Entering an ISV partnership with a payment processor allows you to monetize an essential business component. Such a partnership also allows your business to save time and money. In addition, it creates the opportunity to have a complete product. By partnering with Payline, your business can quickly maximize the benefits of this type of partnership.
What is an ISV Partnership?
The number of ISVs has been absolutely exploding in recent years. To stand out, it is critical that you can offer your customers a seamless experience. One way to stand out from the crowd is by streamlining your payment process by partnering with a payment processor.
An ISV partnership with a payment processor allows your partner to take on your company’s entire payment process. Together you both split the revenue from the processing fees.
Benefits of an ISV Partnership
Larger Business Network
Partners are incredibly valuable for your business. They allow you to integrate into a more extensive network of companies to which you may need access. By partnering with a payment processor, your business may get the opportunity to build relationships with its other partners.
Both you and your partner have the opportunity to enter new markets without having to invest in extensive marketing or product development.
Meet Customer Preferences
More than ever, online payment is preferred by customers. It is critical that your business can have solutions that allow you to process these online transactions. Customers also have various payment types to choose from today. An ISV partnership with a payment processor enables your business to easily navigate this new field of cashless and online payments and provide customers with their preferred payment method.
These solutions also allow your business to have a smoother workflow. A fully integrated ISV partnership with a payment processor enables your business to process various payments efficiently. This is especially important for online payments as many customers will not follow through with a purchase if their preferred payment method is not available.
Save Time and Money
Your software is designed to fulfill a specific need for your customers. Why waste time and energy to build new functionality for your software when you can have a partner do it for you with their software? This has the additional benefit of making your product more appealing to customers with its more robust functionality.
With an ISV partnership, your payments partner will allow you to focus on improving your product while allowing you to provide customers with comprehensive payment solutions. Additionally, you do not have to spend money trying to set up your own payment system. Just let your partner do the work for you.
With an ISV partnership with a payment processor, your business will not have to redirect your customers to a third-party site. In addition, this decreases the likelihood of a security breach as the transaction can occur in one integrated system rather than two disjointed ones.
You can also enhance your customer’s experience with your software by providing them with a seamless experience. Merchants that use your software will also be able to save lots of time by having a fully automated payment process. This saves them time and makes your software more convenient for them.
Making your product more robust with an ISV partnership makes it harder for customers to move away from your business. Overall your customers should have a more pleasant experience with an effective payments partner.
ISV partnerships allow your business to monetize an essential component of your business, and you can focus on your business’s market rather than dealing with payment issues. In addition to providing your business with payment solutions, such a partnership will include revenue sharing. This means you will split the processing fees with your partner.
Limits of Stripe
Many companies chose to have Stripe create a custom payment solution for them. While there are some benefits to Stripe, there are some critical limits.
Stripe does offer transparent pricing. However, their costs are costly. It costs 2.9% + $0.30 per transaction. This can really eat into your revenue as your business grows. You may be lucky to negotiate with Stripe to bring down the cost to 2.7% + $0.25 per transaction. But Stripe may likely require your business to take on greater liabilities.
Many businesses choose Stripe because it is simple and easy to set up. But Stripe is not a good long-term solution for many companies. Additionally, you do not get a share of the revenue for the processing fees with Stripe. With an ISV partnership, your business can monetize your processing fees rather than simply handing over all that money to Stripe.
Needs from an ISV Partnership
You should make sure your payment partner can accept various payment types. This allows your business to offer customers their preferred payment method easily. In addition, your partner must be able to make a custom payment solution for your company. If they do not offer customizable options, what they have may not fit the needs of your business.
If your business needs in-person payment solutions, ask a potential partner what POS options they have. The more options they have, the better.
Check with them about how they handle data breaches. Fraud is an unfortunate reality of business, and your payments partner must have a sound system to manage it. Your partner should be fully PCI compliant and meet the highest security standards in the payments industry.
Their plan for revenue sharing with you must be clear and transparent. This is how your business can profit from your ISV partnership.
Providing onboarding and service support is essential for any payment partner. Offering this makes it so much easier for a partnership to function properly, as there is extensive communication between your businesses.
Benefits of Partnering with Payline
Payline will provide you with a dedicated support specialist who will assist with every partnership aspect. We want to build a long-term relationship where everyone benefits. Payline is very developer friendly and can adapt to the needs of any business. In addition, Payline provides multiple layers of security and is PCI-compliant to ensure that your payment process is seamless and secure.
Additionally, unlike other payment processors who will not work with businesses in specific industries, Payline can work with you. As a result, we can easily conduct payment processing for high-risk businesses.
Payline is designed to be very integration friendly. No matter your industry, Payline can work with your team to create a custom payment solution for you. If you have any questions about how such integrations would work, you can ask our integrations team for more information.
We also ensure that your business gets at least 50% of the revenue. Depending on the circumstances of your business, this can be as high as 95%. We want your business to succeed and work alongside you for the long term. Unlike other payment processors, we want to provide as many incentives for you to work with Payline as possible.
One of our ISV partners is EasyEats, which provides a comprehensive software system for food truck owners. They enable their customers to process online and in-person payments with Payline. Check out their site here to see just how seamlessly Payline can integrate into another company’s software.
If an ISV partnership with a payment processor is something your business could use, Payline has everything you need from a partner. So let’s work together to help your business grow.