New ISVs and software developers who want to provide their users with payment functionality often gravitate toward Stripe. We get it. Signing up for Stripe is easy and requires little to no configuration, but it doesn’t scale well.
What Stripe Doesn’t Do
Although Stripe’s benefits can certainly capture an ISV’s attention initially, the honeymoon often ends. Stripe is designed to provide payment services to particular types of merchants – and in many cases, doesn’t meet the needs of everyone in your client base.
First, and foremost, Stripe doesn’t easily support omnichannel merchants who accept payments online and in person. Moreover, even if your software solutions are designed for e-commerce merchants, you’ll discover that Stripe doesn’t accommodate everyone you serve.
Keep in mind that even if Stripe’s one-size-fits-all approach meets most of your users’ needs today, as their businesses expand and grow, they’ll outgrow Stripe -- and possibly the solution you provide if Stripe is the only payment integration you offer.
After You Outgrow Stripe, Where Do You Go Next?
As your business grows and acquires more diverse clients and you need to solve more complex problems than you can by integrating with Stripe, your business will benefit from a platform that offers:
Give your users the flexibility to accept payments online and in-person, as well as at unattended kiosks, in mobile apps, on social media – anywhere their customers engage. Additionally, an omnichannel payments solution allows the merchant to manage payments on all channels from one platform.
Just about everyone has heard of Stripe. Have they heard of you? A payments partner that enables white labeling allows you to offer payment services under your brand, not theirs. The payment gateway displays your logo, colors and brand elements, so your customers know first and foremost that all the value they receive from their software is coming from your business.
Integrating payments is beneficial to your users, but it should also benefit your ISV business. Consider partnering with a payments company that allows you to build payment offerings for different segments of your customer base and maybe even create your own channel of resellers who offer your solution + integrated payments.
Of course, you want to work with a partner who provides a competitive margin on payments fees for each of your users’ transactions, which can significantly boost your business’ recurring revenue.
The way that consumers prefer to pay – and the payments industry overall – evolves rapidly. The payment solutions that meet your users’ needs today may not be what they need in the future. A payments partner that has built an array of partnerships gives you and your clients choice. For example, NMI allows your clients to choose from more than 200 payment processors and devices and 125 e-commerce shopping carts. With choice – and the flexibility to make changes when needed – means your users never have to settle for less than what they need to operate most competitively.
Expand Your Possibilities
Integrating with Stripe is easy and popular, but providing a solution that delivers real value to your users, you need to integrate with a platform that offers the functionality and flexibility that a full commerce enablement platform provides.
If your business has outgrown payment capabilities you can provide through integration with Stripe, contact NMI to explore more possibilities.