Six ‘Must-Haves’ in a Payments Partner
A Guide for Field Services
Software Providers – Special Edition
Introduction
As a field services software provider, you have seen first hand the many ways service contractors and technicians benefit from using your application.
From job costing, scheduling and dispatching, marketing resources, detailed reports, billing features, and payment acceptance functionality, your solution plays an integralpart in how service contractors streamline operations andrun successful businesses.
You also understand the keyrole your payments integration plays in delivering a feature-rich solution to your customer base.
In order to build and grow a thriving business, field services Integrated Software Vendors (“ISVs”) need a true partnership with their payments provider - one that allows you to focuson your core business while your partner handles the payments detail.
Without this key alliance, you may find yourself dealing with product gaps and untapped revenue streams. To ensure you have the right partner for your needs, we recommend keeping these six key considerations in mind:
. Technology to optimize operations
. Ease of setup with frictionless onboarding
. Merchant pricing built for your customers
. A proven track record
. Flexibile partnership programs
. Service and support
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Technology to optimize operations
Your goal is to make operations runb smoothly for the businesses you serve. Your payment partner’s goal should be to provide you with the technology to make it happen. When ISVs have less than stellar payment solutions, operations can be cumbersome and inefficient for your customers.
HOSTED PAYMENTS
Ease the burden on office staff and create an always-open revenue-earning opportunity for service providers by powering an online scheduling system with seamless billing and payment collection. A hosted payment solution securely connects software applications and service provide websites (HVAC, plumbing, pest control,etc.) to a payment platform. Because cardholder data is handled via the hosted payments page or window, software applications are out of scope of PCI compliance.
The ideal payment processor will offer purpose-built solutions for field services ISVs that transform the way your customers run their businesses. No matter which industry you serve, here are six essential field services payment technologies:
TOKENIZATION / TOKENSHARING
Enhance recurring revenue with tokenization as part of your software solution. Service providers can automate billing and collect payments without storing cardholder data locally. With token sharing, it’s easy toextend card-on-file and recurring billing across multiple providers without having to recollect payment information.
CARD ACCOUNT UPDATER
From expiration to theft, to loss, credit cards are replaced for a variety of reasons. When you offer card account updater, service companies receive automatic updates to customers’cards through your application tokeep payments uninterrupted. Reduce the opportunity for service contract cancellations and set your software apart from the competition.
ELECTRONIC CHECK ACCEPTANCE (ACH)
Help service providers reduce the cost of payment acceptance while offering customers the convenience of paying by electronic check (ACH). With remote digital check capture, eliminate the check hand-off between technicians and office staff as technicians can accept and deposit checks directly from the field.
From sales calls to scheduled maintenance appointments to emergency services and beyond, field services software customers need solutions to manage operations and collect payments in the field. Supporting mobile payment acceptance is simple with a mobile SDK.
FAST FUNDING
Out-of-pocket expenses for the industries you serve can be quite extensive from materials to equipment to payroll. Find a payments partner that can offer your customers the ability to receive digital payment funds as soon as the next business day and same-day ACH payments.
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With $40B processed annually, look to Nuvei’s deeply integrated payment solutions to drive superior commerce outcomes.
MOBILE SDK
Ease of setup with frictionless onboarding
Traditionally, establishing a merchant account for the first time, or simply switching merchant services providers, has been a tedious task for all businesses - field services are no exception. The process includes lengthy merchant applications, requirements for supporting business documentation, back-and-forth pricing negotiations, the list goes on...
The friction in this process causes countless businesses to “stick it out” with inferior processing solutions that do not provide the purpose-built tools necessary for growth and profitability.
While businesses suffer, as a software provider, delays in merchant account setup and poor customer adoption because of painful merchant onboarding processes result in failure to fully monetize a potential leading revenue stream - your payments program.
MONETIZE PAYMENTS BUILD YOUR BRAND
DRIVE EXCEPTIONAL EXPERIENCES
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THE GOOD NEWS
Managed payment facilitation models have recently emerged and are creating new opportunities for leading software providers to flip the script.
Managed payment facilitation makes it possible to deliver a frictionless merchant onboarding experience and white label payment solution without the requirements to take on the burdens associated with traditional payment facilitation (such as card brand registration and bank sponsorship requirements, capital needs, and assumed risk and liability).
Field services software providers should look for a payments partner well-versed in managed payment facilitation.
By doing so, your customers can be upand-processing in near real-time - think minutes, not days - producing immediate residual income, and whether you are moving your merchant portfolio or adding payments to your application for the first time, the process is simple.
90% data elements
Deliver a risk-free streamlined customer onboarding experience and reduce the number of data elements required to board a merchant with managed payment facilitation.
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Merchant pricing programs built for field services
With increased operating costs and shrinking profit margins, every penny counts. And, because no two businesses are alike, merchant pricing should not be either.
Instead of offering one-size-fits-all pricing, the ideal payments partner should have flexible pricing structures in place designed to support the industries you serve.
