Independent Software Vendors (ISVs) face unique challenges when optimising their payment processes. From complex integration requirements to stringent security and compliance needs, ISVs require a partner that understands their specific pain points and can provide tailored solutions. When it comes to selecting a payment provider, ISVs shouldn’t have to choose between advanced technology and strong partnership. A tech-forward, partner-first approach offers the best of both worlds: cutting-edge technology combined with a collaborative, supportive partnership to meet ISVs' evolving needs effectively.
ISVs encounter several significant pain points in their quest to provide seamless payment solutions:
Complex integration: Navigating the intricacies of payment integration can be daunting, leading to potential errors and misalignments with market needs. Without a knowledgeable partner, ISVs might struggle with integrating payment solutions that work seamlessly with their software. In fact, 26% of ISVs cite system integration as their top obstacle to innovation.
Security and compliance: Ensuring that payment solutions meet stringent security standards and compliance requirements is a constant challenge. ISVs need to protect sensitive data and adhere to industry regulations, which can be overwhelming without the right support.
Market expansion: Entering new markets requires not only the right technology but also a deep understanding of local regulations and customer preferences. ISVs need a partner who can help them navigate these complexities with solutions like local acquiring in multiple markets and support for numerous currencies.
Customer satisfaction: Providing seamless, user-friendly payment experiences is crucial for maintaining customer loyalty and satisfaction. Any disruption in payment processing can lead to customer dissatisfaction and lost business.
Ongoing support: ISVs need continuous support to manage and optimise their payment solutions, from initial setup to ongoing maintenance and updates.
In a technology-driven world, it is easy to assume that a tech-first payments provider is the best choice. The promise of advanced technology and automation is appealing, but this approach often falls short in addressing the unique needs of ISVs. Tech-first providers focus primarily on technology, often at the expense of personal interaction and tailored, ongoing support. This can create a disconnect between the provider and the ISVs they serve, leading to several significant challenges.
Customisable solutions: ISVs should choose a payment partner that can provide customisable solutions tailored to their specific needs. Whether it’s adapting to different processing methods or integrating a wide range of APMs available in multiple markets, the right partner will offer flexibility to ensure ISVs maximise every dollar of possible transactions from their valued clients.
Streamlined onboarding: Onboarding needs to be seamless and fast, as ISVs often bring in multiple merchants at any given time, which helps build their client base. The onboarding process is the first touchpoint with the processing partner, so the experience must be positive and efficient, ensuring a smooth start and setting the stage for a successful partnership.
Seamless and secure integration: A future-proof technology platform designed for seamless integration is essential when choosing a provider. Developer-friendly APIs, SDKs, and a wide range of products enable ISVs to implement cutting-edge payment solutions without typical integration headaches. Security features like tokenization and point-to-point encryption ensure compliance and reduce the risk of fraud, providing a smooth payment experience.
Comprehensive support: A partner-first provider will prioritise customer-centric product development, offering a full suite of support services beyond just technological expertise. From marketing and sales assistance to technical support and training, a partner-first provider will have teams dedicated to ensuring the success of their customers. This comprehensive support allows businesses to focus on their core strengths as the payment partner handles payment processing complexities. Such support might include:
Marketing programmes: High-yield marketing programmes designed for maximum merchant adoption with minimal effort from the business.
Inside sales support: Approved scripting and sales pitches to effectively drive payment solution adoption.
Training and development: On-site assistance, sponsorship support, and training programs to empower internal teams.
Technical assistance: 24/7 human-led technical support ensuring maximum uptime and optimal performance.
While a tech-first payments provider might offer advanced technology, it often falls short in providing the comprehensive support and tailored solutions that ISVs need.
A tech-forward, partner-first approach combines strong technological expertise with a deep commitment to collaboration and support, effectively addressing the unique challenges faced by ISVs. By choosing such a provider, ISVs can navigate the complexities of payment integration with confidence, ensuring they stay ahead of the curve and deliver exceptional value to their customers. In a world where technology is constantly evolving, a tech-forward, partner-first approach is the key to unlocking the full potential of payment solutions and driving long-term success for ISVs.
As an expert in strategic channel development and partnership management, Gigi has played an instrumental part in Nuvei’s Sales Partner Program growth since 2007. During this time, Gigi has used collaborative techniques and leadership to help sales and technology partners both launch and grow successful merchant portfolios, while seamlessly integrating payments into their offering. His goal is to create bigger and better payment opportunities for all — paving the way to great partnerships.
Nuvei is a Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible, and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk, and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies, and 700 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now