Payment processing systems continue to evolve in this new cashless era. Now more than ever, it’s critical for independent software vendors to adopt more convenient methods of payment for their users.
Adding an integrated payment solution to your software offers a wealth of benefits for your users and merchants. From enhanced user experiences to strengthened security to increased efficiency, integrated payment solutions make it easy for you to accept payments on your platform and offer the various payment methods today’s consumers expect.
What Are Integrated Payment Solutions?
Integrated payment solutions bridge the gap between software solutions and payment processors. The goal of these solutions is to facilitate seamlessly within an ISV’s solution without them having to build or process the payments themselves.
Integrated payment solutions create a connected infrastructure, aligning your payment processing and merchant services with all other aspects of your business. Because these solutions are embedded directly into your software, customers can pay directly instead of using a third-party system. This streamlines the accounting process by reducing the number of steps typically required to access transaction data and manage payments. It also provides a seamless experience when using your software.
What Are the Benefits of Integrated Payments?
Integrated payment processing solutions allow you to thrive in an ever-changing business landscape. If you’re an independent software vendor looking to improve payment experiences and generate business revenue, consider the benefits of an integrated payment solution.
1. Offload Certain Management Processes
Perhaps the most significant benefit of working with a payment provider for integrated payments is lightening the administrative load. Because integrated payments are designed to facilitate a consistent flow of financial data, you can expect less batching out and manual data entry in your accounting software. Additionally, you eliminate the tedious task of cross-referencing your accounting software and your customer relationship management (CRM) solutions to find key demographics and data.
Managing important processes like payment compliance, payment disputes, customer onboarding and returns requires a substantial amount of resources and expertise. Instead, you can partner with a payment provider to offload some of these responsibilities and streamline operations.
2. Increase Viability
In an increasingly crowded marketplace, using an integrated payment solution can give you a competitive edge in the payments sector. Switching to efficient payment processing allows you to expand your offerings to merchants and their end users without having to set it all up and manage it yourself. Integrated payment solutions that communicate seamlessly with existing platforms can create a more connected payment and billing experience.
Adding these solutions also makes it easier to enhance your organization’s customer support offerings. The more you can focus on creating a better consumer experience, the more you can increase your viability as a leading ISV in payment collecting.
3. Improve Integrated Payment Security
Integrated payments are an effective way to minimize debit and credit card fraud by removing vulnerabilities in your security. Instead of working across disconnected platforms and systems, you can keep omnichannel payments in one place. Integrated payment solutions also feature layers of data security that protect you, your clients and their customers’ data from theft or loss.
For example, ISVs can use integrated solutions to “tokenize” to avoid handling sensitive payment information. Advanced fraud detection and prevention measures keep customer data and payment information protected.
This setup can assure end users that their convenience will not come with a high risk of data security breaches. A solution with industry-leading integrated compliance and security measures can also protect customer perceptions of merchants and their reputations. With integrated payment solutions, merchants and customers can feel at ease conducting transactions through your platform.
4. Enhance User Experience
Negative payment and transaction experiences that require more work for customers can result in lost business. Integrated payment solutions make it easier for customers to enter their payment information and complete their transactions in one swift step. Compared to multistep payment systems, integrated payment solutions ensure a positive shopping experience. Improving your customer experience technology can directly address obstacles to maximizing profits.
5. Boost Client Longevity and Retention
As an ISV, you’re consistently rolling out new or updated software products. When you integrate payments within your software, it gives your clients longer-term value, encouraging them to stay with you longer. Integrated payment solutions mean your clients do not have to make changes to their business model with each new update.
Upgrading the payment process enables you to create better solutions for your merchants while reducing their admin tasks. In turn, they can spend more time catering to their customers. Adding an integrated payment solution shows they can rely on you for a simple, straightforward experience, promoting increased customer retention.
6. Support Hassle-Free Integration
Payment processing within software platforms is no longer considered an add-on—it’s a vital component of a seamless transaction experience. For ISVs, however, this transformation doesn’t have to result in operational downtime or lost business. Integrated payment solutions are designed for easy incorporation, enabling ISVs to embed efficient payment processing services directly into their existing software.
7. Meet Industry Demands
Digital transformation has revolutionized consumer expectations. Today, users expect the ability to use diverse payment options, such as credit cards, Venmo and digital wallets. ISVs can use integrated payment solutions to strengthen their business standing by meeting rising demand for modern, streamlined payment processes—without extensive development work. Leveraging integrated payment automation can create faster growth for ISVs and their merchant customers.
8. See Greater Efficiency and Convenience
Integrated payment solutions reduce fragmented accounting processes that require manual data entry. This efficiency is critical for businesses and merchants who want to spend less time resolving errors. Automating payment record entry and other finance management tasks saves time and hassle for everyone involved, allowing merchants to get paid quickly. Finally, payment tools centered within your unified software ecosystem eliminate the need for business owners to seek out third-party payment options. This simplification makes tasks like setting up recurring payments much simpler and faster.
9. Increase Valuation
When an organization offers more to its customers, it increases overall brand value. ISVs are no different! Enhanced payment functionality can set your software apart from the competition and drive several success factors for your business, including generating additional revenue and attracting more investors and clients. Adding integrated payment solutions within your software can also help you reduce operational burdens and boost your position in the industry. Your organization can also benefit from additional revenue share on the solutions offered.
Embrace the Benefits of CSG Forte Payment Processing Solutions
If you’re an ISV looking to enhance your user experience while consolidating your approach to accepting and processing payments, an integrated payment solution is a smart move. Creating new revenue streams is an exciting first step, but you’ll need to rely on a compliant, flexible platform for success.
With CSG Forte, you can transform your fragmented payment tasks into one unified ecosystem. Our robust platform enables seamless payment integrations to help your organization minimize complex operations. CSG Forte is your one-stop shop for payment processing, empowering you to let your customers pay the way they want. Apply today or contact our payment experts to learn why we’re a trusted partner in streamlined payment processing.
