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As part of Solutions Review’s Contributed Content Series<\/a>\u2014a collection of contributed articles written by our\u00a0enterprise tech thought leader<\/a><\/span> community<\/a><\/span>\u2014Peter Galvin, the Chief Growth Officer at NMI<\/a>, explains how payment enablement providers can elevate software platform profits.<\/span><\/span><\/strong><\/em><\/p>\n ISVs that pick a one-size-fits-all payment system face a host of burdens and costs when they hit the growth stage due to a lack of scalability and inequitable revenue share. In contrast, payment enablement providers deliver an omnichannel commerce solution that can accept payments from all vendors on a single platform while remaining flexible enough to adapt to changing consumer trends. <\/span>\u00a0<\/span><\/p>\n Integrating payment capabilities is intimidating for ISVs that lack payment expertise. Processes like maintaining compliance and underwriting are complex, and even for vendors with the knowledge to integrate payment capabilities, building these processes from scratch may not be financially feasible. These challenges incentivize many ISVs to consider third-party providers, often focusing on those that promise a streamlined path to integration.<\/span>\u00a0<\/span><\/p>\n It\u2019s easy to see why an entry-level payment solution might look tempting. After all, they\u2019re simple to install and offer a one-size-fits-all platform. However, standardized technology will only get you so far because providers aren’t able to customize payment offerings to your needs or client base. And when your organization hits its next growth stage, the platform won\u2019t have the flexibility to scale with you. Individual transaction fees and provider cuts can also take a toll on your bottom line.<\/span>\u00a0<\/span><\/p>\n By the time these scenarios come to fruition, your company will be larger and more established\u2014and switching to a new solution will require new software development as well as the replication of current and historical client data. <\/span>\u00a0<\/span><\/p>\n Integrating embedded commerce payment capabilities into your software stack generates value in the form of long-term revenue improvement and increased flexibility to support new and evolving payment mechanisms. You also stand to gain a competitive edge in today\u2019s dynamic payment marketplace.\u00a0<\/span>\u00a0<\/span><\/p>\n There are several other advantages an embedded payment provider can offer ISVs, including:<\/span> \u00a0<\/span><\/p>\n Your clients want options. By integrating software solutions that allow you to accept payments across all points of commerce\u2014whether it\u2019s online, in-store, or mobile\u2014you can multiply your organization\u2019s ability to generate revenue. Some providers can also accommodate tap-to-pay and QR-code capabilities.<\/span>\u00a0<\/span><\/p>\n Many payment platforms limit the vendors and methods you can use to process transactions. A vendor-agnostic, embedded payment enablement provider expands your options, ensuring a frictionless user experience. A partner that also offers white-labeling capabilities enables you to integrate your brand into the payment experience.\u00a0<\/span>\u00a0<\/span><\/p>\n The digital commerce space will continue to evolve, and you must evolve with it. The right partner can help you stay ahead of the curve by monitoring trends in payment technology and integrating new capabilities into your software stack as needed.<\/span>\u00a0<\/span><\/p>\n Payment integration can play an important role in your success, but only if you pick the right solution for your business. One-size-fits-all options may seem useful when your ISV business is in its early stages. But for a growth-minded organization, an embedded payment enablement provider gives you the flexibility to scale your commercial channels as you expand and the agility to meet new payment challenges with full control of the client experiences.<\/span><\/p>\n![\"\"](\"https:\/\/solutionsreview.com\/business-process-management\/files\/2023\/10\/insightjam_logo.jpg\"){kind=logo}
<\/a>Demand for digital payments is surging. Global digital transactions are <\/span>predicted to exceed $1.5 trillion by 2025<\/span><\/a>, with more than half (57 percent) of consumers reporting that merchants\u2019 <\/span>digital payment offerings<\/span><\/a> impact their spending decisions. <\/span>As the global commerce landscape continues to evolve, independent software vendors (ISVs) face a critical decision when choosing a payment integration solution. The wrong payment integration solution can turn payments into a cost center rather than the profit center they should be.<\/span>\u00a0<\/span><\/p>\nThe Limitations of One-Size-Fits-All Payment Systems<\/span><\/b>\u00a0<\/span><\/h3>\n
The Benefits of a Payment Enablement Provider<\/span><\/b>\u00a0<\/span><\/h3>\n
Omnichannel commerce solutions<\/span><\/b><\/h4>\n
Vendor-agnostic payment options<\/span><\/b><\/h4>\n
Flexibility for future payment evolutions<\/span><\/b><\/h4>\n
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