According to a research report by VoPay, 86% of ISVs claim their customers are leading them to provide more convenient methods of payment to their users. In an increasingly competitive payments environment, it’s clear that consumer demand continues to drive new trends and innovation. To keep up, ISV platforms must upgrade their integrated payments partner.
A quick Google search will show that the current number of SaaS companies in operation has grown from approximately 10,000 to more than 100,000 since 2008. By 2028, experts estimate there will be at least 1 million operational SaaS platforms. Those SaaS ISV platforms need to stand out with their offerings as this explosive growth continues.
With Payarc’s integrated payments offering, we enable companies to make smarter decisions, optimize their organization’s billing processes, and ultimately scale their platform – one payment at a time.
What are Integrated Payments?
ISV-integrated payment solutions are designed to streamline payments and improve customer experience while optimizing backend operations. By eliminating the need to work with multiple third-party providers, businesses can perform better, think smarter, and increase productivity.
Four Reasons Integrated Payments are Beneficial for ISV
1. Frictionless User Experience
In a recent study conducted by Baymard Institute, nearly 60% of US online shoppers abandon their cart even before they initiate the checkout process. Moreover, out of the respondents, 17% of US online shoppers abandon an order due to a complicated checkout process.
By reducing the number of steps required to complete a transaction, integrated payments can speed up the checkout process. As a result, customer satisfaction increases and the rate of cart abandonment decreases.
2. Marketing and Involved Sales Support
Integrated payment solutions track your company’s sales transactions. As such, having access to real-time, accurate reporting and payment data allows you to make smarter decisions for your business.
3. Improve Security
Most integrated payment platforms offer basic security features to help combat fraud, manage chargebacks, and prevent losses. The best providers offer end-to-end encryption, payment method tokenization, access to real-time risk monitoring, pre-authorizations, and other automated security parameters which help to ease merchant fears around accepting digital payments.
4. Boost New Revenue
ISVs can generate additional revenue and distinguish their software from the competition by embedding a core payment functionality. A partner-friendly, integrated payment system should provide flexible, revenue share options and offer diverse, volume-driven tier models.
Level Up Your Software with Payarc
Payarc provides customizable payment solutions for ISVs designed to add operational value and remove friction within a core software’s accounts receivable and billing systems. With industry-leading revenue shares, our goal is to provide a seamless experience for our partners and their customers, while offering the best possible earning potentials for ISVs in the market.