In today’s digital world, offering integrated payments is becoming an expectation for Independent Software Vendors (ISVs). The challenge, however, is that the intricate world of payments often falls outside the expertise of most ISVs. This is where choosing the right integrated payments partner becomes crucial. In this blog post, we will discuss the key questions you should ask before working with an integrated payments partner to ensure the most seamless and successful collaboration.
Let’s start with one of the most important criteria.
One of the biggest concerns ISVs have about working with any partner is how much work their teams will have to perform and if that work will pull them away from their primary business objectives. To gain a clear understanding of this, ISVs should consider asking the following questions:
At Payroc, we’ve developed integration paths with ISVs in mind, giving them the choice between a low-code or a no-code approach. For example, some ISVs look for simplified coding during integration. In those cases, our PAYBYCLOUD solution is ideal because it involves only a few lines of code to enable processing for CNP and CP payments — all through the same gateway.
That means no lift from ISVs to dedicate a large engineering team or create multiple API calls and authentication methods. This seamless, low-code transaction process also makes integration with external accounting and management software easy, so settlements and reporting can be just as seamless.
For those ISVs interested in a no-code option, Payroc also allows for a white label option in order to manage any payment type and reporting.
First impressions are lasting. The merchant onboarding experience can set the stage for a healthy and positive working relationship with your merchants. When evaluating an integrated payments partner, ask the following questions:
Onboarding is a hassle that’s rife with friction, especially when you’re boarding each merchant manually. Again, the less tedious, repetitive work your team has to do, the more time they can allocate to bringing your business goals to life. Payroc’s straightforward and user-friendly onboarding experience can be automated or handled by our team. It’s your choice: onboard merchants yourself or delegate to the experts.
When it comes to integrated payments, the transactions should be frictionless and almost undetectable. Make sure your payments partner can deliver by asking:
As a full-service acquirer and gateway, Payroc wears many hats. Most importantly, we can serve as the single source for all payment types and control all aspects of the payment chain to provide the best end-to-end solution. ISVs have the option to offer a full range of payment types – card present, card-not-present, ACH for cash or checks, and even PAD for Canadian payments.
In today’s payments ecosystem, ISVs often have third-party financial relationships where revenue is shared. Distribution of settlements can get complicated. The last thing you want is to find yourself working with a partner that cannot accommodate those complex requirements. Make sure to clarify a critical question:
How do you handle multiple funding destinations? The answer you’re looking for is “seamlessly.” If a potential payments partner can’t answer this question in a clear way, consider that a red flag.
Payroc’s settlements API streamlines funding and settlement processes to facilitate nearly any type of funding arrangement and payments partner through our platform. No matter the granularity, you can easily direct funds anywhere.
How your integrated payments partner facilitates reporting can make or break your ability to measure profitability and maintain relationships with merchants. Make sure to find out the following:
Payroc offers everything from direct access to our Insights Portal to full-scale white labeling that embeds reporting within your solution. ISVs can also extract and leverage data into your own proprietary systems.
Specifically, our reporting capabilities can highlight:
It’s not uncommon for some of the more popular payfacs and other integrated payments partners to be unavailable after an ISV downloads the partner’s API. In fact, many ISVs learn this the hard way. Here are some questions you can ask to avoid this situation:
At Payroc, we’re known for our commitment to support. Every ISV is assigned a dedicated partner manager and support team to ensure a smooth journey, prompt support, and swift issue escalation as needed.
When it comes to technology, our APIs make it possible for us to make updates in one location – whether it’s to expand payment types, introduce a new payment terminal, or make our processes even more efficient. Once that change is made, it’s instantaneously available everywhere our APIs are used.
For example, if we add connectivity to the latest hardware innovation, your merchant can literally “plug and play.” There’s no need for installation or testing. It’s simply ready to use as soon as it’s delivered. In this way, we help you keep pace with the future of payments as it unfolds.
Choosing the right integrated payments partner is a crucial decision that can significantly impact the success of your business operations. By asking the right questions, ISVs can find the perfect match for long-term success.
For more information about Payroc’s leadership in integrated payments and payments technology, contact us.