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.
Fill out the form below and we will get in touch with you shortly
The Generational Shift in Consumer Shopping Behaviors
With every generation, consumer behaviors change. Gen Z (ages 18-24) and Zillennial (25-26) shoppers grew up online. Many don’t remember a tim...Learn More
An Introduction to Payment Terms and Concepts
The payments space has a language all of its own. Who are acquirers? What’s a payment terminal? What about a PayFac? Whether you’re a new busi...Learn More
How NMI is Making 2023 the Best Year Yet for Our Partners
The payments industry has changed dramatically over the past several years. In 2020, consumer expectations shifted, and we saw a sudden rise i...Learn More
What You Need to Know About Buy Now, Pay Later Legislation
What if you could finance and pay for a purchase over time without a credit check or signing up for a personal loan? Buy Now, Pay Later (BNPL)...Learn More
4 Steps to Make Your ISO Business More Profitable in 2023
As headlines warn of a potential recession, consumers are tightening their belts in preparation for a challenging year. While so much negative...Learn More
NMI Achieves Milestone Year in 2022 With Industry Recognition, Acquisitions and New Partnerships
Through acquisitions and continued platform investments, the company will continue to support partners from sign-up to pay-out across the comm...Learn More
The Evolution of Public Parking Payments
Parking payment solutions have evolved significantly since their inception. The first parking meters were installed in Oklahoma City in 1935 (...Learn More
The State of Public Transportation in the United States, the United Kingdom and Europe
'A developed country is not a place where the poor have cars. It's where the rich use public transportation.' - Gustavo Petro Public transpor...Learn More
Adding Value to Payment Solutions: 3 Ways to Generate More Revenue
Generating more revenue can be tricky - especially as consumers and businesses tighten their belts and cut back on spending. Should you add mo...Learn More
New NMI Report Finds Convenience and Speed Drive Consumers’ Eagerness to Try New Payments Innovations
SCHAUMBURG, IL – JANUARY 17, 2023 – NMI, a leading full commerce enablement technology company, today released its inaugural Payments Innovati...Learn More