As an independent software vendor (ISV) you specialize in developing and then selling software that can help serve a long list of purposes. ISVs can serve nearly every market, from health care, to retail, to real estate. Every ISV business, regardless of size or industry, will need to work with some sort of merchant service provider as to provide the payment processing tools needed to conduct your day-to-day business.
To get the most out of your relationship with a merchant service provider, it is important to understand the various merchant services partner models that are offered to choose the best option for your business. This will help make sure that your end-users are able to accept payments and process transactions from their software sales.
Overview of ISVs Related to Merchant Services
Processing should never be a hassle or headache for you or your customers. One of the benefits of partnering with a merchant services provider is that you are able to integrate your software directly into the payment processing tools and gateway. This makes it possible to offer a more cohesive and streamlined solution when it comes to payment processing, training sales teams, and when reporting revenue and transactions. Through the use of partner programs, you have the benefits of streamlined sales solutions that can help sales teams close more deals. If the added benefits to your software users isn't enough, you have the bonus of earning extra money for each account that signs on to receive merchant services.
Three Main Types of Merchant Services Partner Models for ISVs
There are three main partner models between merchant services and ISVs: referral, agent, and ISO. Each of these models have their own benefits, so it is important to consider the responsibilities that come with each partnership.
With the referral model, you can refer your software vendor accounts right to the merchant services provider. The merchant services provider is responsible for the sales, support and onboarding processes, whereas you would simply in charge of the referral. There is an opportunity for added revenue for your business under this model, as ISVs are typically paid each time they refer a new account to the merchant service provider. However, because ISVs play a smaller role in this model than in other ones, it typically delivers the smallest share of revenue.
In the agent model, you would handle the support as well as sales processes for the integrated payment processing partnership. The merchant service provider in return typically takes care of customer support, training, and activation of the system. ISVs in agent partnerships typically receive a portion or percentage of the revenue for on-boarding a new merchant customer.
In the independent sales organization model (ISO), you would take care of all functions related to both support and sales. This particular model maximizes your potential revenue and you will earn a larger portion or percentage of the revenue. It also gives you maximum control over their user experience as you would be responsible for training and maintaining support throughout the partnership. Even though the ISO model has the greatest amount of associated costs and responsibilities, this type of partnership has the potential for best ROI and profit compared to the others.
What BankCard Services Offers ISVs
BankCard Services offers many options for ISVs looking to integrate with payment processing services. The partnership program is specifically created for ISVs (as well as VARs and developers) and helps make your payment integration process easier than ever. All partners receive sales support, transparency in the financial reports, a high level of security, customer support for both partners and your customers, and a range of programs and options.
Those who choose to partner with the referral model are also able to access superior customer service, an additional stream of revenue, and as much as $500 for every single referral that then becomes a merchant.
If you choose to opt in for the agent or ISO partnerships, you will find yourself with even greater revenue potential as well as bonuses. BankCard Services nurtures long-term relationships with ISO partners, offering access to high-quality products, marketing materials, comprehensive training, full support, real reporting, and top-tier technology to ensure your business is successful.
By partnering with BankCard Services, you can generate new revenue by adding payment processing to your software stack. Gone are the days of creating complex solutions in order to offer your customers payment processing directly within your software.
BankCard Connect seamlessly integrates with your software to make it easy for merchants to process ecommerce, retail, mobile, and self-service payments on any device, anywhere. The BankCard Connect platform opens up an entirely new recurring revenue stream for your software with every transaction your customers process.
Each model—referral, agent, and ISO—comes with its own unique advantages, so it is important to choose the right one for your unique business. BankCard Services works with you to choose a model that will help your business succeed by providing you with all the support and tools you need, including integrating with the BankCard Connect platform.
Mickael is an entrepreneur and the Co-founder of Bankcard Services. He is a family man and loves technology, innovation, and soccer.