The point of sale (POS) and payment solutions market has become more competitive as new vendors enter the fray and merchants have the option of deploying lower-cost, bare-bones solutions. For Independent Software Vendors (ISVs) and solutions providers that want to stand out in an increasingly crowded space, value-added services are quickly becoming a crucial market differentiator.
Value-added services provide retailers with a way to drive repeat business, increase customer stickiness, and gain a better understanding of their customers’ buying patterns. For merchants, value-added services allow them to transition from simply selling products to selling results or enhanced experiences. By wrapping each transaction with a variety of loyalty programs, rewards, security, omni-channel support, flexible payment options, and other features, merchants can improve customer loyalty and satisfaction.
For ISVs, these value-added services provide competitive differentiation in a market where merchants can easily choose to deploy off-the-rack POS solutions. By helping merchants navigate the complexity of multichannel sales, new payment types, social media opportunities, loyalty/rewards programs, and other services, ISVs improve their own standing as experts poised to take their customers to the next level of sales and service. Just as important, merchants can leverage these tools to become more competitive and, as a result, grow their business at a faster rate.