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Software developers plan to double payment methods to increase sales & revenue
Nov 20, 2019
New Paysafe research reveals that 87% of ISVs believe that increasing payment options will improve business volumes, but adoption is slowed by out-of-date processes
Houston, Texas – Independent software vendors (ISVs) are looking to increase the number of payment methods they offer from four to nine over the next year, but are being held back by legacy systems and a lack of internal resources, according to new research from Paysafe, a leading specialized payments platform. Revealed in the report ‘Lost in Transaction: The new relationship for ISVs and payments’, this trend suggests that ISVs that overcome these challenges to expand their payment offerings will gain a competitive advantage.
The research report shows that 87% of ISVs, or B2B software developers, believe the number of payment options which they offer has a direct impact on the volume of business they do. Furthermore, 88% state that upgrading their payments facilities is a priority and 86% believe their customers are looking for them to lead in offering new payment methods. Prepaid cards (+56%), online cash (+49%), and digital wallets (+46%), are some of the primary methods ISVs are looking to implement in the next twelve months.
The report, which surveyed software developers in the US, the UK, and Canada, reveals that customer demand and the need to stay ahead of the competition is driving this focus on payments. Over half (54%) of software developers describe their industry as ‘very competitive’, while 39% identify the influx of new competitors as a significant challenge they will face in the next year. Implementing new payment methods is expected to provide an edge to mitigate against the competition and enable software developers to futureproof their customer relations.
However, the research also reveals that there is work to be done before software developers are fully able to enjoy the benefits of greater payments diversification, with a lack of internal resources and lengthy integration processes slowing adoption. 71% of merchants say internal issues are a significant hurdle and 46% don’t have the internal resources required, highlighting the importance of flexible partnerships in this area. The majority of software developers (90%) are also actively looking to their payment service provider (PSP) to provide more specialist support.
O.B. Rawls, CEO of Global Payment Processing at Paysafe, commented on the research: “B2B software developers recognize that the gap between their payment offerings and what consumers want is growing rapidly, so we expect a big focus on payments diversification over the coming year.”
Rawls added: “Our research indicates that many B2B software developers do not have the resources to meet consumer payment expectations and so partnering with a specialized payments provider is crucial to access expertise across fast-evolving payment formats and the nuances of different specialized sectors.”
About Lost in Transaction: Best practice for integrated payments in software development
Lost in Transaction: Best practice for integrated payments in software development is a research project commissioned by Paysafe and supported by the research agency Loudhouse in September 2019. In total, 200 telephone interviews were conducted across the US, the UK and Canada. The survey respondents were selected to represent a cross-section of ISVs by region, number of clients, length of time offering the solution, and industry sector.
Link to report webpage: https://www.paysafe.com/lostintransaction/isvs2019
Paysafe is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, card issuing and online cash solutions.
With over 20 years of online payment experience, an annualized transactional volume of over US $85 billion, and approximately 3,000 employees located in 12+ global locations, Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world.
Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Visit us at www.paysafe.com
Follow Paysafe on Twitter / LinkedIn / Google + / Paysafe Insights
For further information, please contact:
Nick Say: Manager, Corporate Communications, North America, Paysafe Group
T: +1-514 849-8595 / Nick.Say@Paysafe.com