Independent Software Vendor (ISV)
ISVs present an ideal way for processors to support emerging businesses in the payments space. Software vendors often focus on a niche market – providing necessary technology for an industry that requires extensive efficiency and innovation.
Integrating a payments component to a software product opens up untapped markets, appealing to an audience wanting to take advantage of the latest technical and payments trends.
What’s in it for ISVs?
In order to focus on specific areas of expertise, it is imperative for ISVs and processors to build strategic partnerships. Strategic partnerships provide necessary competitive advantages for both parties. For startup software vendors, tying a product to the established National Merchants Association brand can establish provide further vertical penetration. For National Merchants Association (NMA), partnering with ISVs allows us to support emerging businesses while simultaneously creating processing solutions for merchants of all types.
Partnering with processors means more than just software sales. ISVs increase the value of their software products and benefit from additional product distribution. Payment processors like National Merchants Association offer additional revenue streams like residuals, from merchant referrals utilizing both the software product and merchant services stemming from the processor/ISV partnership.
Partnering and co-branding increase value of both the product and the brand, which we call a win-win.
The Future of Partnerships
In the technology industry as well as in electronic payments, businesses need to adapt quickly in order to stay at the forefront of innovation. Partnerships allow that to happen at a competitive rate, without taking a toll on a business’ core infrastructure.
Evolving consumer and business behaviors drive expectations in both software and payments. Partnerships between payments providers and ISVs are absolutely necessary to stay cutting-edge. NMA is committed to innovation and development – learn more about how that benefits you as an ISV.