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Selecting the Right Payment Technology Partner for Your Software Business
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As a software provider, you’re on a continuous quest to deliver built-in, value-added solutions to your software customers.
Usage
Loyalty
Retention
Value-Added Solutions
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Payment technology that’s directly integrated with your software enhances efficiency and data security for your customer base.
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But how do go about choosing the right payment technology partner for your software business?
Where do you even begin?
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MAKE SURE POTENTIAL PARTNERS DELIVER ON
COMPONENTS5
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Level One PCI Certification
#1
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Companies that are Level One PCI certified go through regular audits to ensure they are complying with the Payment Card Industry Data Security Standard (PCI-DSS).
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Companies with Level One PCI certification must comply with the most stringent certification requirements to ensure your payment data is safe and secure.
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By working with a Level One PCI-certified payment technology provider, you can reduce or even eliminate your own PCI compliance requirements.
Did You Know?
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When using solutions like credit card tokenization, payment data is passed and hosted on the payment technology provider’s secure, PCI-compliant computers.
Sensitive data isn’t hosted or stored in the point of sale software which takes your software company out of PCI scope.
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#2Advanced Data Security Measures
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A 3-prong security approach provides the highest level of protection for both online and in-person payments.
3-Prong Security
Tokenization
EMV
P2P Encryption
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Safely stores payment data needed for recurring payments by replacing the payment data with a unique identification code
1Reduces card fraud resulting from counterfeit, lost or stolen cards
2 Encrypts data from the moment it enters the point of sale software
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#3Payment Gateway Services & Merchant Accounts
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Your software customers will need a payment gateway — a secure portal that transmits customer payment information to the payment processor for authorization and settlement.
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Your software customers will also need a merchant account (a separate bank account) to take credit card and debit payments.
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Typically payment technology providers offer gateway accounts through a separate third party, and merchant accounts through yet another provider.
Constellation Payments offers both gateway services and merchant accounts — providing one source for all payment technology and support.
Did You Know?
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#4Comprehensive Integration Process
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Your provider should have a comprehensive integration plan — so that you know exactly what is involved and what is needed to successfully integrate your software with the payment platform.
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Software development kits (SDKs)
Application programming interfaces (APIs)
Thorough integration documentation
A designated integration team that works with you from start to “go live”
Things to look for in an integration plan:
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#5Revenue Sharing Opportunities
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A significant amount of additional income can be generated through your partnership with a payment technology provider that also offers merchant services.
Be sure to ask about revenue sharing opportunities.
Revenue Sharing
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Have questions about selecting a payment technology provider? …
How Constellation Payments can assist you as a single-source provider for all your software-integrated payment processing needs? …
Call 888.248.7060 or send an email to [email protected].