Busting 3 Myths About Integrated Payment Partnerships Blog Header

It’s no surprise that user experience is the key to success for any application. So when a software company decides that integrating payments into their solution is the right move, choosing a payment partner that focuses on providing the best experience isn’t just nice-to-have, it’s a requirement.

Partnering with an integrated payments provider can supply countless benefits to both you and your customers. By integrating tailored payment processing technology into your application, you’re unifying the user experience. Your users won’t have to leave the comfort of your platform to access other tools–it’s all in one convenient place.

Many integrated payment partnerships offer attractive incentive programs, though some might find it too good to be true. Because of this, ISV partner programs become the subject of myths or misconceptions. But ISV partnerships can present wonderful opportunities with benefits for both you and your clients. As Ricky Dunbar, Senior Director of Partner Success, mentioned in our webinar, “What it comes down to is choosing a partner that has the right technology… and that can be there to guide, steer, consult, talk to you” about heading in the right direction with payments.

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Myth #1: Payment Technology is Difficult to Implement

One pressing concern about integrating payments directly into your platform is the perceived difficulty of integrating the technology, or the potential requirement of needing a dedicated team of developers for maintenance. “What it comes down to is choosing a partner that has the right technology,” says Ricky. Integrating payment technology into your platform or application is actually much easier than it may appear. This is in part due to the leveraging of APIs. An Application Programming Interface, or API, is a unique piece of technology that enables software companies to seamlessly integrate and accept payment with one application.

Using an API, clients won’t need to leave your platform to access different features, creating a unified experience. Stax Connect’s exclusive all-in-one API allows users to process payments any way they’d like. And by utilizing a partnership’s success and development team to ensure the integration is seamless and tailored to your solution, implementation is much easier. With the right integrated payment partnership, you’ll have experts and complete guidance to implement the technology seamlessly and effortlessly.

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With Stax Connect RESTful API your merchants can:

  • Process single and recurring payments
  • Send regular and scheduled invoices via email or SMS text message
  • Securely store and tokenize customer information after every payment for future use
  • Quickly fill out a transaction by selecting from your pre-loaded catalog items
  • Automatically update your cards on file
  • Integrate countertop terminals and pin pads
  • Sync your data 2-ways with QuickBooks Online

Myth #2: My Customers Won’t See the Benefits

The beauty of a partnership is that there is a laundry list of benefits for both you and your customers. Your customers gain direct access to the cost of processing and award-winning customer service. Your business will see the added value by making your platform more robust with an integrated payment solution. Clients won’t even need to leave your platform to access all of these great features. You’ll also enjoy profit-sharing and incentive programs as a partner.

By joining an integrated payment partnership, you can direct your customers and sales teams to this payment facilitator for their payment needs, continue scaling your business, and serving end-users with your software or service. When you become a payments partner, you’re adding an additional revenue stream to your company simply by getting others to sign up for the tools they actually need to start accepting payments from customers, and with different methods.

Another benefit of becoming an integrated payment partner is both you and your customers will enjoy a variety of payment solutions all in one platform. As your partner in payments, Stax Connect makes it simple for your customers to seamlessly accept payments straight from your technology.

Not to mention, your customers are likely going to be willing to pay even higher basis points than your competitors charge because of the flexible technology we offer. Ricky mentions, “We’ve done cases where we’ve been able to take them to market at higher than their competitors because of how they’ve integrated, and how they’ve wrapped up their product feature set around payments so it’s unique and drives value.”

Stax Connect Features Your Customers Will See and Love:

  • Card Present Payments
  • Easy to Integrate API
  • Quickbooks Online 2-Way Sync
  • eCommerce Solutions
  • Business Analytics
  • Virtual Terminal
  • Recurring Payments
  • Text2Pay

Myth #3: Integrated Payment Partnerships Mean Extra Hidden Fees For My Customers

The idea of an integrated payment partnership shouldn’t be scary because of the misconception that hidden fees will get passed onto your users. This concern isn’t unwarranted due to the fact that the payment processing industry as a whole is notorious for excessively nickel and diming their merchants. A partnership for your platform won’t corner your customers into paying excessive fees for each transaction.

Credit Card Processing Fees Your Customers Can Avoid:

  • Credit Card Terminal Fees
  • Setup Fees
  • Early Termination Fees
  • Reprogramming Fees
  • PCI Compliance Fees
  • Address Verification Fees
  • Chargeback and Retrieval Fees
  • Payment Gateway Fees

A transparent, easy-to-understand payment processing fee structure encourages businesses to sign up because it eliminates surprise charges and gives merchants the ability to manage their budgets more easily. The right integrated payment partner will be able to guide you on the best ways to onboard and manage your merchants, so they don’t have any surprises with your fee structure.

