Payroc Blog

Specialty Verticals Come With Special Considerations for Payment Solutions for ISVs

Written by John Clarke | May 21, 2024 1:46:43 PM

The payments space is constantly and rapidly changing.

Omnicommercial sensibilities are trending, meaning consumers expect consistently simple and efficient online experiences that are seamless with their brick-and-mortar counterparts. Mobile is becoming more prevalent by the day, transitioning from a payment alternative to becoming its own point of sale. There’s AI, of course, as well, which holds revolutionary potential.

That’s a lot for you as an ISV to keep up on. But on top of all that, when it comes to specialty verticals, there’s even more you have to consider.

Payroc has you covered, though. Our solution not only addresses all these dynamic, emerging matters in payments, but it’s also uniquely tailored to fit your needs. And that’s important, because ISVs need to be able to offer their clients customization — especially for specialty verticals.

We’ve put together a list of important things to think about when it comes to servicing those niche markets.

One Size Fits All Is Not an Option

Finding a payments solution isn’t hard. There are myriad possibilities to choose from.

What’s hard is finding one that’s not some homogenized, cookie-cutter Frankenstein’s monster that, in its endeavor to appeal to all, actually appeals to none. Those kinds of payments aren’t going to cut it for specialty verticals.

These organizations are hyper-focused and -specialized. Their needs are unique and don’t at all resemble those of a mass-market, commercial operation.

Take, for example, laundromats. These are often small, family-owned and -operated businesses of the smaller scale. That alone renders most of those broadly marketed payments solutions unsuitable to them. But then think of the specialty aspect.

Many laundromats accept EBT as payment. That’s not a consideration for a one-size-fits-all solution from a gigantic multinational corporation. But as an ISV working with specialty verticals like this, it simply has to be.

The Need for Purpose-Fit

Payroc Chief Experience Officer John Clarke distilled the approach ISVs should take with niche markets down to one guiding principle: Know your customers and their needs.

“You have to learn the specific needs and challenges for a particular vertical,” Clarke said. “Then make sure you’re delivering a 100% solution for that vertical as opposed to trying to make them work with a 90% solution instead.”

It’s hard to find a 100% solution in the payments solution industry. But Payroc empowers ISVs to offer services tailored to specialty verticals.

Be a Good Listener

It’s also important to hear your client when they tell you what they need.

“In specialty retail, there’s no point in only providing a 90% solution,” he said. “You need to be able to close the gap and address that other 10% in order to succeed. To be able to do that, you need to hear your customer when they tell you about their unique challenges.”

This is often the make-or-break aspect for ISVs and relationships with their specialty clients. The culprit is often things getting lost in translation. Specialty verticals are exactly that — specialized. Remember that they’re the expert in their field and what they need in it, not you. This is where many fail, Clarke said, as they’re too eager to up-sell an extra feature or two that have no appeal and, worse, no practical utility to a niche market.

Flexibility Is a Must

If Rule No. 1 of specialty verticals is all about hearing them, Rule No. 2 focuses on providing flexibility.

As we’ve detailed, there’s a lot of nuance and subtlety in specialty verticals. Instead of letting that be a source of friction, Clarke said ISVs should embrace it.

“Specialty verticals are the ultimate subject matter experts on specialty verticals,” he said. “And what you need in order to successfully provide them with payments solutions is that subject matter expertise. So lean into that.”

No solution can truly be one-size-fits-all. The kind of service that will get you noticed, grow customer retention, and, most importantly, fulfill your clients is the kind that caters to them on an individual level. And the only way to offer that is by listening. Sometimes that will require flexibility, and that’s a good thing, Clarke said, because it means you truly understand your customer.

“At Payroc, one of our guiding values is to listen,” he said. “In our space, it really is a differentiator. When you give your clients real people to talk to, who are really listening and willing to work with them to develop purpose-fit solutions, it makes all the difference.”

Take Advantage of Payment Partners That Consider Specialty Verticals

There’s never been a more dynamic time for payments solutions than now. It’s an incredibly volatile time, with new advancements and advents happening all the time.

When you think about that from the perspective of a specialty retailer, you can appreciate their predicament. Many of them feel unheard or ignored by the vendors they depend on to survive. Changing times always presents challenges, but for specialty verticals, it’s even more pronounced.

But by taking a personal and considerate approach, ISVs can be exactly what those businesses are looking for. Get to know the specialty verticals you’re working with, lean on them for their inherent expertise, and use their feedback to guide your services. That’s a winning formula for everyone involved.

Payroc can help you provide tailor-made solutions to niche clients to help drive the business outcomes they’re looking for. Get started today!