Payment gateway providers invest millions of dollars in their tech to make integrations faster and easier. These integrations improve developer’s business models, and the merchant and customer experiences— a win for all! These software industry trends show why (among many other reasons) software companies like you should partner with payment processors like PAYARC and become ISVs.
5 software industry trends every ISV should look out for this year
People lead busy lives and seek simplicity so it’s no surprise that consumers want omnichannel experiences. According to Salesforce, 40% of customers say they won’t use companies that don’t offer an omnichannel strategy.
An omnichannel experience is the process of accepting multiple payment methods, integrated into one single experience for customers. Integrated payments allow customers to pay how they want. For example, an invoice could be sent to a customer’s phone, or a card put on file for recurring payments.
As we dive deeper into 2023, integrated payments are one of the software industry trends to watch. Integration not only simplifies the merchant/customer experience, but it also acts as a security measure. When a customer pays using an external, non-integrated payment processor, their financial data becomes at risk of being compromised.
New Methods of Payment
Digital methods of payment have been on the rise in the past few years and aren’t stopping any time soon. By the end of 2022, consumers used digital wallets 10 percent more than the previous year. Software industry trends like this are important in understanding buyers’ spending behaviors and growing with them.
So, what does this mean for software companies? When digital payments are accepted, it speeds up the process, making everyone happier. It also minimizes the security risks that using a physical card poses like card scamming.
Dedicated Customer Support
Having good customer support is vital for any business this year. It’s reported by more than a quarter of Americansthat ineffectiveness is their top customer support complaint. This software industry trend shouldn’t be overlooked as dedicated customer support has become the gold standard.
AI will continue to advance and start to act as a replacement for some human customer support teams. For example, chatbots and voice assistants replicate human agents via automated systems. This’ll allow businesses to provide better support for their customers as the advancements in technology continue. According to another report, 12% of Americans said their top support complaint is slowness, AI will help with that.
Robust Security Measures
Another important software industry trend is how more vigorous security measures are getting. According to the Federal Trade Commission, in 2019, identity theft accounted for 20.33% of the 3.2 million fraud cases. From 2019 to 2020, those numbers more than doubled and have been rising ever since.
Security breaches are unfortunately common in this digital age, but there’s help in preventing them. Partnering with a PCI Level 1 DSS compliance certified payment processor will guarantee customer data is protected.
Advanced Developer Tools
Continuing on the subject of AI, better developer tools are another one of the software industry trends to follow. AI-assisted programming tools (like GitHub and Amazon CodeWhisperer) will grow in popularity as the year progresses. Though they aren’t set to replace humans right now, they will assist coders in generating code.
It’s also predicted that AI and APIs will work hand in hand, but who’s to say how soon that’ll happen. Software companies who partner with a payment processor get to integrate their platforms and streamline their billing experiences. If you want to stay on track for success, finding the right payment processor will help with your API needs.
What does the future of the software industry look like?
Omnichannel experiences, multiple methods of payment, dedicated customer support, robust security, and tech advancements…this is the future of software! Staying on top of these trends is crucial in keeping your software platform up to date and held to the standard. Gone are the days of using multiple software systems, cash only, poor customer support, identity theft risks, and weak APIs.
How PAYARC can help you stay up to date with the software industry trends this year
We here at PAYARC have made it our mission to provide tech that makes integrations fast and easy. These integrations improve developer’s business models, as well as the merchant and customer experiences. Partnering with a payment processor and becoming an ISV is important for software companies — we’re here to be that partner.
Are you ready to expand your software company in 2023? Talk to one of our specialists today!