Since early 2020, merchants have had to rely less on face-to-face and more on digital interactions to do business. For many small and medium-sized businesses (SMBs), this change means stepping into the unknown. The saying that “all companies are now technology businesses” hit home, and many companies need advice, support and guidance to make their new digital environments support how they work and sell goods and services to their customers. Your software, enhanced by a strong payment partnership, can provide them with all the tools they need.
Software doesn’t work well in a silo
Every transaction your software supports, whether in a grocery or retail store, a restaurant, a salon or fitness center, or a utility office, ends with payment. Forming a payment partnership that allows you to integrate a gateway with your e-commerce or online ordering platform makes payments easier for consumers. It also benefits your users’ back office – data is automatically shared with the point of sale (POS) and accounting systems saving time and eliminating keying errors.
Your payment partnership can also enable you to offer your users new features and capabilities that may be the key to overcoming challenges in the “new normal.” For example, a feature-rich payments platform can enable quickly and efficiently accepting credit card payments over the phone with a virtual terminal for curbside pickup orders or expanding a loyalty and gift card program to work on digital channels as well as in the store.
Payment partnerships give you problem-solving power
ISVs are problem-solvers by nature, and a software partnership with a payments company gives you even more tools to help your clients. For example, you can help merchants create touchless experiences by accepting contactless or mobile wallet payments, which Visa reports 65 percent of consumers now prefer. You can also enable customers to pay by scanning a QR code, a method that has grown by 412 percent since initial pandemic lockdowns.
Additionally, some of your users put temporary solutions in place when brick-and-mortar stores were forced to close, but now see that new consumer behaviors continue, at least for the foreseeable future. Your payments partnership gives you the opportunity to create elegant solutions for doing business on multiple channels and efficiently closing out each day.
Evolve from software vendor to trusted advisor
While a payment partnership will provide numerous benefits for your clients, the right partnership will also result in advantages for your business. Your partner can help you develop a broader view of your industry so that you can stay on top of trends – and address them with future releases. Information from your payment partner can also help you understand your market better, which can help you create thought-leadership content and marketing messages that really resonate with your customers and prospects. And, when you do it right, you’ll rise as a go-to resource in your industry and elevate your brand.
Overall, you’ll enhance your ability to build stickier, long-lasting customer relationships that help your business grow.
Build Smart Partnerships
As with any partnership, a payment-software partnership needs to benefit both parties. Look for a payment partner who has a genuine interest in your success as well as what you bring to the table. Also, confirm that the payments company has expertise in your market and can guide you in which solutions will provide the most value to your clients. Your partner should also help you and your clients reduce their Payment Card Industry (PCI) scope and offer full transparency with detailed reports and updates.
Additionally, assess how your payment partnership will benefit your business with recurring revenue from payment residuals, considering the terms of your agreement and what it will mean to your ISV business’ bottom line.
Want to learn more about what a partnership with North American Bancard can mean for your business? Contact us today.