The health and wellness market is, well, healthier than ever, projected to reach an estimated 9 trillion U.S. dollars worldwide by 2028, according to Statista. Consumers are increasingly prioritizing their physical and mental well-being—and they’re willing to spend a great deal of time and money to feel better, manage chronic diseases, and prevent illness.
Of course, ISVs engaged in software development for health and wellness ventures are an integral part of this trend. If you’re developing applications for either bricks-and-mortar-based health businesses such as gyms, yoga or dance studios, martial arts schools, or boutique fitness clubs, OR remote or app-based services like corporate wellness programs, lifestyle coaching, nutrition planning, and much more, it’s essential for you to consider your integrated payments partner one of the most important keys to the applications’ success.
Now more than ever, ISVs must deliver seamless, flexible, and secure payment integrations to drive revenue growth, improve member retention, and enhance user experience. While most ISVs already have a payments integration, optimization is the key to unlocking new revenue streams and scaling software for long-term profitability.
Payroc is a strategic payments partner empowering health and wellness ISVs with next-level payment solutions that improve the customer experience and drive business growth. We welcome you to this discussion of the outsized role of integrated payments optimization in health and wellness application viability and long-term success.
Too many ISVs view payments as a background function that simply processes transactions. This is a common misconception—one that hampers growth and leaves profit on the table.
The reality is that payments are keystone processes that are constantly evolving. Failing to optimize at launch and continue optimizing moving forward often leads to lost revenue, customer churn, and operational inefficiencies.
In the health and wellness space, many consumers are able to use Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) to pay for eligible wellness and wellness expenses.ISVs that integrate HSA/FSA payment acceptance help gyms, studios, and other wellness businesses capture additional revenue while offering members more (and more cost-effective) ways to pay. Ensuring compliance with HSA/FSA regulations and integrating these payment types sets ISVs apart in a competitive wellness tech landscape.
Likewise, ACH—recurring or single transaction—is the preferred payment option for many customers with monthly membership or subscription fees. Your integrated payments tool must not only accommodate ACH but handle it seamlessly and equally among payment methods.
When it comes to mobile wallets, consumers increasingly expect merchants to accept Apple Pay, Google Pay, and other NFC-based mobile payments for all purchases. About 50% of Americans now use digital wallets—a number that rises to over 80% for Gen Z customers. Payroc provides mass enablement for Apple Pay, automating the merchant registration process and making this an excellent payment option for all parties.
Equally important, omnichannel payments are no longer a nicety but a necessity because customers expect their stored account payment information to work seamlessly regardless of where in the app, on the website, in the social media account, or in the physical storefront they happen to be. Robust tokenization and a comprehensive payments-type menu are essential. Many ISVs lack a truly unified payment solution, leading to friction and inconsistencies in how customers pay, which in turn causes dissatisfaction and attrition.
Keep in mind that what worked yesterday may not work tomorrow. The payments landscape is evolving rapidly. New pricing models, alternative payment methods, and embedded finance are reshaping expectations. Competitors that offer more seamless, flexible, and modern payment options gain a significant advantage.
For health and wellness ISVs, a well-optimized payment strategy can enhance member retention, streamline operations, and create new revenue opportunities. Here’s are some ways in which payments should be a strategic priority:
By optimizing payment integrations, ISVs can position themselves for long-term success—boosting retention, increasing revenue, and delivering a seamless user experience that keeps them ahead.
There are payments vendors, and then there are payments partners. The former may more or less get the job done, but only the latter will work closely with you to truly integrate and optimize payments both at launch and down the road, as the payments landscape evolves.
Regardless of integration type, ISVs should be looking for payment partners that deliver exceptional service and amenities.
We hope we’ve helped you consider some of the ways in which the right payments partner is integral to the success of your health and wellness applications. The bottom line is that done well, an optimized strategy can transform payments from a necessary function into a competitive advantage.
With more than 1,200 ISO and ISV partners, $100 billion in annual processing volume, and 1,100 employees, we are well-structured to work closely with you to achieve your goals on your current health and wellness project as well as projects to come.
Payroc is dedicated to partners. We support ISVs with innovative and proven solutions, programs, and strategies that fuel growth. We invite you to schedule a demo today.