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ISVPartnershipsSOCi Partners

Software Vendors + Integrated Payments

By December 16, 2020January 27th, 2021No Comments

-Why ISVs Should have Integrated Payments-

 

As an independent software vendor (ISV), you are devoted to delivering
innovative, cutting-edge solutions to your clients and users. These users
have come to expect seamless software integrations in order to make their
business operations as simple and seamless as possible. In order to
provide that highly sought after seamless experience and stay competitive,
ISVs need to offer a payment solution that delivers what it’s customers both
want and need. While some ISVs are hesitant to integrate payments into
their software solutions due to the added development time and more
moving parts to manage the payoff of a successful payment integration,
greatly outweighs the potential challenges—when integrated with the right
partner.

There are numerous reasons why ISVs partner with a payment processing
provider however we will only focus on 4.

1. Improved User Retention & Satisfaction

A payment processing integration is a way ISVs can offer more solutions,
and thus, more value to their clients.
Because of this, it is much less convenient for a user to switch platforms as
everything from their daily operations, to accounting and payment
processing is set up all in one seamless solution.

2. New Source Of Monthly Reoccurring Revenue

All of Platinum Payments ISV partners partake in a percentage of the
profits generated from processing credit card transactions for the ISVs
users. This thereby produces access to a new source of Monthly
Reoccurring Revenue (MRR) for free without incurring any overhead,
liability, or expense.
Having additional MRR never looks bad on a balance sheet!

3. Lower Processing Rates

End-users of the platform are given a special discounted rate on all
payment processing fees as a result of a partnership. This further adds
value and improves client retention.

4. Competitive Advantage

In a similar vein to the first point, integration not only helps with client
retention but also client acquisition. For example, some integration
partners chose to slash their prices, if not eliminate them entirely, and
derive their revenue purely from the partner revenue share.
Being able to offer a fully integrated and seamless solution with both a lower
price point and lower processing costs is a huge competitive
advantage that adds great value to the end-user.

Let our Payment Professionals help you accomplish the full potential of SOCi

If you’re not sure what to look for in a great integration | processing partner, check out our article here.

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