The payment industry is highly competitive, and new ideas for innovative and high-functionality software are continually being developed. To be successful in winning over the end user today, ISVs need to have a variety of payment functionalities that can offer the user an efficient and seamless payment experience.
The capability to accept all payment types is likely the most critical functionality that is overlooked by ISVs. Near field communication (NFC), mobile/web ordering, kiosk ordering and digital wallets are some of the solutions that are making the end user’s experience better from a payment perspective. As ISVs scale and move into more markets, certain payment types will become more relevant than others; however, it’s important to be familiar with all solutions to create the ultimate consultative approach for your clients. Everyone knows about the major cards like Visa, Mastercard, Discover and American Express, while PIN-debit and check/ACH acceptance are not widespread enough to meet user demand.
What often goes overlooked is the ability to accept mobile NFC payments. NFC creates an optimal user experience, incorporates the convenience of payment acceptance using the consumer’s mobile wallet, and has an added advantage of enhanced security features.
Mobile ordering/web ordering is also becoming a must-have for merchants. Consumers today want the ability to order from a mobile device, pay from that device, and pick up the order in a seamless process. The SMB market is struggling to keep up with the larger franchise/enterprise technologies, and offering convenient features like mobile ordering can help them stay relevant.
Kiosk ordering/checkout is also a rapidly growing solution. Consumers control their own ordering/checkout experience while merchants can realize possible savings on the overhead expense of additional labor at checkout.
Digital wallets like Apple Pay, Samsung Pay, Android Pay, and Alipay represent a growing segment of payment types preferred by younger, highly influential consumer demographics. For today’s Millennial and Generation Z consumers, their mobile devices have become increasingly indispensable, so paying for goods and services using their device is a natural evolution. Mobile wallet transactions often only require a touch of a button rather than digging through pockets for cash or credit cards, increasing the speed of payment transactions.
A merchant never wants to turn away business due to a lack of payment acceptance, so it is critical to consider the latest solutions mentioned above. Any ISV software should incorporate capabilities for quick, easy and seamless payment transactions to meet the on-demand mentality of modern consumers. 
