Today, a leading advantage for many Independent Software Vendors (ISVs) and Value-Added Resellers (VARs) is the revenue-producing power of payment processing. Frictionless payment processing gives exceeding value as one of the most profitable opportunities channel companies offer. Choose the right processing partner. Done correctly, an ISV or VAR can capitalize on recurring revenue streams, and systems capabilities have proven to increase customer retention. This blog will explain how to choose a payment gateway provider to assist you to maximize your merchant relationships, offering them optimal solutions, flexibility in customization and growth, consistent protocols, and avid awareness of security standards and threats. While also providing multiple options to accept payments as the need for digital payment processing evolves. An integrated payment gateway offers seamless processing that integrates with IVR and mobile interfaces with the ability to set up automatic recurring payments, and detailed data-driven analytics for efficient reporting.
Implementing a fully developed payment gateway solution is easily achieved through a reputable gateway provider. A fully integrated system in application programming interface (API) advantageously allows the entire system to reside within a merchant’s infrastructure. With this type of integration, merchant POS systems, terminals, online storefront, mobile app, and firewalls connect directly to the host payment processor for optimum security and flexibility.
Integrated payment gateways give merchants greater control, faster processing and reconciliation capabilities, and more value-added features than less versatile non-integrated or semi-integrated systems, which can be cumbersome to manage.
One of the biggest challenges for ISVs and VARs that an integrated payment gateway resolves includes the oversight of IT product updates, technical certifications, and procedural modifications required for compliance with evolving regulatory standards. Additionally, a developer-friendly gateway will offer tools to simplify integration.
ISVs and VARs should prioritize gateways with value-added features that will scale and grow with clients, especially for large enterprises, which present as lucrative targets for developing business. A fully integrated gateway can help future-proof client businesses, an effective retention strategy for ISVs and VARs. Enterprise level industries need the efficiency and customization options to run at a larger operation level, but a payment gateway that can give the security and flexibility for all size companies will rise to the top as your preferred partner helping them.
As payments become more digitized, cyberattacks and fraud remain persistent threats. For ISVs and VARs, security stands as a necessary feature to evaluate at the forefront of any strategic partnership. Unfortunately, many merchants remain unaware of existing system vulnerabilities, which an ISV or VAR can address with an integrated payment solution.
At minimum, gateway security features should provide inline frame (iFrame) webpage protection, real-time front-end account validation to prevent fraudulent transactions, Bank Identification Number (BIN) intelligence and filtering to quickly identify banks and issuers, point-to-point encryption and tokenization to safeguard payment data, and transparent redirect to allow merchant client websites to post payment details to the gateway server.
Equally important, the payment gateway provider should always be aware, prepared, and enacting the most current Payment Card Industry Data Security Standard (PCI DSS) guidelines for credit card processing and National Automated Clearing House (Nacha) guidelines for ACH processing.
An omnichannel approach involves more than just payments. It represents a fundamental shift in commerce that dynamically connects 24/7 consumer-driven experiences. To make these interactive experiences work, merchants must appeal to consumer preferences throughout the sales cycle.
This includes seamless multichannel connectivity across POS, online, mobile, kiosk, and interactive voice response (IVR) systems. It must also accommodate the most widely used payment methods across channels, including credit and debit card payments, ACH direct bank-to-bank funds transfers, remote deposit capture (RDC), eChecks, and recurring payments.
To produce frictionless commerce experiences requires high-quality processing tools. Hosted payment pages that enable ISVs and VARs to readily equip merchant websites – using the payment gateway’s secure server – to preauthorize, tokenize, encrypt, and process ACH and credit card transactions online. A virtual terminal provides a secure web-based interface, so merchants can safely access accounts and process transactions using any internet-enabled device.
Automated recurring bill payments allow ISV/VAR clients to invoice and receive payment for subscription, membership, utility, insurance, installment, rent, mortgage, and other recurring charges. A mobile application with robust security features that accepts and embeds mobile payments into the overall merchant experience and an IVR system that automates phone orders completes the shortlist of indispensable tools gateway partners can deliver.
When evaluating partners, choose a provider that adds value to your software options and recurring revenue share opportunities beyond traditional software-based income streams.
Seamless integration of payments automation and reconciliation and real-time data analytics with detailed metrics, reporting, and exception handling features add to your value proposition. You have the ability to reduce PCI compliance scope for your clients with a partner who understands the security needs for merchants. Their system needs to be modular, configurable, and flexible, made possible through the API, so that your ISV or VAR business can create a roadmap and pricing that puts your merchants in full control of the payment experiences they envision for their customers.
Select a payment gateway partner with both PCI DSS Level 1 certified and a Nacha Preferred Partner, such as iCheckGateway.com. This will ensure the client’s highest-level data security and compliance needs are met.
The ICG technology team stands behind its industry-compliant, easy to integrate, simple to navigate platform, a system that was designed and engineered to capture, retain, and protect ISV and VAR commercial customer merchant accounts now and into the future.
Contact iCheckGateway.com to learn more about joining our partner program.