Find a partner that can offer these options:
FLAT RATE
This simple, easy-to-understand rate structure is great for smallerfacilities that want to know exactly how much they will pay for payment processing. Each transaction is charged the same rate regardless of the card type accepted or how the card is processed.
TIERED
A tiered pricing structure bundles interchange fees into a smaller number of tiers. Each tier is then assigned a charge. The fee assessed to the merchant for each transactionis calculated using the tiered rate instead of the actual interchange rate for the transaction type.
INTERCHANGE US / PASS-THROUGH
Arguably one of the most transparent pricing methodologies,it’s also one of the most complex to understand. Wholesale interchange rates are passed through to the provider. The payment processor charges a fixed margin (discountrate) plus a transaction fee above the interchange rate.
80% conversion rate
A leading specialty vertical ISV converted its customer portfolio in less than six months because of Nuvei’s fair and transparent merchant pricing.
To further keep rates low, find a partner that offers bundle-and-save pricing for both credit card and ACH processing.
Your partner should offer a meet-or-beat pricing promise to help drive customer adoption.
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A proven track record
All payment companies have their strengths and areas of expertise. Look for a partnerwho has a proven track record in field services.
Here are a few items that should be on your checklist:
. A vertically tailored approach to partnership with an understanding of the challenges facing service companies.
. Experience powering payments for businesses and service contractors of all sizes and their software providers.
. Sales and marketing programs and supporting resources to help partners convert existing customer portfolios and drive new software sales.
. A proven track record of helping field services software providers make payments a leading revenue stream.
With 25+ years of industry experience combined with our vertical market focus, Nuvei deeply understands the needs of field services ISVs and the operators they serve.
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Flexible Partnership Programs
If you’re like many ISVs, you’ve either been with your current provider for years or have chosen to not offer integrated payments.
And, while the payments industry (and your business) has evolved by leaps and bounds, it’s likely your partnership structure has remained the same or it’s been a while since you’ve explored adding payments to your application.
Does your current setup still meet your needs, or could you be better served and better serve your users? When selecting a payments partner, recognize that what you needed at inception, what you need today, and what you will need in 24 months are all likely different.
Select a partner with flexible program structures designed to evolve as you win business together.
Here are the structures your partner should support:
REFERRAL PARTNERSHIPS
Allows ISVs to stay focused on core business with a partner handling payments by your side. Referrals are sent to the payments partner and residuals from merchant transaction profits create a lucrative revenue stream.
MANAGED PAYFAC
Managed payment facilitation gives ISVs the perks of frictionless boarding and instant auto-approvals but leaves the risks, liabilities, and costs to the payments partner.
TRADITIONAL PAYFAC
ISVs who elect to become payment facilitators receive maximum revenue earning potential and are responsible for controlling sales and operations while also assuming all costs, risks, and responsibility for the entire payments process.
ISO PROGRAMS
Independent sales organization (ISO) programs allow you to market your solution directly to your customer base under your name for a cohesive customer experience.
After checking these boxes, dive in to understand what isrequired to transition between program structures.
Often times, ISVs must integrate to different processing platforms — a disruptive and time-consuming process.
Look for a partner who supports all program types through a single platform to allow for easy transitions through all stages of program maturity.
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ISVs rate Nuvei’s platform integration
80% simpler than their previous payment integrations.
Service and Support
The third-party partners you choose for your software act as a direct extension of your business which means customer support philosophies, and service levels should align.
In addition to offering world-class merchant services, it’s also imperative that your partnership is managed by the same standard. Here’s what to look for:
A dedicated team of subject matter experts is assigned to support the partnership — Inside Sales, Marketing, Operations, Integration, and Account Management should all be included.
Easy to implement, turnkey, and custom marketing programs are available (at no expense) —to help you capture market share and easily drive customer payments adoption.
Quarterly strategic planning sessions and business reviews are held to define goals and objectives and track against progress.
Support when it matters most. If something goes wrong on Saturday evening, do you have someone to call, who will answer the phone, take ownership, and make it right?
100% satisfied customers In 2021, all of Nuvei customers surveyed said they would hire their customer support advisor.
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Payments designed to accelerate your business
NUVEI KNOWS FIELD SERVICES
For years, we have powered payment acceptance for many service businesses by working in true alliance with leading ISVs in this space.
Software providers choose Nuvei because of our innovative payment solutions that empower our clients and partners to drive exceptional commerce experiences.
We leverage best-in-class technologies to address today’s needs and tomorrow’s opportunities.
Our simple, straight forward yet thoughtfully designed programs make strong growth and profitability possible.
If you are looking for a highly specialized partner to level up your offering and make payments your leading revenue stream, we’d love to talk.
Come see why over 100,000 customers, across 2,000 plus industry partners trust Nuvei to power their payments.
ABOUT NUVEI
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services.
Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 600+ alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.
For more information, visit nuvei.com/
CONTACT US (800) 261-0240 e.nuvei.com/field-services 10 | 10
