As an independent software vendor or ISV, your business depends on adding value for your clients. With this in mind, most ISVs can achieve important benefits from integrating payment capabilities into their software offering. This integration can yield the following benefits for you and your clients.
1. Greater Customer Offerings
The most obvious benefit comes with an additional piece of your customers' service pie. When you build payment capabilities into your software, those customers don't have to separately purchase and integrate a system into what you provide. You save them both headaches and money.
2. Enhanced Security
Integrated payment processing also improves your clients' security. Every time separate systems are pushed together, it creates seams where vulnerabilities can arise. A fully integrated payment solution closes those openings and protects your clients' financial and proprietary information.
3. Added Revenue Streams
For you, processing payments through your software opens up a residual revenue stream. Every time your client takes a payment, part of the fee for that payment goes to you, for the entire life cycle of your software. You've already sold the product, making this possibly the easiest line of income you will ever achieve.
4. Improved Accuracy
Your clients benefit from an integrated payment system through the accuracy of the combined product. They can sync the software with their accounting functions and virtually eliminate the human errors that transferring data can create.
With an integrated software/payment product, you provide a tool that scales well to fluctuations in staff and business cycles. You remove an important problem for growing clients, creating even more value in your product. Any time you can make a client's life easier, you give yourself an advantage over other ISVs.
6. Greater Efficiency
When you save time and reduce errors for your clients, you deliver the two keys to a more efficient payment process. No matter how good independent software and payment software might be, they will never match the efficiency of an integrated product. Successful integration with your software solution delivers an advantage every time.
7. Competitive Boost
All of these advantages lead to one inescapable reason to offer integrated payments in your software: competitive advantage in the marketplace. With more ISVs springing up every day, you need to set yourself apart within an increasingly specialized landscape. Building payments into your niche software delivers on an omnipresent need for any industry, bumping you above ISVs that do not offer it.
Your competition in the ISV market is not going to shrink or disappear. You need to keep finding ways to stand out. Integrated payments are a critical way you can stand out and deliver more for yourself and your clients.