018. Likewise, independent software vendors know they’re at risk of a data breach simply because of the amount of information captured in their product. When selecting an integrated payment systems provider, this means you get the advantages of a stronger security solutions. Ultimately that makes your clients more likely to choose your ISV payments offering. 

What to Look for When Evaluating IPS Providers

If security is top of mind for you, check whether or not the option you’re considering is recommended by the Payment Card Industry Security Standards Council. This is where you can dig into data like who offers security features such as tokenization, point-to-point encryption, and card vaults. 

Don’t forget to make sure you’ll have access to support and onboarding assistance when going for payment processor software integration. The seamless experience you provide to your clients is built on you being able to get help quickly if there’s an issue with the payment system. 

Ideally, the IPS you select will be able to evolve in the future. While it might be impossible to predict consumer payment trends five years down the road, it’s beneficial to know that your chosen IPS invests in their own upgrades and evolutions so that you’re ready to meet the demands of your buyers. Your IPS should not view their solution as a “set it and forget it” option. 

At the end of the day, implementing an integrated payments solution is about addressing your customer’s needs and helping your business grow, too. Evaluate whether or not your shortlist of options provide full-stack API access so that you can more easily integrate new code or upgrade your mobile app and software on your end. 

When building out new features and taking a 30,000-foot view of your own software, consider how integrated payment systems factor into your next round of improvements. 

If your ISV business is considering the adoption of an integrated payments system, the experts at SwipeSum are happy to help. We work with a network of more than 70 providers to find a solution that fits with your business model. We’ll act as your advocate during the implementation process and ensure that you get the perfect solution at a great price. Visit SwipeSum.com/Solutions to learn more!