In an article posted earlier this week, my colleague Todd Linden, CEO of Payment Processing North America, looked at how the US payments landscape is changing. He also explored how Independent Sales Organizations (ISOs) and Independent Software Vendors (ISVs) were evolving in response, adapting their service offering in a way that is beginning to blur the lines between the two.
As Todd commented in his piece, this ISO/ISV convergence is a fascinating phenomenon, presenting exciting new opportunities for companies on both sides of the divide. Nevertheless, it does also pose inevitable challenges for companies as they seek to meet their merchant customers’ ever-changing requirements. Both ISOs and ISVs need support through this transition – help that some Payment Service Providers (PSPs) are perfectly placed to provide.
With the right partner by their side, ISOs and ISVs can make sure they have a wide range of services at their disposal that can help them meet their specific business goals. But what does the right payments provider look like, and what do they offer? Here are my top tips to help ISOs and ISVs find the most suitable partner for their needs:
A 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, from cash, to card and alternative payments. To address this trend, ISOs and ISVs both need to consider how many payment methods their PSP partners are able to process. Choosing a PSP partner that offers not just card payments, but eWallets, bank transfers, and even next-generation Pay Later instalments, can ensure that you meet your merchant customers’ varied payment needs whilst simultaneously streamlining your supply chain, thus saving yourself time and resource.
A partner that offers online and offline payments
With more bricks-and-mortar SMBs making the move into the eCommerce space, you need to make sure your ISO or ISV business is able to support customers in accepting both online and in-store payments. Consider whether your PSP partners 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 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. PSPs that provide big data analysis, for instance, can enable you 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 product. This kind of information can help merchants tailor their offering to create a better service for consumers.
The most supportive partner
PSPs that offer comprehensive, dedicated customer-centric support services can give your ISO or ISV business the support it needs to face future market challenges. They can help you explore new technologies and products, or provide you with guidance and information to develop your own services so you can deliver the best possible solutions for customers.
Partnering for success
The payments landscape continues to evolve rapidly. ISOs and ISVs need support from experts to help them continue to meet merchants’ needs. Such partnerships are key to helping everyone in the payment ecosystem to thrive into the future.
We explore the manner of support that PSPs such as Paysafe can provide in our latest whitepaper, The ISO/ISV Convergence: Do Payments Systems Hold the Key to Helping Both Sides Thrive?
For more information about the role of payment partnerships in ISO/ISV convergence read our blog: The ISO/ISV convergence: Successful partnerships in action
To discover what support Paysafe can provide ISOs and ISVs, visit the website.