Years of experience providing solutions to a specific market often lead ISOs to a common conclusion: My clients need better ways of doing things. That insight can put you in an enviable position. You understand your market needs and have their input on how to meet them. Using that information, you can build solutions that capture prospects’ attention, have clear ROI, and accelerate your business growth. However, ISOs need to cross a hurdle of creating solutions that don’t yet exist – and changing their mindset to include the idea that their businesses can be software development businesses.
More Reasons to Consider Adding Software-Led Integrated Payments to Your Business
Although providing an innovative system or developing a solution for an untapped market is reason enough to consider offering it as part of your solution, there are even more benefits to building a software development business.
- Elevate your brand: Businesses looking for specific solutions may find you in a search for the software. A unique solution will differentiate your business online and help you rise above competitors.
- Upsell opportunities: Software plus payments will add up to more significant sales than payments alone. Moreover, you’ll build more recurring revenue if you provide solutions through the Software as a Service (SaaS) model. By partnering with other developers, you can also offer your clients additional features and value-adds, increasing your revenues even more.
- Sticky client relationships: When you offer payments services alone, you face much competition. However, it’s harder for a competitor to get a foot in the door if you provide business applications that deliver value to your clients as well as payment services.
Where Do You Begin?
So, is the next step learning to code? Not necessarily. Other options include:
Partnering: A strategic partnership could enable you to leverage outside expertise and existing tech, then provide it under your brand. A partnership can help you get your products to market more quickly. It eliminates the need for you to build an in-house team or navigate a learning curve. Partners can also bring their perspectives to your project, helping you anticipate and overcome challenges, reduce risk, and control costs. Working with the right partner will also allow you to focus on your core responsibilities so you don’t have to take steps back in terms of growth before moving forward with a new software solution.
Hiring: You can expand your business by hiring resources with software engineering and development experience. This may be the most difficult to achieve, particularly if there is a sense of urgency around your plans. The U.S. Bureau of Labor Statistics reports about 40 million open tech positions, growing about 20 percent annually through 2030. Finding, recruiting, and retaining people with the right skills may be challenging. However, if you find skilled software development professionals and can arrange for them to become a part of your team, make it happen.
Capitalize on Industry-Specific Software and Payments
Regardless of how you expand to join the ranks of software development businesses, stay focused on your clients’ needs. You began your relationship with them by providing the payment solutions required to optimize customer experiences and operate most efficiently. Ensure you will continue to meet those challenges while providing them with new capabilities by integrating payments with the software you develop.
Then, you can promise your clients that you have a solution that does nothing but solves their pain points, streamlines processes, and saves time.