The Future of Digital Payment is Integrated. The payments landscape does not stand still, and as such merchants will always require turnkey solutions that allow them to keep up with the shifting needs of their customers. For developers who have the foresight to identify these behavioral shifts and the technological expertise to capitalize on them, integrated payments present an attractive proposition.
While digital payments have been around for decades, the industry as a whole has undergone a massive transformation over the past 12 months as the shift to online payments has become the preferred method of choice when making transactions.
In order to keep up with this significant shift from cash towards digital transactions, as a SaaS (Software as a Service) or ISV (Independent Software Vendor), it is smart to partner with an experienced provider that can make this transition within the payment processing world easier, help you future proof your business as well as stay ahead of your competition.
This is where integrated payments come in, which are changing the landscape of digital payments and are proving to be beneficial for both ISVs and their customers. Integrated payments refer to payment processing systems embedded within a specific software application. This feature allows end-users to make purchases within the software solution itself, rather than exiting the platform to complete their sale through a third-party processing company.
Creating a software solution that can also process payments is a gamechanger for you, your merchants, and their customers. Enable your merchants to process real-time payments, reconcile, and automate recurring payments directly within your software solution by adding a single API payment integration — without the need to overhaul an entire IT department.
With an integrated payment processing functionality, the end-user would be able to checkout, make payments, and complete the process all on one page. On the other hand, if the payment system was not embedded, the customer would be redirected to another 3rd party landing page (such as PayPal) before being redirected once again back to the merchant’s page. This is a broken, irritating and time-consuming user experience that results in fewer conversions and potential loss of business.
Furthermore, every time an ISV merchant directs a user away from their secure site and toward a third-party processor, they jeopardize their customer’s sensitive information.
Encryption, tokenization and other security approaches have helped ease customer and merchant fears around using and accepting digital payments. Digitizing cash flow improves the customer experience when you integrate the PaidYET API into your software, marketplace, or B2B SaaS platform. Connect with one of our payments experts today to find the best and easiest payment solution for your business.