Since they have so much on their plates, it is easy for independent service venders to overlook areas of their service delivery that do not require immediate attention – why fix something that’s not broken? However, one area most independent software venders cannot afford to ignore is the provision of integrated payment processing to clients.

If you aren’t focusing on an integrated payment solution, you’re probably missing out on sales opportunities and leaving money on the table. The ability to transact and make payments in a secure manner online is more important than ever; even more so due to the digital dependency of the ongoing pandemic.

In this article we look at the relevant details of integrated payment solutions for ISVs and also discuss the benefits on offer.  

Details of Integrated Payment Solutions for ISVs

Integrated payments offer a solution embedded within the very core of software applications. The presence of an integrated payment solution allows clients to make direct payments without the requirement of a third-party system. The added functionality enhances value and gives clients a secure and streamlined payment experience.

The automated application of integrated payments gives ISVs a chance to generate quick approvals for payment processing merchant accounts.

Benefits of Integrated Payment Solutions for ISVs

An integrated payment solution benefits both, independent software venders and their clients. The benefits mentioned below will help you better understand this:

1.   Better Security

Data security is a massive threat for venders in today’s digital age. Integrated payments significantly enhance the security on offer and ensure that clients are protected at all times. Clients approve of these added security measures and trust the vender to serve them well.

The technology of integrated payment is PCI compliant and based on a tokenized model. Tokenization secures all customer data with non-sensitive placeholders that are known as tokens. The token is made out of a string of jumbled numbers and letters that hold no value.

2.   Increased Efficiency

Manually calculating and accounting for payments is a tedious process; hence your clients will appreciate the integrated payment solution and the automation that comes with it. The added efficiency ensures that clients are serviced in a quick manner without delays. 

3.   Better Client Services

The competition in the market means that your customers are currently bombarded with software solutions of the same nature that you offer. In fact, some service providers even go one up to provide better rates.

An integrated payment processing solution builds value for your client where nothing else does. As a result, you retain customers even in the face of turbulent maneuvering and efforts from your competitors to steal them.

4.   More Revenue Generation

Integrated payment solutions offer the best of both worlds – seamlessness and profitability. ISVs can now get a percentage of transaction fees by using integrated payment solutions. While these fees would previously go directly to third-party processors, they are now shared by both parties.

Conclusion

Meeting client needs, generating more revenue and making more money should be a priority for all business owners. As seen in this article, integrated payment solutions offer all of the above and give your business the opportunities it deserves.

Searching for a reliable integrated payment solution, especially a platform with modern features is incredibly hard. Reach out to PaynetSecure today so that we can utilize our 15 years of experience to set up online payment gateway integration for your business.

Telemedicine gives healthcare professionals the option to treat patients through calls or conferences remotely. Telehealth services work in conjunction with smartphones, emails, wearable health monitoring devices and conferences. There has been a significant growth curve for telemedicine providers during the last few years due to a meteoric rise in technology and the need for remote health services.

The growth curve for telemedicine healthcare providers has not come without a few perils of its own. For starters, organizations now have to work with stiff competition from competitors and are targeting a completely virtual clientele.

In this article we will study the role of telemedicine merchant accounts as a means to record seamless payment transactions through the recent surge in industry potential. Stick with us as we jump deeper into the topic.

Features and Benefits of Telemedicine Merchant Accounts

While this recent growth has opened new avenues, it has also created a few hassles in the form of payment issues. Telemedicine merchant accounts offer a payment solution that includes multiple payment methods.

Some of the features and benefits of telemedicine merchant accounts include:

• Recurring Billing: Telemedicine merchant accounts come with recurring billing plans which are convenient for patients.
• Multiple Payment Plans: There are multiple methods including HSA/credit and debit cards. ACH payments from banks are also accepted. Payments through all channels are accepted in a merchant account.
• Electronic Invoicing: Electronic invoices come with an automated click to pay link that can save money on billing.
• Extensive Bank Network; Telemedicine providers can set up multiple accounts at one time. This works well for telemedicine merchants dealing in bigger volumes.
• Integration: API integration along with free technical and non-technical assistance. This is an excellent value-addition service for software providers and opens new revenue streams.
• Robust Reporting: A telemedicine merchant account allows merchants to view and manage details related to payments in multiple formats. The financial data can also be imported to internal systems.

Why Telemedicine Is Considered In the High-Risk Payment Processing Category

Medical services are hard to predict, producing some slow and some busy months, based on the form of specialty. With a higher likelihood for transactional disputes to happen, this can create risks for card processors, banks, and even the medical service provider.

Location is another major payment risk. Telemedicine practice expands medicine access, where it can empower healthcare professionals to work around the globe to offer treatment in regions lacking the required options. This can create a need to process payments in different currencies. Fraud is likely to happen while dealing in various currencies, especially when doing cross-border transactions.

Another reason behind the high-risk classification of telemedicine services boils down to a basic question: who will pay the bill and how will they pay it? Unlike a conventional office setting where the payment logistics are performed in-office or via a regular billing system, telemedicine isn’t as straightforward. From an insurance perspective, it can be tricky to determine how to cover different appointments. The same applies to coverage for Medicaid and Medicare, which is different for each patient and their location. 

Conclusion

Telemedicine services have come a long way during the last decade or two. Having gone through the information in this article, we hope you now understand the benefits of merchant accounts and are ready to get integrated payments for telemedicine.

Interested in payment processing for telemedicine merchants?  Contact us today at info@PaynetSecure.net or call us at 888-5-PAYNET.