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Education




             cacies of its target audience.
                                                                    Noticing a new payment capability
             Businesses also should know what they're paying
             for before they commit. They should ask whether         that customers find useful is one
             the ISV's products include payment processing, cus-   thing. But merchants also must turn
             tomer support and analytics, and ask how overall
             costs change as they scale up and move into different         observations into action.
             verticals. Gaining a holistic view of the ISV's value
             proposition can help merchants identify the one that
             best aligns with their own goals.
                                                                The rising number of tech companies entering the pay-
             3. Take a long-term approach: When entering the    ments space shows how essential payment capabilities are
             payments space, merchants  shouldn't aim to simply   becoming. The major players obviously have the advan-
             make  a  big  splash.  It's  about  ensuring  they  can  re-  tage when it comes to resources, but small businesses can
             main competitive with the Twitters and Instagrams   remain competitive by outsourcing responsibilities to ISV
             of the world over time and adjust to changes in the   providers that understand the payments landscape.
             industry. ISV partners must also have this long-term
             mindset and constantly monitor emerging payment    This investment enables merchants to offer their custom-
             trends.                                            ers the seamless omnichannel experiences they've grown
                                                                to love—and now expect.
             Noticing a new payment capability that customers
             find useful is one thing. But merchants also must   Peter Galvin is chief marketing officer at NMI, www.nmi.com. NMI's mis-
             turn observations into action. This is where a strong   sion is to power the next era of payments by constantly innovating to
             relationship, clear workflows and timely communi-  keep ISVs, ISOs, banks and fintechs on the cutting edge of payment pro-
             cation become essential. When gauging potential    cessing so they can focus on what they do best. Contact him via LinkedIn
             providers, businesses must ascertain how quickly it   at linkedin.com/in/petergalvin or follow him on Twitter at Pgalvin63.
             will take ISVs to get new offerings off the ground.





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