VARs and merchant services providers (MSPs) are constantly evaluating the products and services they develop for specialized vertical markets. When we drill down to the products and services offered within the applications developed, the focus is always on the unique needs to operate a vertical business smoothly and efficiently. For example, an app developer dedicated to serving the limousine industry must consider the many different aspects of functionality that a limousine service might need. This would include vehicle scheduling, driver scheduling, hourly rental rates, payroll and of course, the most important part for business owners, collecting the payment for service. Payment processing is a must-have for this particular industry that sees nearly 100% of all transactions completed by credit card. Working with an MSP that focuses on joint product development and integration with ISVs can improve your product through their collaboration. For example, Harmony Pay Salon POS recently engaged Aurora Payments to implement the back-end processing for salons using their app. Let’s review the benefits that a full-service provider (FSP) brings to the table:
1Accepting Credit and Debit Cards
Getting paid is the most important part of transacting business. An MSP delivers the ability to process credit cards and debit cards payments within the app. In the absence of credit card processing integration, transacting business becomes more cumbersome. Credit cards processed outside the app add another step to the transaction process. Entering the approved credit card transaction into the app adds yet another step. Integrating credit card processing is essential for businesses to quickly, effectively and conveniently serve their clients.
2Offering Alternative Payment Methods
While traditional payment options have included cash, check or credit card, consumers have many more preferences today for payment options. While it’s essential to accept credit and debit cards for payment, digital payments are now the top desire for consumers. In addition, they want to use emerging alternatives, like Apple Pay, Google Pay, Venmo and other apps. Therefore, retail stores must be equipped to accept payments from customers using their smartphones equipped with a mobile wallet. Partnering with an MSP can help integrate these new payment options for app and software developers. In addition, they will help determine the payment options that are best for the type of business a VAR, ISV or MSP is targeting.
Don’t forget about other forms of payments such as pre-paid cards, gift cards, loyalty cards or the newest trend, “buy-now, pay-later options.” A great payment processing partner will help meet customers’ needs by letting them pay the way they want. They will also help improve workflow processes for merchants such as accounting, billing, and customer relationship management.
While it might seem easy to simply integrate your product with an aggregator like PayPal or Square, working directly with a dedicated merchant service provider provides added development support. Combined with an MSP dedicated to a particular industry offers more value in the development collaboration since both parties are attempting to meet common goals. MSP’s deliver value-added services and provide an additional window into the specific vertical they serve. This can provide extra resources and selling opportunities within the vertical space. Search for a partner that delivers superior customer service, including 24/7 troubleshooting, data security assistance, fraud protection, merchant education and total support of you and your customers. Having a close relationship with a payment processor can result in significant cost savings for the users of your product and potentially create a new revenue stream for your business in the form of residuals.
4Growing with You
Payment options for consumers are evolving fast. A great payment processing partner can help you determine the best opportunities for your app development. You need an expert knowledgeable in the current technology of the payment space. Partner with an FSP processor such as Aurora Payments that operates as a scaling partner with developers as they grow and continue to make product enhancements based on emerging technology. A true partner in the payment space will help your end users implement optimized processing that reduces the cost of accepting card payments.