By Brandon Banks
Integrated payments have become increasingly important for software companies that want to provide a seamless user experience, generate additional revenue streams, and maximize their enterprise value. However, the payment processing ecosystem can be complex and challenging to navigate. That’s why we’ve put together a list of 10 things software companies need to consider to successfully implement integrated payments.
1. Compliance
Compliance is crucial when offering integrated payments. You need to comply with industry standards, government regulations, and payment card brand rules. This includes adhering to Payment Card Industry Data Security Standards (PCI DSS) and Anti-Money Laundering (AML) regulations. Failure to comply can result in penalties, legal issues, and damage to your reputation. Seek payment partners that can help you navigate these complexities or dramatically reduce your responsibilities and burden.
2. Payment processing partnerships
Your payment processing partner can make or break your integrated payment solution. Look for a partner that offers a wide range of payment methods, fraud prevention tools, and excellent customer support. Make sure they can handle high transaction volumes and provide seamless integrations with your software platform. But most importantly, make sure they are as invested in your success as you. Ensure they understand and align with the outcomes that you are striving to achieve. Force them to think strategically with you and develop a detailed go-to-market strategy that focuses on driving conversion and profitability.
3. Security
Security is a top concern when it comes to payment processing. You must protect your customers’ sensitive data from breaches and theft. Work with a payment processor that provides state-of-the-art security measures such as tokenization, encryption, and fraud detection tools.
4. Customer onboarding
A smooth onboarding process is crucial to getting customers set up quickly and providing a positive experience. Make sure the process is simple and easy to understand, with clear instructions, and user-friendly interfaces.
5. Fees
Payment processing fees can impact your profits significantly. Look for a payment processor that offers transparent pricing and fair fees. Avoid hidden fees and choose a partner that can help you reduce costs.
6. Scalability
Your payment solution must be scalable to support your business’s growth. Look for a payment processor that gives you the control and flexibility to evolve your strategy over time. It’s inevitable that your go-to-market strategy will change overtime — especially as you gain more users and experience. You will need a scalable payment infrastructure and path that earns more revenue and increases your enterprise value. You’ll want to find the right payment partner that doesn’t inhibit or limit your growth because of restrictive contracts and technology.
7. Data
Payment processing generates vast amounts of data that can provide valuable insights into your customers’ behavior. Look for a payment processor that offers robust reporting and analytics tools to help you make informed business decisions. Also seek partners that can help elevate the value of your portfolio by providing a path to control and own your customers’ payment service contract. Having this ownership is important as it gives you the flexibility to adapt your strategy without constraint, and the portability to migrate customers if needed.
8. Seamless integration
Your payment solution must integrate seamlessly with your software platform to provide a quality user experience. Choose a payment processor that offers easy integration options and provides support to ensure a smooth integration process.
9. Customer support
Providing exceptional customer support is crucial to building trust with your customers. Make sure you have a dedicated support team or leverage the resources and expertise of your payment processing partner to handle any issues and provide prompt, helpful assistance
10. Embrace innovation
Keep up with the latest payment trends and technologies. But more importantly, choose a payment processor that is open to embracing new technologies, looking for ways to innovate, and that can help you stay ahead of the competition and maintain competitive advantages.
Keeping these 10 things in mind can help you evaluate the right payment technology and processing partner that aligns with your business ambitions, philosophy, and goals.