In this 8 minute interview with Dan Palmquist, Executive Director at TransFirst, we talk about Web Professional Trends for 2014 including eCommerce trends and integrated payment processing and:
* What is integrated payment processing all about?
* Is integrated payment processing compliant?
* Why is integrated payment processing important for web professionals?
* Ease of use, more features with less cost
* Who is the target market for integrated payment processing?
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More about Integrated Payment Processing: A Growing Trend for 2014
By Dan Palmquist, Executive Director, eCommerce Service Division, TransFirst®
In today’s information technology environment, many managed service providers (MSPs) and value-added resellers (VARs) serve as trusted advisors to their clients, offering a very high-level of support across marketing, integration and sales. These are critical elements in an evolving marketplace — one in which IT and software professionals have a keen sense of how recurring revenue in payment models can build over time and contribute significant revenue to one’s core business practices.
Payment processing providers can work together with MSPs and VARs to develop tactics for the reseller to bring payment services in-house, to help garner more revenue than traditional referral models have allowed. The payment processing provider would educate and give a reseller the tools to effectively price and board a merchant without intervention from the payment processor; it is this intervention that historically has kept the reseller community in minority revenue share positions.
MSPs and VARs should be encouraged to do the small amount of work involved to board an application through a payment processor’s automated boarding tools — with some initial training, almost all merchants can be accommodated with minimal price and fee negotiations. It involves a minor investment on the part of the service provider, along with assistance from the payment processor, to earn significant revenue share. It should be relatively easy for most VARs to make this transition. The best payment processing providers also offer training and marketing support, along with the desire to sell-through this service, as most MSPs have done across various product lines.
Integrated payment processing is seeing active endorsement among VARs in a diverse group of industries — including business-to-business, business-to-consumer, business-to-government and medical — served by web and SAS providers of all sizes. A payment processing provider should offer a robust payments gateway option to ease integration work from the old standard dial builds, along with easy-to-use APIs. This strategy can create a successful enterprise for all parties. The strategy can be applied to any vertical where payments are an important inclusion for true managed services.
For more information about integrated payment processing, visit TransFirst or please contact Brett Healey at TransFirst: 317.492.9999 or bhealey@transfirst.com.