ISVs are playing an ever-increasing role in how payments are delivered to merchants. Although traditional channels where a merchant works with an ISO or a bank to begin processing payments are still options, payment volume conducted through a software integration where the developer handles the onboarding of merchants continues to be on the rise.
The software-led payments shift is expected to continue as more ISVs recognize the value of having a feature-rich omnichannel payments integration as a fundamental component of their software offering.
Indeed, today software companies across every vertical are building niche applications with integrated payments. These solutions provide merchants with faster and easier options to implement, have payments built in, and include onboarding and often hardware.
What, for instance, is a Yoga studio more likely to do? Call their bank or work with an ISO to set up a merchant account, then install software that isn’t fully integrated with the payment solution? Or, implement software from a niche ISV whereby the cloud software and merchant’s account can be set up in minutes? With so much upside, it’s no wonder software-led payments are poised to grow six times faster than traditional payments.
Rise of Software-Led Payments
It was easy to overlook ISVs as a potential payments conduit when payments were mostly a swipe or dip via a stand-alone terminal. Today, merchants seek solutions that allow contactless mobile payments, QR code-based payments, self-checkout, unattended payments, e-commerce, etc. It makes sense, then, that merchants (and the ISVs serving them) require more robust payment features baked into the software they use to operate.
Not only does NMI provide a white label-ready omnichannel commerce platform for ISVs, all resulting management and data is centralized. Additionally, ISVs can get more involved by underwriting their underlying merchants. In doing so, they can achieve significantly higher payment residuals by taking on more of a participatory role in payments. Combining all these benefits can considerably impact an ISV’s business. For example, many ISVs who have partnered with NMI experience sustained growth levels of 30%+ from payments.
Getting more involved in payments while earning more revenue and higher profitability doesn’t have to be overwhelming. With the help of a company like NMI, you can quickly arm your business with the scalability, expertise and agility to meet new payments trends head-on. To learn more, contact NMI today.
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