Payroc Blog

When Should You Bring on an Integrated Payments Partner?

Written by Bill Widis | Jun 27, 2024 12:00:00 PM

Beginning the integration process is a pivotal moment for independent software vendors (ISVs), and timing is everything. In this fast-evolving landscape, the question isn't just when to bring on an Integrated payments partner, but how to make this decision strategically. As we delve into the intricacies of this decision, we'll explore the optimal timing, the significance of experience, and the key questions to ask your internal stakeholders.

When to Bring on an Integrated Payments Partner

Whether you're an established ISV partner entering the growth phase or an emerging software, the best time to bring on an Integrated payments partner is before you’ve gone too far on your own. It’s best to involve us before you’ve already done a lot of coding, made key decisions, or made huge customizations. You don’t want your developer to have to redo all the work. If your payments partnership starts before too much ground has been laid, you won’t waste valuable time and money.

One of the biggest factors that impacts the decision to work with an integrated payments partner is urgency. ISVs often find themselves in situations where they need to accept other payment types. This may be the result of compliance requirements, under-performing payment types that must be replaced, or the discovery of new payment types that will attract or help retain merchant clients. Again, ISVs typically don’t have the in-house payments expertise to accommodate this change in a quick and cost-effective manner. This partnership empowers you to focus on what you do best enhancing, your software.

Choose an Integrated Payments Partner With Experience

Choosing the wrong Integrated payments partner can set you back. Look for one with robust domain expertise. They should have deep experience with businesses of all types, sizes, and industries. If you want to offer card-not-present payments, for example, you’ll want a partner with experience in that area. You want your business to grow, and an inexperienced Integrated payments partner could be a liability instead of an asset on that front. An Integrated payments partner with years of experience can help you grow and grow with you as your business evolves.

You also want to get as much as you can from a single integration. You don’t want a host of different SDKs or APIs you’ll have to manage and update over time. When you work with Payroc, you can accept card-not-present, card-present, unattended, and attended payments across the entire ecosystem.

Questions to Ask Your Internal Stakeholders

What Flexibility Do You Need?

The ideal payments platform offers you plenty of options. It should:

  • Accommodate any operating system
  • Integrate with any payment processor
  • Let you take unattended, attended, card-present, or card-not present payments

 Payroc Cloud, along with our REST API and SDK offering, enables ISVs to easily integrate with various payment processors. Our solutions simplify integration for various use cases, while our SDK extends hardware compatibility for enhanced versatility.

The REST API offers a middleware-free alternative for intricate implementations, catering to specific needs without added complexity. In cases requiring heightened flexibility due to legacy components or industry-specific customizations, our REST API may be the best solution. At Payroc, we also provide ISVs the autonomy to choose the extent of our tools they wish to use, eliminating concerns about risk, underwriting, and fund transfers between bank accounts unless they opt to engage with these aspects.

What Kind of Support Do You Need During the Integration Process?

ISVs should look for a payments partner that provides support from onboarding through integration, go-to-market, and launch. Effective support shouldn't entail dealing with multiple contacts. The best support models ensure a single point of contact to address all payment-related queries. At Payroc, our dedicated integration, go-to-market, partner management, and support teams collaborate seamlessly through a unified channel.

We conduct weekly calls with ISVs throughout onboarding and integration, and our exclusive Slack channel serves as a singular hub for clients to pose a wide range of questions anytime, covering aspects like chosen payment processors and hardware vendors for their solutions.

Can the Integrated Payments Partner Adapt to Your Workflow?

You don’t want to have to change your workflows to adapt to the specs of the Integrated payments partner. It should be the other way around. At Payroc, we can adapt to your workflow so you don’t have to waste time implementing new processes.

What Are Your Future Plans?

A payments partner can play a crucial role in assisting ISVs in preparing for their future plans. Payroc empowers ISVs like you by providing the flexibility to choose the extent of tool utilization. You can decide on risk management, underwriting, and fund movement between bank accounts according to your evolving business goals. This flexibility ensures that you can scale and adapt your operations without unnecessary overhead.

Potential Challenges Bringing on an Integrated Payments Partner

Lack Of Resources for Proper Integration

An Integrated payments partner could make it easy for you to get into payments. An ideal partner can give you the ability to monetize that payment stream with minimal effort. When you work with Payroc, we make it easy to monetize your revenue streams so you can financially benefit from your Integrated payments partner relationship.

Choosing Partners With Limited Capabilities

Your partner should support your growth, not hinder it. They should be agnostic and able to support virtually a range of hardware devices and operating systems. They should make integration easy and provide white glove service and support every step of the way. And they should have the capabilities to work with both card-present and card-not-present payments.

Choosing the right Integrated payments partner isn’t just about avoiding pitfalls but also about leveraging expertise, adaptability, and comprehensive support. A judiciously timed integration, paired with an experienced partner, can be a catalyst for growth. Whether it's aligning with your current workflows or preparing for future plans, the right Integrated payments partner, like Payroc, isn’t just a solution; it's a strategic asset propelling your software forward.

Want to learn more about Payroc? Contact us.