It is no secret that consumers seek innovation and easy payment solutions when it comes to conducting transactions in today's rapidly expanding technological ecosystem, particularly when it comes to digital and integrated payments.
It can be intimidating for independent software providers (ISVs) to integrate new software to fulfill the needs of their customers without losing revenue or causing problems in routine transactions.
Consumers are being conditioned for fast gratification when making purchases since payment trends are changing so quickly. To scale and future-proof an ISV's business, a software solution must be able to offer best-in-class integrated payments as a feature. Any ISV business proposal gains value from the seamless integration of payment automation, reconciliation, and real-time data analytics.
The expansion of electronic payments
Global digital payments are predicted to reach approximately US$236 billion (about $730 per person in the US) by 2028, increasing at a compound annual growth rate of 19.4% between 2021 and 2028, according to a Grandview Research analysis. The research claims that this expansion is related to an increase in non-cash transactions and developments in the fintech industry. Like this, a report from Mordor Intelligence claims that integrated and seamless user experiences are among the other causes behind this rise.
As a prime example, integrated payments are extending the reach of digital payments as customers and businesses want more advanced processing options.
ISV companies are expanding while digital payments are expanding. There were only about 10,000 SaaS businesses in 2008; by 2018, that number had increased to 100,000. Experts anticipate that there will be 1 million by 2028. ISVs must therefore differentiate themselves as this expansion continues and build payment processing solutions that are unique from the competition.
ISVs' reasons for switching to digital payments
In the world of payment solutions today, staying ahead of the curve is crucial, especially when it comes to acting as an ISV.
A study found that 88 percent of ISVs asked stated they prioritized improving their payment alternatives because they feel that the number of payments methods, they offer directly affects the volume of revenue they generate. 86 percent of the respondents assert that their clients are looking to them to take the lead in supplying new payment options.
Although there have been digital solutions for decades, the COVID-19 epidemic has had a significant impact on the payments sector. For instance, according to EY research, the virus has caused growth to accelerate by up to 10 years' worth in just four months, with no indications of slowing down. As a result of the global surge in the popularity of quick and affordable open banking account payments, the ability to receive and make payments online is now more crucial than ever.
Integrated payment solutions can be useful in this situation.
Integrated Payments: What Are They?
A system that is implemented in a particular software program that allows customers to make payments directly through it as opposed to passing through a third-party system to complete the transaction is known as an integrated payment processing solution.
ISV customers may create invoices, accept online bank payments, and pay bills straight through the application thanks to an integrated payment processing system.
The environment of business and consumer needs is continuously changing, and so are payment processing solutions. Integrated payment solutions not only improve user experience but also increase income for businesses.
Integrated Payments' Advantages for ISV
ISVs and their clients can both profit greatly from integrated payment systems. Listed below are a few advantages of integrated payment solutions:
Reduces costs and time
Ironically, maintaining finances can be time- and money-consuming, but integrated payments eliminate the need to enter account information each time a payment is made. ISVs can concentrate on serving their customers because this data is automatically entered into the program, saving time in the future.
Gives you a competitive edge
When payment processing solutions are essential to business operations, adding an alternative like an integrated payment solution gives ISVs an advantage in the payments market.
In addition to improving the value of an ISV's products, bank payment processing helps clients manage their businesses with less effort, and it helps ISVs develop their expertise in integrated payment solutions so they can offer the best possible customer service.
Provides quick and safe payment methods
While there are benefits to digital payment methods, the worry about data security breaches never really goes away.
With integrated payment solutions, ISVs can offer technology that is tokenized and compatible with regulations without handling private payment data. Tokenization is a technique we utilize at VoPay to guarantee user security as they take advantage of this greater convenience.
Selecting the best payment partner to increase sales
To provide these basic solutions for clients, ISVs don't need to put in the effort to become payment processors themselves. Instead, collaborating with a provider of integrated payment solutions like VoPay is preferable and more effective.
ISVs now have access to revenue sharing, a completely new source of income. With a revenue-share arrangement, the partner receives a portion of all sales that the ISV refers to them for merchant processing.
API-first integration will be advantageous to ISVs looking for a payment partner to handle the labor-intensive tasks of transaction processing, legal compliance, and account onboarding. It is desirable for the complete system to exist inside a merchant's infrastructure when the system is fully integrated with an application programming interface (API). Smoother integration and reduced workloads for ISVs are ensured by a partner like VoPay, which is committed to clear documentation and thorough development tools.
ISV Payment Processing Solution from VoPay
Through a single API connector, VoPay collaborates with hundreds of ISV and SaaS providers across Canada to enable direct bank payments. Utilizing data-rich, secure, and effective tokenization technology, you may streamline sending, requesting, and reconciling payments. ISVs can anticipate their customers' future demands with a payment processing partner like VoPay thanks to seamless integration already incorporated into their software platform.
You have access to a variety of payment services through the VoPay API layer, including:
Accept payments with quick bank account verification, accelerate payments, and lower NSFs with intelligent EFT/ACH (iQ11).
EFT / ACH: Connect to the financial system in North America to easily simplify bank payment processing.
Send and request near real-time payments at a scale with larger financing limitations using Interac e-Transfer for Business with just an email.
Send money instantly to practically any Visa cardholder using VoPay Instant (Visa Direct).
Contact one of VoPay's product specialists if you're an ISV looking to advance your payment solutions. They will work with you to enable the best payment option, boost your revenue, and outperform your rivals.
Work 365 is a subscription billing software for Microsoft partners and software vendors to streamline the billing and invoicing process to improve cloud business.
