Independent Software Vendors (ISVs) develop software to address the specific needs of merchants and their customers. Platform providers understand that each vertical they work in has unique needs and customer expectations. However, regardless of their market segment, all merchants have one thing in common. That is the need to provide a top-notch consumer experience that will help them stand apart from their competition.
The customer is king, and it’s a merchant’s job to make them feel that way with every transaction. Sounds easy, but there’s nothing easy about keeping up with the volatility of a global economy. What works today may not work tomorrow, as we all learned in the spring of 2020. The merchants who get it realize that the right technology can help them stay ahead of the competition and gather and protect sensitive personal data.
We’re not just talking about safeguarding credit card numbers. An ISV offers merchants the tools to collect information about the frequency, quantity, and kinds of customer purchases. Analyzing the correct transactional data helps them sell the right things at the right time. It also helps with inventory management, staffing, and storage and can even help predict future buying behavior.
What sets a good ISV apart from a prominent banking institution is that they can get to know a real person with real operational challenges. Not just a sequence of numbers on a screen. By developing a more meaningful relationship with a merchant, the ISV or sales agent can customize a software solution specific to each business. By offering a personalized approach to data gathering, they, in turn, give the merchant the information that they need to provide more customized service to their customers. Here are some of the SaaS services offered by ISVs:
- Customer Relationship Management (CRM)
- Supply Chain Management (Plan, Source, Make, Deliver and Return.)
- Business Intelligence (Closely monitor the industry. Does your competitor know something you don't?)
- Digital Conferencing (Communicate urgent information face-to-face without the expense and hassle of traveling.)
- Content Management System (Empower the merchant to update their systems on the fly. Generate personalized email promos, and allow for easy product and price updates)
- Enterprise Resource Planning (What do you need now, and what are you likely to need later? An intuitive ISV will predict and react quickly to changes.)
- Enterprise Asset Management (Are the right people being onboarded?)
- Business Process Management (Automating or streamlining daily operations.)
- And the list continues to grow.
There’s also a growing number of ISVs who can deliver tools to merchants to help them connect more seamlessly with their customers. There are thousands of ISVs, with more popping up every day. As ISVs carve out their slice of the pie, it becomes apparent that there are enough underrepresented businesses to keep everyone busy. An ISV is more likely to take on verticals that banks steer clear of, like healthcare, government entities, oil and gas refineries, telecom, education, gambling, cannabis, etc.
Though some of these segments come with complications, ISVs know they can rely on their technology to assess risk and quickly accept and onboard prospects that are the most likely to succeed.
Why the Push for Integrated Payments?
One of the ways an ISV can support merchants is by offering integrated payment solutions for their clients. By automating tedious accounting processes, an integrated payment solution allows merchants to accept credit card payments directly within their existing software. And all this happens without disruption or the need for third parties.
Integrated payments connect the critical payment processing function with other vital business systems and software. When all these systems are compatible, it’s easier for a merchant to accept payments and consolidate important purchase data that affects inventory, fulfillment, and future product development. Integrated payments also enhance the capabilities and features of a point-of-sale system, providing access to technology that a business needs to adapt and grow. More benefits include:
- Streamlining operations by eliminating the need for manual entry of data. This not only saves time but also reduces errors. With an integrated solution, payments are automatically posted at the time of sale, showing the transaction history in real-time, improving accuracy, and providing immediate access to transactional data.
- Improved customer service. No one wants to wait in line to pay for their purchase. Unfortunately, it's in our nature to be impatient, and customers won't hesitate to bail on a purchase that takes too long or is unnecessarily complex. Options include self-checkout, online checkout, and mobile checkout for payment acceptance anywhere in a retail store. In addition, more options allow business owners to spend their time assisting customers that need extra attention.
- More customization. A good CRM system can provide insights on purchasing trends and track inventory, sales, and deliveries. A customized integrated payments solution delivers the information necessary to create the most stellar customer experience.
- Planning for Growth & Change. A fully integrated solution that works with a merchant’s CRM system can provide insights on customer purchasing trends that can help them prepare for additional growth.
Revenue Sharing and Boosting Valuation with an ISV
Targeting innovative ISVs can open access to additional revenue streams through revenue sharing. For example, each customer you refer to your new partner earns you a percentage of every transaction.
Partnering with ISVs gives payment processors additional development capabilities. It allows them to be agile, competitive, and able to adapt quickly to changing consumer behaviors.
By integrating payment acceptance with their software, payment processors add additional value for your customers. Merchants want an all-in-one solution that can help them simplify their workload without needing additional apps and devices. Prospective merchants crave simplicity when searching for software and a payment processing partner.
Embedded payments give merchants payment processing functionality within a software solution. This function allows them to accept payments within their existing software instead of installing any additional software product.
Offering simple yet secure payment processing solutions boosts the valuation of the payment processor and independent software vendor. And most importantly, a value-added ‘bundle’ of services that can ensure safe and straightforward transactions builds brand loyalty and customer retention.
Under Empowers ISVs to Stay Ahead of the Competition
Merchants want to offer their customers a simple and secure experience. By partnering with an ISV, processors can customize customer experiences that seamlessly integrate behind the scenes.
Under’s comprehensive software platform gives Independent Software Vendors (ISV) the ability to provide stellar end-to-end onboarding solutions to their customers. By delivering world-class digital applications, identity verification, and seamless integrations with just a few clicks, Under offers customers an intuitive online banking experience. Instead of combining different apps from multiple sources, Under designed a suite of tools that work together to simplify payment transactions without disrupting the customer experience. These easy-to-use tools facilitate identity and banking verification to save time and reduce fraud with just a few clicks.