Integrated Software Vendors

Top 7 Ways ISVs Can Benefit from Integrated Payment Solutions

Murray MacGillivray
AVP, Strategic Partnerships

As an independent software vendor (ISV), you need to constantly look for ways to add value to your products and revenue streams to your budget. Integrated payment solutions give you the path to achieve both goals. Building payments into your software offerings benefits you and your clients.

1. A Competitive Edge

One obvious benefit is the value you provide to clients. Your clients have options for software packages. Giving them a product that integrates payment processing streamlines what they have to do every day: transact with their end users. It gives you a leg up over your competitors as a result.

One such example is uLaw having partnered with Nuvei to integrate payments into uLawPractice, a cloud-based practice management and legal accounting software. uLaw wanted to provide a complete, end-to-end service for their clients and recognized the importance of incorporating payment processing to their email invoices.

As a cloud-based service, they needed a provider who could integrate seamlessly to their platform and provide a consistent, connected experience for their clients. Nuvei’s advanced API made it easy to integrate payments to uLaw Practice, helping legal professionals to reduce their costs as well as increase revenue by converting unbillable to billable time.

2. Stronger Security

Integrated payments remove one of the potential gaps in your security by keeping the process in one place. In addition, it converts data to “tokens,” which keeps your clients free of vulnerable customer data in their system. These layers of data security protect both you and your clients from data theft or loss. In addition, Nuvei's real-time fraud detection and scoring engine is aimed at stopping transaction fraud before it can take place. Fully integrated into our payment solutions, ISVs can rest easy knowing their transactions are secure.

Nuvei also reduces costs by offloading much of the PCI scope from the ISVs. This greatly reduces your costs to become PCI compliant as well as enhances the value of your solutions.

3. Client Retention

When you integrate payments within your software, you give your clients a reason to stay longer. It doesn’t make sense to make changes if the changes mean they have to recreate aspects of their business model. Give them a reason to stick with you for the long run.

Pluss has been a leading provider of business management software for the medium and heavy-duty truck and semi-trailer industry since 1984. Pluss was expanding into a new market and needed a payment technology partner with innovative products and straightforward integrations to enhance their business management solution.

As a one-stop shop for their clients, they needed a single point of connectivity for eCommerce, in-store, and mobile payments. Nuvei’s API makes payment integration simple, secure and straightforward. By integrating with Nuvei, Pluss was able to quickly enhance their software offering with omni-channel payment solutions, which will benefit many of their clients.

4. Boost Your Valuation

When you offer more to your clients, your brand value increases. You can charge more for your product and enhance your position in the marketplace. You look better for investors and clients alike. Market Research Future (MRFR), in its independent software vendors market analysis, proclaims that Independent Software Vendors (ISVs) market valuation is expected to escalate further from US $202.85 million in 2019 To US $408.15 million by 2026 (review period 2020-2026).

5. Faster Adaptability

The payments industry changes quickly. When you integrate a payments capability into your software, you also create opportunities to grow into the future with your payments partner. You can adjust to new technologies and payment methods on the fly. You’ll be prepared for whatever end customers expect for both currencies and payment methods.

GRUBBRR was looking to expand into the Canadian market quickly, but the typical certification process would take 6-8 months. Additionally, in the wake of the COVID-19 pandemic, there was increased urgency and demand for self-ordering technology and safer payment options. Nuvei’s consultative approach and strong local presence in Canada delivered exactly what GRUBBRR needed.

6. Greater Longevity with Clients

ISVs often roll out new or updated software products. Integrating payment processing gives your clients a reason not to make changes as often because your product provides them with a longer-term value.

WellnessLiving has thousands of happy customers and over 10 million users worldwide. They area customer-focused team that is genuinely passionate about helping business owners achieve their goals. By integrating with Nuvei, WellnessLiving was able to quickly enhance their software offering, giving their clients a complete end-to-end solution for their digital business. Health and Wellness providers, from yoga instructors to nutritionists, can now use WellnessLiving software to manage their day-to-day operations, offer virtual services with their Zoom Integration and FitVID on-demand, and accept payments anywhere.

7. Revenue-Sharing

Partnering with a payment processing provider gives you access to revenue-sharing for payments collected through your software. This revenue stream requires very little work after you sell the software. It provides an additional source of revenue that continues for as long as your client uses your product.

Integrating payment processing with software products makes financial and overall business development sense for ISVs. If you haven’t partnered with a payment processor to integrate payments with your ISV, you are missing the market opportunities available now.

Nuvei: Your ISV Partner in Bottom-Line Growth

Our company’s foundation is built on ISV partnering for greater profitability and growth. For us; for you. Our ISV network was designed with easier, supportive partnership integration and customized partnering models. We are the flagship for payment technology partnering.

Business models are seldom designed with partnerships in mind. Ours is.

Nuvei partners benefit from:
  • Automated underwriting and instant merchant onboarding
  • Developer-friendly APIs, SDKs and FAQs for a variety of integrations
  • Industry-leading ISV revenue-sharing models
  • Solutions for online, in-store, and mobile payments
  • Unique partnering models plus dedicated support

It’s an intriguing concept and it’s one of the best opportunities you will encounter. Our entrepreneurial mindset drives the energy of ISV partnering. Learn more. Contact us today.

 

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Murray MacGillivray
AVP, Strategic Partnerships
Murray has over 20 years of experience in indirect sales channels and merchant services. He enjoys the fast-paced payment processing industry for the opportunity it provides to the entrepreneurial spirit.

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