Almost every Independent Software Vendor (ISV) and Software as a Service (SaaS) provider leverages third party processing systems to manage payments. And while there are dozens of solutions available on the market, no two offer exactly the same services and support.
Today we compare a number of the best known payment processing services, and contrast them with CardConnect – a truly full-service solution.
What Makes Payment Processors Different?
While the online payment market is getting more and more crowded, all payment processing companies perform one core function: authorize payment transactions and ensure you get paid in a timely fashion by facilitating the transfer of funds from your customers' accounts to your own. And almost any of the dozens of payment processors in the market perform this task well.
But there are many related factors, features and fees that surround this core functionality and can help you differentiate between processors – and help you choose the right one for your business:
- Transaction fees
- Overall security
- PCI compliance management and fraud protection/prevention
- Support for subscriptions, recurring payments and discounts
- Chargeback management
- Client management and reporting
- Device support and omni-channel payment availability
- Integrations with your system and third parties
- API documentation and libraries
- Revenue sharing and network opportunities
- Long term partnership
Of all the factors an ISV can use to decide on a payment processor, the last two on this list (support and partnership) can in fact be the most important, as they have the greatest impact on how you work with your processor, and what return you can realize from their services.
Let’s look at some of the best known players in the processing field, and compare them with the CardConnect solution.
Entry Level vs. Enterprise Level
First, let’s organize payment processors into two general categories: entry and enterprise. Many ISV and SaaS companies will start with an entry level processor, and graduate to an enterprise provider as their volume of transactions grow.
Regardless of how little experience you have in the payments space, you are probably familiar with some of the most popular entry-level processors such as Stripe, Braintree and PayPal. Each of these options is relatively easy to set up and integrate in a basic way with your environment, and each offer competitive/similar transaction rates (around 2.9% and 30 cents per transaction).
And while thousands of startups and small businesses choose one of these entry-level processors each year, they do suffer from a number of issues that can impact your workflow and costs as your demands and payment volume increase:
- Merchant onboarding
- PCI scope management
In terms of support, it can be challenging to reach live support quickly in times of an urgent matter, and these companies typically do not provide direct support to your merchants when they need assistance. Revenue sharing is either non-existent, or only reaches any meaningful volume at high thresholds. And merchant on-boarding is largely left to the ISV.
Importantly, these companies typically don’t provide strong support for omni-channel solutions. While they may do a great job at hosted and integrated online payment pages, physical devices (e.g. point of sale systems) are usually not provided, or require integration with a third party (which can increase the complexity of securing the entire payment environment).
For these and other reasons, many ISVs and SaaS providers often “graduate” to a more enterprise level solution when transaction volumes hit a certain level.
For ISV and SaaS providers dealing in larger transaction volumes, companies such as Elavon, Tsys and WorldPay (formerly Vantiv) provide better support, available enterprise system integrations, more services, and enhanced security when compared with entry level processors.
If you’re already working with one of these companies… you've made a solid choice and you’re on the right path! But we invite you to take a look at what CardConnect can do for your business.
CardConnect: A Truly Comprehensive Solution
While entry-level payment processors do a lot and enterprise-level processors extend that level of service, only CardConnect offers the best of both… and much more. One simple integration is all you need to connect your ERP, CRM, web store, mobile app, POS or other legacy order entry system to our PCI-validated gateway and patented security technologies for reliable payment processing.
Ease of Integration
A number of payment processors pride themselves on being “developer friendly”, but generally provide only API documentation for integration. As soon as you sign on with CardConnect, a dedicated on-boarding team connects with your staff to not only assist with integration, but to help your team determine which parts of the CardConnect ecosystem are right for your application.
And of course CardConnect provides a detailed and well documented API library. Whether you have a POS, mobile or e-commerce solution, CardConnect has the technology you need to seamlessly integrate payments into your software.
CardPointe: Complete Payment Acceptance Platform
For your payment processing needs and those of your customers, our CardPointe system is a complete platform for businesses that allows them to simply and securely integrate, accept and manage payments:
- Transaction Management: Easy-to-use portal manages all transactions and reports.
- Countertop Terminal: For swipe and dip transactions, protected by P2PE.
- Virtual Terminal: Browser-based POS system for desktop, laptop and mobile devices.
- Mobile App + Device: Free app and compatible devices for on-the-go businesses.
- Hosted Payment Page: Customizable and highly secure solution ready in minutes.
- Integrations and Add-Ons: Shopping carts, accounting software and more are available.
CoPilot: Comprehensive Partner Portal
CoPilot is the most powerful partner portal in the payments industry, providing seamless merchant enrollment backed by detailed reporting and advanced tools. Achieve fast and easy merchant enrollment via pricing templates, an online application and direct integration with CardPointe — resulting in just four easy steps for merchants to get started. It features:
- Paperless applications
- Application and product status tracking
- Dashboard with KPIs
- Detailed residual reporting
- Customizable pricing templates
- Automated boarding and underwriting
- Advanced ticketing system
- Merchant processing details
- Email subscription management
With CardSecure, transactions are backed by our patented tokenization and PCI-validated Point-to-Point Encryption (P2PE). Together, the powerful combination drastically reduces the scope of PCI-DSS audits and safeguards payments against sophisticated cybersecurity threats.
