What is an ISV?
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Originally Posted On: https://paylinedata.com/blog/what-is-an-isv
Independent Software Vendors (ISVs) develop software that is used by organizations and/or consumers to address specific needs. Typically the software they create is for use by people, as opposed to backend system software.
Many ISVs offer niche solutions to fulfill the needs of specific market verticals. Whether it’s CRM software or a human resources application, if you’re creating, promoting, and selling your software solution, you’re an ISV.
Platform providers like Microsoft, Apple, and Google are supportive of ISVs because the products they build add value, deepening the relationships users have with that chosen platform. And the deeper the relationship, the less likely it is the users will leave.
The number of ISVs has grown substantially in recent years. From approximately 10,000 in 2008 to over 100,000 worldwide in 2018. This expansion is expected to only intensify, with a projected growth to one million ISVs by 2028.
As demand for software solutions continues to grow, so will the competition. That’s why it’s important to differentiate your ISV by establishing a positive and seamless relationship with your client base. From the moment they purchase your product, you want them to know they are in the best possible hands. And this begins by establishing trust.
Are you an ISV? Position Yourself for Higher Profitability
An ISV is an Independent Software Vendor. And in today’s competitive landscape, you need to identify, develop and expand your offerings. On top of that, you must also make them as accessible and seamless as possible for your clients.
Let’s take a closer look at how successful ISVs achieve this while increasing their profits in the process. But first, let’s examine what it means to be an ISV.
Why Partner with a Payment Processor
As an Independent Software Vendor, you have the specialized knowledge needed to create unique and powerful solutions for your clientele. But actually managing the purchase transaction to get your software into their virtual hands – or, in the case of a recurring subscription, keep it there – is another matter entirely.
The last thing you want is to have your product in their cart and then see them leave. Whether it’s because they have to go elsewhere to complete the transaction or the payment process you have in place raises alarm bells. If you’re unable to manage this essential transaction satisfactorily, how can they trust your product(s) will meet their expectations?
That’s just one of the reasons many successful ISVs turn to a trusted partner for their payment processing needs. Not only will you be able to provide your customers with seamless transactions, but you’ll also have all the necessary security tools in place to ensure their data is kept safe. You may even gain access to additional ongoing revenue streams to accelerate your organization’s growth.
How to Choose the Right One
While each potential payment partner will have its own unique offerings, there are some features you won’t want to be without. In addition, your payment provider should have a vested interest in your success. After all, your organization’s growth will benefit them as well.
With that in mind, here are some key features to look for in a payment process partner:
- State-of-the-Art Technology – Choose a payment partner who maintains a wide array of offerings. Ensure the solution they recommend is the one best suited for your needs, rather than just the current one they want to sell you.
You also want someone who presents today’s best payment solutions and the future, as new technologies emerge. Does the payment partner you are evaluating stay current with best practices and emerging trends?
- Revenue Potential – One of the great things about finding a reliable partner is being able to share that resource with others who could benefit from it as well.
Your payment partner should offer you revenue opportunities in return for making your clients and other business partners aware of their services. Ensure that your relationship is valued and mutual growth is a shared goal.
- Reliable Customer Support – Whether it’s during the onboarding process or many months later, when you have an urgent question you’ll want to know who to call. Make sure you can get the answers you need instead of becoming trapped in a never-ending automated phone system.
- Security for Both You and Your Customers – Ensure that all data has the highest level of protection, so there’s no threat of a breach as transactions are processed. Also, is the payment integration seamless, so customers won’t be intimidated into backing out of the transaction before it’s completed?
Why ISVs Partner with Payline
Now that you know some of the key features to ask for, let’s take a closer look at how Payline’s partnership program incorporates these tools to accelerate the success of a range of ISV partners.
- Customized Solutions – Payline understands that payment solutions are ever-evolving. That’s why we’ve developed a diverse product portfolio, to provide the solutions needed now, regardless of your market niche.
And our partnership does not pause once you are onboarded. We will help you to future-proof your payment solutions, enabling you to keep focused on what you do best.
- Enhanced Revenue – As your partner, Payline succeeds when you do. We understand relationships are built on trust. When you determine your clients and other partners could benefit from quality payment services like the ones you’ve experienced, join our referral network. There’s a potential to achieve a significant revenue stream that will help you grow your business even faster.
- Personalized Customer Support – Payline provides ISV partners with a dedicated account manager and a dedicated support specialist. We will guide you every step of the way.
Our payments platform model enables us to provide faster merchant onboarding. Once you are up and running, our team is ready to assist you with any solutions you may need. Help is just a phone call away.
- Deliver a Seamless and Secure Payment Experience – Let’s face it, the best payment solutions are only helpful if customers are willing to use them. Payline will work with you to achieve a streamlined and seamless payment experience. Our suite of developer-friendly APIs was created for every business type. Just let us know how your business processes payments and we’ll get you started.
While a seamless experience may appear secure to your customers, rest assured that Payline has all the necessary protective measures in place behind the scenes as well. We incorporate a multi-layer data security plan including tools like tokenization, account updater, address verification, and real-time fraud alerts.
You and your customers will be able to complete transactions with confidence, secure in knowing everyone’s data is safe.
Get Started Today
If you’re an ISV who would like to partner with Payline, we welcome the opportunity to speak with you. Whether you already have a payment system in place and are looking for a change, or are new to the process and in need of a partner, we look forward to helping you achieve your goals. Let’s work together to ensure your future success!