Embedded payments have the potential to not only significantly improve financial health, but also deliver powerful benefits to your merchants and their experience with your core software.
If you’re an Independent Software Vendor (ISV), you understand that making informed business decisions can be a daunting task. Nonetheless, it doesn’t need to be complicated, particularly if you’re considering enhancing your product with embedded payments. Here are four indicators that signal you’re ready to take the plunge:
1. You’re Struggling To Retain Customers
If you constantly find customers are leaving you for alternative solutions, an embedded payment solution can be just what you need to add value to your offering and increase merchant stickiness. Without a payment solution embedded into your core software, your merchants who want to process payments will have to leverage a third-party; which is ultimately another system they have to log into and track data. That said, by embedding payments into your core software, your merchants can eliminate the middleman and manage payments from the same location they handle other business activity, effectively improving their “stickiness” to your product and driving retention.
2. Your Bottom Line Could Use a Boost
Dwindling cash flow got you down? By working with a payments provider who offers a revenue-sharing program, your ISV business can not only begin to offer payments but also unlock major potential for revenue. Tilled, for example, offers ISVs a standard 66* revenue share, empowering them to monetize payments and generate significant commissions from processed merchant transactions. That’s a completely NEW line of revenue that you were unable to access before, and with Tilled’s no-hidden fees policy, you don’t have to worry about nonsense charges impacting your profit.
3. Your User Experience Is Less Than Exceptional
From automated payment collection to faster remittance, embedding payments into your core software can enhance your user experience in a variety of ways. However, it’s crucial to choose your provider wisely, avoiding those that nickel and dime merchants or require a complicated onboarding process. Instead, ISVs need a solution that supplies the building blocks of a strong user experience: transparent pricing, full-service offerings, and easy-to-implement technology. Tilled PayFac-as-a-Service delivers on all three, empowering merchants to start processing payments in just minutes and providing the support and fair pricing they need for a seamless payment experience.
4. You Want Better Security for End-Users
Fraud and security issues are on the rise, and every time your merchants send end-customers to a third-party site to process payments, they are putting sensitive customer information at risk. By leveraging an embedded payment solution that is PCI compliant, ISVs can help ensure both merchants and end-users have a seamless, safe, checkout experience. Tilled, for example, is a PCI Level 1 Certified provider and works to minimize the risks associated with digital card payments, without charging any sort of monthly fee to cover PCI compliance.
Embedded Payments with Tilled
Embedding payments into your core offering can give you the competitive edge you’ve been searching for, and in the process, drive customer retention, revenue, and customer satisfaction. To learn more about how Tilled makes it easy to get started and scale with embedded payments, contact our sales team today.