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5 Reasons Payments Integration is Essential for Software Vendors

Posted by Danielle Lafontaine on Mar 22, 2017 7:14:00 AM
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Singular Payments focuses on delivering our flat rate payment processing solution direct to merchants and integrating into software with custom solutions. There are many benefits for the software users and vendors to integrate payments into the solution. Not only does processing payments with a custom flat rate inside the software solution add convenience and speed for users, but it also adds a new revenue stream for the software vendors that can add up. And with the high costs of development, this can be a huge help.

sage-payment-developer-portal-api-app-fintech.jpgCompanies are integrating payments into their software more and more so that their business functions – whether it’s clinic/practice management, inventory management, etc. – and payments are seamlessly integrated to provide an intuitive and fluid user experience. For the software vendor, partnering with a flat rate credit card processor to offer payments gives users a value-added solution that will ultimately make them stickier and happier with the solution.  And that’s the name of the game!

  1. Makes Users Stickier

A payments integration through our easy-to-use suite of APIs allows software vendors to be more competitive because processing payments and recording the transaction data right from within the platform is something end-users want. And if the vendor doesn’t have it, eventually the users may stray to get it. Our software integration partners already work hard every day to meet their customers’ needs, but often the list of new feature demands can be long and daunting. Prioritizing the addition of a new feature that’s in high demand by users, is easy to implement, and increases both retention and revenue for the business is a win-win on all sides.

A credit card API integration allows software providers to be more competitive in their respective industries, attract more customers, and help retain existing clients. Plus, adding PCI compliant credit card processing to their software solutions is typically easier than they think. Check out our developer's page now to LEARN MORE.

The bottom line is, the more a software vendor can offer to your clients, without expensive development costs to implement it, the better your customer acquisition and retention rates are. One of the biggest benefits to a payment integration is the ability to offer your clients a full-circle solution that streamlines their operations and keeps payment data in one convenient place.

  1. Additional Revenue Stream

Earning more revenue is a top priority for software developers. Revenue and ROI are the end game for every business, so this is an important piece of the payments integration puzzle. Software payments integration partners earn a generous piece of the processing revenue that their software users generate through the integration. All payment API providers don't offer revenue share, but we do offer it here at Singular Payments!  Revenue sharing allows the software vendor, our valued partner, to earn money from the payment transaction fees that their customers pay to accept credit cards through the integration. By allowing Singular access to sign-up the software users, we give back to the software vendor with this revenue share. It’s the same types of fees that the software company pays to accept credit cards, but this time, they’re on the receiving end of the fees. Winning!

  1. Enables Software Users to be PCI Compliant

PCI DSS compliance is an annoying but extremely important part of accepting credit card payments. Whether a merchant processes payments in a store location with a terminal on the counter, or through software online, they must be PCI DSS compliant. And, because of the highly-publicized data breaches of some of the most well-known companies in the world, becoming PCI compliant and maintaining payment data security are very important issues. Small business owners want to be careful to secure their customer's data properly but often merchants don’t know where to begin to do so. With a PCI compliant payment integration, our partners can provide this invaluable feature as a big value add to their product offering.

With Singular Payments’ payment integrations, the customer’s data is secured through their back-end technology partner CardConnect in a fully compliant environment. Therefore the integration takes all the risk off the merchant and the software vendors’ plates.

  1. Full-Circle Experience for Users

By integrating payment processing into the software solution that vendor becomes the one-stop-shop for the end-user which helps streamline business operations and billing for the businesses using the software. Check out some more benefits that software users will see with a payments integration:

  • Higher Productivity: All transaction data is stored digitally and securely so generating reports, monitoring trends and tracking trends become easy and fast. Our Singular BillPAY solution also allows users to export information into tax software like QuickBooks.
  • Improved efficiency: No more double billing or calculation mistakes from taking transaction data from a countertop receipt into the software online. With a payments integration, the work is already seamlessly done which cuts out the human error element of the equation.
  • Better forecasting: By securing payment data in one place, users can automate and simplify their billing and collections, and forecast sales and inventory need even easier.
  • Reduce PCI requirements: Through the Singular Payments’ integration, customers enjoy an always encrypted, fully PCI compliant environment powered by CardConnect.
  • Preferred rates: Singular’s software payments integrations get end users the best flat rates because we have a lot of data to work with on the types of cards merchants process, and the sales volume/average ticket price which is used to calculate the flat rates. The more data we have the lower the flat rate we can offer.
  • Billing Presentment and Payment: A unique benefit of the Singular Payments’ suite of APIs is our Singular BillPAY electronic bill presentment and payment solutions which allow users to cut out the labor-intensive process of invoicing and collections.
  1. Easy to Integrate Payments APIs with Payfac in a Box™

Implementing payments integrations is easier and faster than you may think. Many software partners can integrate our solution into their system within one day. We also offer custom solutions. The Singular BillPAY API is a REST Based API and is designed to have resource-oriented, predictable and easy-to-use HTTP response code for client interaction. We also offer a sandbox environment for full testing. Any payment data submitted in the sandbox environment will not be transmitted to the credit card networks and will never actually initiate a payment or attempt to move money.

So, jump on the payments integration bandwagon with Singular Payments! A software payments integration is a win-win for the vendor and end-users.


Topics: credit card processing, singular payments, payments integrations, software integration, integrate payments APIs, bill presentment and payment, singular billpay, integrating payment processing into software, payments software integration

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