Key Features ISVs Need in a Payments Platform (Part 1)

For ISVs, finding the right payments platform that offers the most value with the least integration hassle is tough – particularly when the possible integrations can include payment solutions, payment options, payment processors, payment gateways, and payment aggregators to integrate with their merchant solutions. Sure, ISVs want to offer merchants what their customers want, but sometimes there’s just too much to manage.

This leaves many ISVs to believe that they have to compromise … when they actually don’t – not any longer.

The Payroc platform delivers a holistic developer experience that allows ISVs to control how money moves through their solutions. Instead of working with multiple, disparate vendors and integrations, Payroc offers one interface for each of the following functions:

1. Boarding
2. Transactions
3. Funding
4. Reporting

So, what factors did we consider in creating this platform?

We started by asking our ISV partners which features they value most in their payments platform – and then we listened. We’d like to share what we learned, via a two-part article series.

In this first article, we explore the importance of:

• Consistency
• Options
• Comprehensive reporting

Look for a Consistent Approach to Payments Processing

One of the problems that ISVs face when they deal with various aspects of the payment platforms out there is consistency in defining a merchant, the actions available to each merchant, and how payments are handled.

A consistent approach enables ISVs to have straightforward and easy-to-understand operating rules that every client or merchant can understand.

Payroc’s payments platform offers consistent definitions and an interface that makes payments processing easy, regardless of which merchant or vendor is involved.

Your Merchants and Customers Want Payment Options

The right payments platform should offer options. For example, ISVs shouldn’t have to assume all of the risk of underwriting merchants if that’s not part of their business model – now or in the future. In fact, this is quite an undertaking for any ISV because the overhead that goes along with being a full payfac is considerable.

Of course, if that’s the ISV’s end goal, their payments platform should allow them to achieve it, but it shouldn’t be required out of the gate. Instead, the payments platform should give the ISV the power and the capability of onboarding merchants without the overhead.

At Payroc, we leave it up to ISVs to decide how much of our tools they want to use. They don't have to worry about risk, underwriting, or how the money moves between bank accounts unless they want to.

We allow ISVs to board merchants, take payments, and let us know how they want those payments split – and Payroc takes care of the rest. And because we can facilitate nearly any payments partner through our platform, ISVs can direct funds in a more granular level than ever before.

Don’t Forget About Reporting

ISVs and their merchant customers need reporting to understand which payment methods are most used in specific demographics, identify if they have a fraud issue, assemble the data to fight that fraud, and determine what sales and marketing tactics are most effective region by region.

We’ve refined our reporting to inform ISVs and their customers with the data they need to make key decisions about their business. For example, when it comes to funding, ISVs can create reports that highlight:

• Total funds available for partner splits
• End to end transaction flows
• Transactions with minimum processing
• Authorizations and disputes
• Status of disputes

Our reporting also allows for the automatic submission of 1099s and K-9s electronically.

Payroc’s payments platform API is just one of many new offerings designed to improve payments processing and deliver a better experience to our ISV clients and their merchants’ customers.

Learn more about Payroc’s new Boarding, Transactions, Settlements, and Reporting APIs.