Payments technology has evolved significantly over the years. What was once a bulky, stationary POS (point of sale) terminal has transformed into cloud-based solutions that are frictionless, convenient, and integrated. Software vendors that are continuously looking for more ways to provide a value-added solution to their clients are turning to payment integrations to stay competitive.
At the core of these payment integrations is a seamless experience for both merchants and consumers. Modern consumers are looking for convenience and speed and will gravitate towards businesses that deliver. Businesses, in turn, will turn to vendors that can help them provide those experiences. The more value that businesses can get from one vendor, the better. This is the driving force behind why more and more software vendors are partnering with processors and integrating payments into their software. These days, business owners across the board want a convenient, reliable, and secure system from their service providers and business partners.
- 92% of SMBs are now using at least one cloud-based business solution.
- 79% still rely on manual Excel file uploads or custom code for integration instead of integrated solutions.
- 94% report security benefits since moving to the cloud.
Software vendors not only want convenience and speed for themselves but also to be able to provide the same quality of service to their customers. Consumer preferences and expectations have evolved over the years. Everything from banking to buying is becoming increasingly seamless.
- 86% of consumers will avoid a business if the wait time is too long.
- 74% of respondents say speed and convenience are what matters most to them.
- 89% of consumers said it’s important for retailers to let them shop the way that is most convenient for them, no matter which sales channel they choose.
Historically, software vendors provided their solution to businesses and left payment processing for their clients to procure themselves. But these days, merchants across all industries want payments to be integrated into their business systems so they don’t have to piece together multiple services from different vendors to do business. However, while more and more software companies are providing a holistic, seamless, and value-added solution by integrating payments directly into their software, 49% of ISVs (integrated software vendors) still have not integrated payment functionality into their systems according to research from First Annapolis Consulting.
This is an adapted excerpt from our latest eBook, Payment Integration 101: A Software Vendor’s Guide to Payment Partnerships. To read more, download the free eBook on the right.