5 Simple Ways ISVs can Facilitate Payments for Their Client
Written by Dana Odom, in Category Payment Processing
Independent software vendors are leading the way on the payment facilitation front, and clients are looking to them for more information about how to improve their customer experiences. There are many ways that ISV's can act to facilitate payments for clients with a higher degree of efficiency and accuracy than ever before. Here are five ways ISV's should be acting to improve payment facilitation today:
1. Make Security Your First Priority - Let's face it, without dozens of high profile data breaches in the last few years, we wouldn't be talking about payment facilitators at all. Data breaches have forced the payment processing industry to adapt rapidly, and only those who put security at the forefront of their mission will survive. ISVs have a unique opportunity to set the bar for security with all integrated systems today.
2. Support Developer APIs - There is nothing more frustrating for clients than discovering that their brand new integrated software is not quite as versatile as they had hoped. ISVs have to be particularly careful about pushing platforms that are not developer friendly. The fact is, developers themselves are playing a key role in expanding our payment possibilities, and they need all the help they can get from ISVs who push friendly APIs.
3. Always More Speed - With the shift to EMV compliance, there has been a measurable slowdown in payment processing. For end users, this slowdown has been extremely frustrating. ISVs who are able to provide seamless integration of EMV-ready technology can help minimize the wait times now required for payment authentication.
4. Make Your Payment Facilitation Match Your Niche - One area where payment processors have largely failed to help their clients is with meeting their industry niche with relevant technology. Doctor's offices and retail stores have vastly different needs for accepting payments, but they have always been forced to use the same hardware systems for lack of better options. ISVs can take this opportunity to create niche-specific features within the software that specifically enhance the experience at each location.
5. Simplify Compliance - Great security is one thing, but PCI compliance is its own challenge. Companies who want integrated payment facilitation must be ready to take on the responsibility of PCI compliance as well. ISVs can make this a reality by including helpful tools for ensuring compliance at every step. If we want payment facilitation to become a mainstream technology, it has to come with minimal risk for screwing things up with such sensitive consumer data on the table.
These are just five areas where ISVs really need to excel to prove that they can lead the way with payment facilitation. In reality, the world is poised for such a disruption to happen, but those vendors who master these five steps will have a better chance of making it through the transition long term.