HONOR payment solutions works with a wide range of ISVs supporting all kinds of business management software.  On more than one occasion I have heard “you guys are all the same”. Essentially, some ISVs like merchants have been solicited so many times they have a jaded experience with their payment processing partner. Some ISVs and even legacy payment companies believe that the partner experience is universal, with all integrated partners created equally. Whether you are choosing a referral partner, Payfac platform or registering your software as a payment facilitator, all payment companies are not ubiquitous. While some believe payments have become commoditized, here are the top 4 items to validate with any partner you choose:

  1. Seeing is believing– Don’t just take the Business Developers word for their functionality, request live demos and understanding production capabilities will only help to better inform your decision.
  2. Technical resources– Make sure the partner you choose has a dedicated ISV team, execution is the key reason so many traditional ISOs struggle with a successful integrated channel. A successful program often includes dedicated Business Developers, Sales Engineers, Technical Integration Engineers, Account Management, Merchant Sales all with Integrated payments experience.
  3. Channel adoption– This carries through as a critical component of program execution. An experienced integrated partner will work with the ISV to drive adoption through a collaborative approach drawing from experience with successful implementations. Traditional ISOs that have created integrated channels often approach these partnerships through the same lens they view traditional merchant acquisition, utilizing intensive, high pressure sales that often results in blow-back for the ISVs.
  4. Residual transparency– Residual splits are important but always come back to the same question in any payments ecosystem, “X% of what”?  PayFacs or payment facilitators have streamline or normalized merchant pricing, commonly set at 2.90% and $0.30 per transaction. Having a clear understanding of the interchange costs is your only true way to validate the payments. Are you paid on all transactions or just qualified transactions?
  5. Residual terms– Are residual streams paid in perpetuity or do they drop off after a certain period(you would be surprised how often this is actually offered!).

HONOR works with an number of processor relationships and various integration paths. The process of authorizing and settling credit, debit and ACH transactions is almost completely universal. The layers of technology, customer support, operational know-how and execution remain critical differentiators. They keep integrated payments from becoming truly commoditized.