How payment partners support ISOs and ISVs

Working with payment partners, ISOs, and ISVs can leverage a wide range of services to help them meet their specific business goals.

The US payments landscape is changing. As a result, Independent Sales Organizations (ISOs) and Independent Software Vendors (ISVs) are evolving, adapting their service offerings in ways that are beginning to blur the lines between the two.

This ISO/ISV convergence is a fascinating phenomenon that presents exciting new opportunities for companies on both sides of the divide. Nevertheless, it also poses inevitable challenges for companies as they seek to meet their merchant customers’ ever-changing requirements. Both ISOs and ISVs need support through this transition, support that some Payment Service Providers (PSPs) are ideally placed to provide.

But what does the right payment partner look like, and what do they offer?

Here are some top tips to help ISOs and ISVs find the most suitable partner for their needs:

A payment partner that offers a range of payment solutions

Consumers have an ever-increasing amount of choice and control over the way they pay for their goods and services, including cash, card, and alternative payments like digital wallets.

To address this trend, ISOs and ISVs need to consider how many payment solutions their PSP partners can provide. Here are the non-negotiables your business needs to meet your customers’ varied payment needs whilst simultaneously streamlining your supply chain, saving on time and resources:

Card payments

Debit cards (and if regional regulations permit, credit cards) are the most popular funding option for US players and shoppers. Card payments are a non-negotiable requirement for any potential payment partners.

eWallets

eWallets solve many of the problems inherent with card payments, like decline rates, fraud, and lower deposit limits. eWallets offer encrypted, digitized payments that are fast and seamless, delivering excellent experiences for merchants’ customers.

Bank transfers

Developments like Open Banking offer a simple way to complete bank-to-bank transfers. Bank transfers offer a simple, streamlined way for customers to make payments directly from their bank accounts.

Pay later instalments

Pay later instalments allow shoppers to purchase goods and split the bill into a series of smaller, regular payments. Shoppers can increase their purchasing power while merchants can increase sales.

To ensure a seamless payment experience and reduce administrative overheads, your business must select a payment partner that offers multiple payment solutions.

A payment partner that offers online and offline payments

With more brick-and-mortar SMBs making the move into the eCommerce space, you need to make sure your ISO or ISV business can support customers in accepting both online and in-store payments:

Online payments

A payment partner can help streamline the technicalities of accepting eCommerce payments. In addition to credit/debit card payments, your payments solutions provider can also help with innovations such as digital wallets, cryptocurrencies, and eCash, enabling you to reach even more customers.

Offline payments

Your payments partner can assist with the technical complexities of accepting in-store card payments and ensure compliance with all relevant legislation. Your partner can also help deploy modern payment options, such as eCash and bank transfers, to better manage transaction costs and improve convenience.

Ultimately, your ideal payment partners will provide a complete business management solution, from in-store to online, to ensure that your merchant customers are able to make the eCommerce transition as smooth and straightforward as possible.

A payment partner that offers extra services

Merchants don’t just want their ISO and ISV suppliers to meet their payment needs; they want other kinds of support as well. To meet this demand, you should work with PSPs that offer exciting value-added services.

These may include:

• Big data analytics: To provide your merchant customers with key insights into customer behavior, such as how buying habits are affected by the weather and at what time of day sales increase for certain types of products.
• Referral programs: Allowing your business to earn a commission by recommending PSP services to their other partners and customers.
• Expertise, support, and training: Guidance for you and your merchant customers, ensuring any issues are resolved quickly. Excellent payment partners will also provide training and support to sharpen your in-house skills and ensure you get the most from your investments.

A supportive payment partner

PSPs like Paysafe offer comprehensive, dedicated customer-centric support services that can give your ISO or ISV business the support it needs to face future market challenges. Paysafe can help you explore new technologies and products, or provide guidance and information to develop your own services. So you can deliver the best possible solutions for customers.

Partnering for success with Paysafe

The payments landscape continues to evolve rapidly. ISOs and ISVs need support from payments industry experts to continue meeting merchants’ needs. Such partnerships are key to helping everyone in the payment ecosystem thrive in the future.

Paysafe has been working with ISOs and ISVs for many years to build payment solutions that can meet the changing needs of merchants and their customers. And we have the support resources you need to develop an advanced payments strategy that helps grow your business.

Learn more about ISV solutions from Paysafe.

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