As the market becomes increasingly saturated with new products and businesses, ISVs can retain existing customers and stand out against the competition by embedding payments into their core software.
In part three of our ISV Growth Edition mini-series, we’re tackling why embedding payments into your core software can drive new revenue for your ISV business and stronger customer relationships, plus tips on how to get merchants to adopt payments.
Why Embed Payments?
Leveraging an embedded payment platform is a foolproof way to get you on the right track when it comes to success and sustainable growth in the ISV market today. Why? With a best-in-class solution, ISVs have the opportunity to increase merchant stickiness and strengthen their bottom line. Allow us to explain:
Improve Merchant Stickiness
With more technology being made available every day, consumers expect instant gratification when it comes to the goods and services they purchase. As an ISV, offering a payment solution in addition to your core software can be a foolproof way to add value in the eyes of consumers. By allowing users to process transactions directly from your software, you eliminate the need for them to go through a third party, helping them enjoy a more efficient and seamless payment process. Ultimately, the more processes that your customers rely on your system to complete, the more “sticky” they’ll become, lowering the chances of them leaving you for an alternative platform.
Strengthen Your Bottom Line
Aside from driving merchant stickiness, embedding payments presents ISVs with the opportunity to monetize payments. This means that for every transaction merchants process through your system, you (the ISV) can pocket a small commission, creating what could be a very substantial stream of new revenue. The key is to work with a provider who offers a revenue-sharing program, like Tilled’s PayFac-as-a-Service. With Tilled’s competitive revenue shares and transparent pricing model, ISVs can instantly start generating additional RECURRING revenue from payments. Additionally, the more volume that your merchants process, the more revenue you can generate, making it critical that you effectively drive merchants to adopt payments.
Driving Merchants to Adopt Your Embedded Payments Solution
With your own software to develop, market, and support, we understand that taking the time to embed, market, and sell payments can pull focus and take up valuable time and resources. So, to save you (the ISV) the time and energy it takes to convert and onboard end-users, we crafted Tilled’s Partner Marketing Program. Designed to help ISVs drive processing volume across their portfolios, our Partner Marketing Program delivers your business with resources designed to educate merchants on payments and simplify the adoption process. From ebooks to presentations to one-sheeters, we have the materials your merchants need to transition to your payment solution and feel supported every step of the way, but can also create custom collateral, should you want a landing page or email campaign aligned with your own branding.
A stronger bottom line can make all the difference when it comes to growth and expansion, and embedding payments through Tilled can help you gain the revenue you need to drive development, reach new verticals and new business.
Tilled Can Help
Tilled’s PayFac-as-a-Service solution can enable your business to generate the revenue you need to stay competitive in today’s market. To get started with our embedded payment platform, contact our sales team today!