Banking on digital wallets: A powerful tool for growth

Digital wallets have transformed how consumers pay, thanks to its speed, security and convenience. As a software provider, integrating these modern payment methods into software is crucial for enhancing user experience for their merchants and driving increased revenue.

According to the Discover Global Network, 75% of merchants see diverse payment options as drivers of success and 61% view payments as highly strategic for competitive differentiation. It’s more important than ever for ISVs (independent software vendors) to provide their merchants with the most seamless and efficient payment options available – including access to digital wallets.

Benefits of digital wallet payments

If you are considering integrating digital wallets into your software’s payment offerings, here are a few of the benefits this integration can bring:

1. Seamless integration for merchants

Part of the reason consumers are gravitating towards innovative payment choices like contactless or digital payments is due to their seamlessness – and the same can be said for merchant clients. Smooth payment integration allows merchants to easily accept payments through popular digital wallets like Apple Pay, Google Pay, PayPal, Venmo and Paze. By offering these options, ISVs can empower their merchants to provide a faster and more convenient checkout experience for their customers, helping boost increased customer satisfaction.

2. Enhanced security with tokenized transactions

By integrating digital wallets, ISVs are not only better positioned to enhance customer experience, but they’re also better prepared with enhanced security. Digital wallets utilize tokenization, replacing sensitive card data with unique tokens. This not only simplifies the payment process but also helps significantly reduces the risk of data breaches for your merchants, helping ensuring compliance with PCI DSS standards and building trust with your customers.

3. Competitive edge with newcomers to the payments space

To position your products at the forefront of payment trends, look for a payment provider who offers integrations with security-minded platforms like Paze, a new online checkout from banks and credit unions. For example, through dlxPAY, Deluxe’s new Tap to Pay mobile app, partners can access cutting-edge technology that enhances the customer experience, including Paze. Consumers benefit from Paze due to its simplified checkout process which eliminates the need for manual entry of cards from their bank or credit union, helping reduce friction at the point of sale. By integrating with security-minded payment platforms, merchants can offer their customers a faster, more secure and convenient payment experience.

4. Painless integration built for ISVs and merchants

Regardless of the offerings, if a payments provider is clunky and not intuitively designed, your team will have to pay the price with time lost. Instead, look for partners who understand the merchant integration process. For example, Deluxe Payment Platform provides comprehensive API documentation, SDKs and developer resources, with a dedicated team of integration experts on standby, supporting ISVs and their merchants in the onboarding experience. Beyond the integration itself, the Deluxe Payment Platform serves as a central hub for merchants, allowing them to view and manage their digital wallet options within a single interface. This contributes to a streamlined and efficient payment management experience for both ISVs and their merchants.

Digital wallets: A seamless payment experience

ISVs who offer their merchants the convenience of digital wallets are not only helping to enhance the customer experience but also increasing the value of the software. This powerful integration can help:

• Increase merchant satisfaction and loyalty
• Gain a competitive advantage in the market
• Unlock new revenue streams and opportunities for growth

With global digital wallet value projected to surpass $16 trillion by 2028, the growth on this new payment method isn’t slowing down. To maintain a competitive edge, offering digital wallets can help ISVs be better equipped to drive merchant satisfaction, unlock new revenue streams and stay ahead in the market.