- Three minutes Lire
How payments support the growth of software platforms
Here's how ISVs (Independent Software Platforms) and their payment partners can collaborate to drive success.
Modern lives require daily sign-ups for new services. And ISVs support a variety of merchants who need to process enrollments, subscriptions and payments, including:
- Property management companies or lenders that manage rent or mortgage payments
- Utility companies that need to charge their clients for services
- Gyms, spas and wellness centers that offer memberships and subscriptions
- Law maintenance, landscaping, pest control and home services companies requesting payments
- Schools, summer camps or education entities that offer enrollment in courses
To enhance customer satisfaction and minimize friction, choosing the right payments partner is a key step when delivering on the demands of merchants and their respective customers. Here is what to consider.
A broad range of payment methods
Offering a variety of payment methods online, such as debit or credit cards, eCash, digital wallets and bank transfers is a significant differentiator for an ISV. This will not only attract more merchants and help them attract more customers but also help retain existing clientele by delivering a flexible payment experience.
For many merchants, eCash is a way to broaden their audience, as it allows customers who prefer cash to download a barcode for the online service and pay it in cash at the register in more than 70,000 retail stores across the U.S.
Software platforms that operate internationally benefit from payment expertise in Europe, the UK, North America, and Latin America, which will in turn deliver more opportunities for growth. Equally, the ability to handle payments across multiple currencies and payment methods is crucial in ensuring that the platforms’ merchants can support their customers’ preferences. Paysafe brings experience and knowledge to help expand its partners’ reach into new geographies.
Streamlined process with automated onboarding
Software platforms can empower a diverse range of merchant clients across various industries by offering them automated onboarding. With Paysafe, onboarding is made easy. Merchants are quickly set up and can start signing up customers and taking payments immediately.
Security expertise and support
In an increasingly digital landscape, maintaining robust and compliant security measures is vital to winning the confidence of understandably cautious merchants and consumers alike. Paysafe has a rich history in payment security and can leverage this expertise to seamlessly integrate with a software vendor’s solution to ensure that customer payments are processed securely.
Checkout on the merchant’s website
For the end user, there’s an element of trust when making a payment directly on the merchant’s website. Paysafe offers this seamless experience, in which the payment is securely processed on the back end while the customer is choosing how to pay and making that transaction directly on the website they know. Through Paysafe’s solution, ISVs are able to provide their merchants with detailed reporting.
The ability to move money quickly and securely anywhere in the world is essential for merchants and consumers, and is something a software provider should look for in a payments partner. Paysafe’s relationships with a broad range of financial institutions form a robust global network that processes payments within seconds and minutes.
Paysafe is a proud partner to various software platforms across a range of industries. One example is Campminder, a platform that supports summer camps, having enrolled more than 2.7 million campers across the US.
To find out how Paysafe can help drive the growth and success of your software platform in 2023 and beyond, reach out today.