Upon swipe or card data input, CardSecure replaces sensitive information with a mathematically irreversible token, so all that is left on your system is a unique code that has no intrinsic value.
In tandem with the tokenization process, with PCI-Certified Point-to-Point Encryption (P2PE) cardholder information is encrypted and stored in our off-site vault, ensuring this data never resides on your system.
The CardConnect combination of Tokenization and P2PE ensures:
- Data is protected with the ultimate level of security.
- Unsecured payment data never enters your system.
- Reduced scope and financial burden of achieving and maintaining PCI DSS compliance.
Secure, Omni-Channel Solution
Entry-level payment processing solutions typically don’t offer an omni-channel payment solution – allowing merchants to accept payments both online and when a card is present. Some enterprise-level companies do… or provide device services via integrations with third parties.
CardConnect provides a truly omni-channel solution via its Bolt products and services. Whether on-site (e.g. retail, hospitality, automotive) or on-the-go (field staff, food service) all devices integrate with the CardConnect ecosystem seamlessly.
And perhaps most importantly, all devices are covered by CardSecure protection. All transaction communications are protected by point-to-point encryption, and all data is tokenized immediately via secure socket layer. So whether on desktop, laptop or phone; on-site or on the go… CardConnect has your security covered.
Payment processing support is one area that needs close scrutiny when calculating the real costs of payment processing. Not only the support your team needs to thrive – the support needed to reduce your costs for in-house expertise, and the costs associated with helping your merchant clients when they need it.
This is where CardConnect truly stands out from the crowd. CardConnect partners work with a team dedicated to the ongoing support of your integration and your customer base. 24 hours a day, seven days a week.
Business Development and Marketing Support
At CardConnect, we don't only provide technology and security solutions... we provide business solutions. From profit sharing and upfront incentives, to marketing and sales support, we constantly strive to realize a "win-win" result throughout your client acquisition funnel.
Our marketing team will provide resources and develop campaigns to promote the integrated platform to your current and future customers. They are committed to building a partner-specific marketing plan to grow the partnership through multiple channels - customized to suit your needs and your sector.
Want to be more proactive in your lead generation? We provide numerous avenues for partners to market their products to our 65,000-member merchant base including customized landing pages, the CardConnect marketplace, merchant e-mail notifications and webinars, and direct mail campaigns.
Or choose to market your products and services to our 1,500-member agent base. Utilize co-branded marketing materials, the CardConnect knowledge center and university, merchant match alerts, and the annual CardConnect Partner Show. We'll help you reach out to various industries via press releases, blog posts and social media, and automatically alert you when we think you might be a match for a merchant.
As CardConnect drives new leads to your doorstep, we provide the tools and support to onramp new clients quickly and easily. Automated application submission (with digital signature) enables a hassle-free signup process for your prospects, and application status tracking helps ensure the highest possible conversion rate from leads to customers.
And our sales support doesn't end once you land new customers. Our best-in-class portfolio management tools provide transparent line-by-line residual reporting, customized portfolio management, full access to profitability, volume & risk monitoring, and a 360° view of customer processing activity. And our customer service offering includes account reconciliation, collections/ACH reject recovery, risk monitoring and an automated ticketing system that helps address any issues quickly and efficiently.
Lower Rates, Higher Revenue
Not only does CardConnect work with your business to increase your client base – we ensure increasing revenue and decreasing transaction costs at the same time.
Minimum Interchange Rates
After a credit card transaction is processed, fees are charged and distributed along the route to various participants: the cardholder bank, the acquiring bank, and the card issuer. The amount of these fees are based on a number of factors including:
- The quality and amount of data sent.
- The level of security surrounding the transaction.
CardConnect is able to optimize these rates, ensuring your customers are charged the minimum possible fees. And this is done automatically during the charge process – your customers need not provide any additional information.
Maximum Revenue Generation
Once you begin work with CardConnect and your customers start using the gateway to process payments, as a partner you receive a portion of each transaction. And while the amount varies based on a number of factors, the CardConnect revenue sharing model consistently ranks in the top 10% of the industry.
For any Independent Software Vendor or SaaS provider, there are an abundance of payment processing choices available in an already crowded market. And any one of these may meet most of your needs, depending on your business model and transaction volume.
But only one – CardConnect – offers a truly complete solution. From initial integrations and merchant on-boarding, through industry-best security and reporting, to 24/7 support support for you and your merchants, and including assistance in business development and marketing. CardConnect doesn’t only provide payment processing services… CardConnect works with its partners to help them grow and succeed.
Contact CardConnect today and learn what it means to have a partner in payment processing.