By partnering with Stax Connect, your merchants will never have to deal with contracts, hidden fees, or markups. Our pricing is always easy to understand, with customer support available to merchants. Offering your customers simple, transparent pricing options to process payments keeps customers happy, which increases your platform’s value. Not to mention, Stax Connect offers a flexible and generous pricing model specific to your software’s needs. You choose the fee structure your merchants pay per transaction, giving you the most control and flexible options.

“If you’re in a vertical or segment where cash flow is critical, you can take two days away from the cash flow cycle for your customer so they’re actually getting paid faster,” says Ricky, alluding to the fact that some customers may be hesitant to switch solutions, however, with the right communication strategy, they will understand the benefits of your solution over someone else.

To Sum It Up: 3 Myths Busted About Integrated Payment Partnerships

Integrated Payment Partnership

A lot of myths and misconceptions surround partner programs. An integrated payment partnership with Stax Connect offers benefits for all parties, providing ample support to ensure your success. Profit-sharing and incentive programs offer growth opportunities, and savings are passed on to your merchant customers.

Integrated payment technology enables merchant customers to access all of their tools from your platform, unifying and simplifying their experience while adding value. All in all, integrated partner programs are attainable opportunities that build valuable relationships and offer many benefits. By investing in your own technology, you’ll be adding a significant stream of revenue for your business and appealing to investors.

Stax Connect partners with organizations to build connections, all while providing the best service for our partners. As a Level 1 PCI Compliant service provider, we stand on cutting-edge technology, 24/7 human support, and transparent pricing. With our support and technology, your customers will reap the rewards of integrated payment technology.

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FAQs about Integrated Payment Partnership

Q: What is an Integrated Payment Partnership?

An integrated payment partnership is a business collaboration where software providers integrate payment processing systems into their software applications. It offers added value to the platform, making it more robust and appealing to users by providing a unified user experience.

Q: What are the misconceptions about Integrated Payment Partnerships?

Three main misconceptions addressed about integrated payment partnerships are:

  1. Payment Technology is Difficult to Implement: This myth is debunked by the fact that with the right partner, implementing payment technology into your platform is a straightforward process, made easier with the support of the partner’s success and development team and the use of APIs.
  2. Customers won’t see the benefits: On the contrary, customers enjoy a plethora of benefits from using an integrated payment solution on your platform, which strengthens your offering. Not only does it streamline their experience, but they also gain access to transparent processing fees and the partner’s customer service. For partners, there are profit-sharing and incentive programs.
  3. Integrated Payment Partnerships imply hidden fees: Integrated payment partnerships are not designed to impose excessive fees on customers. The right partner will ensure a transparent pricing structure that eliminates surprise charges, allowing customers to manage their budgets better.

Q: What is the role of APIs in Integrated Payment Partnerships?

Application Programming Interface (API) is a unique piece of technology that enables software companies to integrate and accept payments with their application seamlessly. This streamlines the user experience, as clients do not need to leave your platform to access different features. In the case of Stax Connect, their exclusive all-in-one API allows users to process payments any way they’d like.

Q: What are some features offered by Stax Connect’s RESTful API?

Stax Connect’s RESTful API offers features such as processing single and recurring payments, sending regular and scheduled invoices via email or SMS, securely storing and tokenizing customer information for future use, integrating countertop terminals and pin pads, and more.

Q: What does it mean to have a transparent payment processing fee structure?

A transparent payment processing fee structure means that there are no hidden charges. This allows businesses to manage their budgets more effectively and adds to their satisfaction, thereby increasing your platform’s value.

Q: How can an Integrated Payment Partnership benefit my business?

By joining an integrated payment partnership, your business platform is enhanced with an integrated payment solution. This adds value to your platform, making it more robust and attractive to clients. Further, you can profit from sharing and incentive programs as a partner.

Q: How can Integrated Payment Partnerships impact customer experience?

Integrated payment partnerships optimize customer experience by providing a unified user experience where customers don’t have to leave your platform. They benefit from the cost of processing, customer service, and access to various payment solutions all within one platform. When implemented right, customers are more likely to pay higher basis points because of the convenience and value they get from the flexible technology offered.

Q: Are Integrated Payment Partnerships only suitable for certain businesses?

No, integrated payment partnerships can be beneficial for any business that wants to enhance its platform and provide a comprehensive user experience. It can be especially beneficial for businesses that scale their platform constantly, serve end-users with their software or service, or are seeking an additional revenue stream.