Friday, August 7th, 2020
Software plays a critical role in processor growth plans. However, COVID-19 has underscored this role. Let’s dig deeper into the topic and see who can help you with payment-processing in the UK.
Growth of Independent Software Vendors: Processor Growth Plans
The number of independent software vendors or ISVs around the globe has been growing quite rapidly in recent years. Specifically, in 2008, there were 10.000 SaaS companies. 10 years later, this number reached 100.000.
In 2014, the SaaS market accounted for $14 billion and in 2019, it accounted for nearly $85 billion. These numbers clearly show how fast the market is growing, thus suggesting that ISVs are playing a crucial role in this rapid growth.
When it comes to payment-processing revenue sharing in association with ISVs, it occurs when a software company signs a partnership with a payments provider for the purpose of integrating payment acceptance into software or app.
If you’re a merchant in the UK interested in issues related to processor growth plans, turn to a reputable payments specialist like BestPaymentProviders.co.uk.
Best Payment Providers UK is a respectable payments-comparison expert that’s committed to offering the most trustworthy review of payment processors at the time of writing. Best Payment Providers UK is particular about terms, complaints, and integration requirements.
Payment Processing & eCommerce During COVID-19
Covid-19 has forced merchants to move to online space or use an eCommerce channel to provide services to customers during the lockdown. According to the Strawhecker Group, processors that have entered into partnership with or acquired independent software vendors (ISVs) specializing in the online sales have a great potential to move forward with success.
Now, when eCommerce needs are growing rapidly, it’s critical for payment providers to be well equipped with strong knowledge in the eCommerce field. It’s also crucial for processors to be well aware of the necessary strategies and applications to support eCommerce growth.
So, COVID-19 has resulted in an unprecedented situation where you, as a merchant, need to rely on online sales channels without losing time. Independent software vendors (ISVs) create applications allowing for quick opening of eCommerce stores. That’s why processors find them important to partner with or obtain.