The Need For ISV Payments
Payment modes are changing every decade. With new technologies supporting different payment modes, it’s now easier to transfer money in a flash. Along with the payment industry, the Independent Software Vendors market is also evolving. They have now introduced integrated payment solutions that help to reconcile, record, and process payments without the need to overhaul your entire software infrastructure. This business model is now supporting a variety of modern payment methods like NFC, digital payments, mobile banking, and so on.
The primary objective of integrated payments is to evolve along with the market trends. Every company should follow at least one payment method support by ISV. However, before you select an integrated payment route from ISVs, here are a few things you need to know.
ISV Merchant Accounts & Advanced Payment Solutions
The advantage of ISV is they can adapt to the changing technologies with complicated software algorithms. Your decision of choosing payment solutions starts by assessing both the present and future needs. Customers like to use the latest payment methods because they are safer. ISVs usually integrate new software applications so that they have the right platform to support different payment methods.
Enhanced Security Protocols
Security is of primary concern for any payment mode now. ISV supports these security measures, and that is one of the reasons why most companies prefer to opt for payment modes that ISVs recommend. It doesn’t matter if the new payment software uses state of the art technology. You should check if it passes ISV’s embedded security measures to ensure that your customers don’t fall into the trap of cybercriminals.
2017 and 2018 saw massive data breaches all around the world. That is why every payment company now needs to adhere to the most advanced security protocols. It has become the make or break situation for any company. If customers find that their sensitive details remain intact, they will continue to use the same payment method for years. But even if one person claims that there was a security breach, it may well be the start of the end of that company.
Optimizing The Software for ISV Merchant Services
It’s not easy to evaluate an integrated payment solution by counting the number of features. Your first focus should be software optimization so that different customers can use different methods and devices to make their payment. For example, someone might feel comfortable paying using their debit card. On the other hand, another person may use PayPal to make his/her payments. So, they shouldn’t experience any hiccups while making the payment or receiving money.
ISVs make sure that the respective software application seamlessly integrates with the payment systems that include digital and mobile wallets, EMV chip cards, traditional magstripe cards, and NFC payments. No matter what software you use, it should optimize according to the devices and the payment methods.
What Is The Usual Timeframe For Application Approval?
JJS Global generally receives an answer from one of its’ merchant acquiring bank providers within 3 working days. Upon receiving a merchant account approval notice, a JJS Global Account Manager communicates all the credit card processing terms and conditions of the bank to the merchant. If the merchant accepts the offer, a merchant account contract is emailed to the merchant for them to sign and return the contract back to JJS Global. Live processing can usually start 24-48 hours later.
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