Your goal as an ISV is to offer your clients an end-to-end solution that helps them manage their business. Payments are integral to this goal, and offering payment facilitation will undoubtedly boost your revenues. However, becoming a payment facilitator is time-consuming and expensive. Payment facilitation as a service or PFaaS removes hurdles and helps you offer complete product suites to your clients.
In this article, you’ll learn what payment facilitation as-a-service is, along with the following:
- How does payment facilitation-as-a-service work?
- What are the benefits of PFaaS for ISVs and SaaS platforms?
- Frequently asked questions about payment facilitation-as-a-service
What is payment facilitation as a service?
Payment facilitation or PayFac as a service helps software platforms offer payment facilitation to their clients without the hassle of applying to become a payment facilitator. Platforms can own the onboarding journey, customize flow to match their brand, and quickly onboard clients. As a result, platforms can achieve fast go-to-market times.
How does payment facilitation-as-a-service work?
Payment facilitation as-a-service removes all complexities and helps you offer payment facilitation to your clients. The PayFac-as-a-service provider provides the infrastructure that you can use to instantly offer payment facilitation to your clients.
How does payment facilitation-as-a-service benefit software platforms?
Payfac-as-a-service offers ISVs and SaaS platforms multiple benefits. One of the biggest benefits is that you don’t have to dedicate costly resources to set up a non-core business function. Payment facilitation as-a-service providers offer readymade solutions that you can instantly leverage to make an impact with your clients.
Here are some of the other major benefits of PayFac as a service:
1. Offer complete product suites
User experience is paramount these days. The more seamless your product is, the easier it is for you to stand out from the crowd.
2. Transparent cost structures
**Related Read: **Importance of Payment Processing**
3. Fast merchant onboarding
4. Instant payment acceptance
5. Easy compliance
Providing these services is easy when you opt for Payfac-as-a-service. With a single solution, you can offer industry-standard compliance controls and fraud protection. Your merchants will trust your platform more and opt for your services.
Conclusion
Payment facilitation is an essential pillar in modern SaaS platforms and ISVs. However, becoming a payment facilitator is complicated. Payfac-as-a-service removes bottlenecks and gives you a seamless PayFac solution that integrates with your platform.
As a result, your clients can instantly accept payments, and you can elevate your payment process compliance and underwriting to match industry standards.
FAQs
1) What is payment facilitation as a service?
Payment facilitation or PayFac as-a-service helps software platforms offer payment facilitation to their clients without the hassle of applying to become a payment facilitator. Platforms can own the onboarding journey, customize flow to match their brand, and quickly onboard clients. As a result, platforms can achieve fast go-to-market times.
2) Why is payment facilitation as-a-service ideal for ISVs?
With PFaaS, ISVs can experience the following benefits:
- Offer seamless and complete product suites
- Simplify payment acceptance cost structures for clients
- Onboard clients quickly
- Offer instant payment acceptance to clients
- Install industry-standard compliance quickly
3) How does payment facilitation as a service boost revenues?
Payfac-as-a-service helps you boost revenues by eliminating the traditional bottlenecks to payments acceptance, offering clients simple cost structures, and fast onboarding. The result is a memorable user experience that keeps clients returning for more.
4) Does Payfac-as-a-service simplify compliance?
Yes. Payment facilitation as-a-service providers offer an instant upgrade to industry-standard PCI compliance practices. Features such as tokenization SDKs are examples of standard compliance offerings.
In addition, PFaaS providers help you monitor client transactions to ensure you’re always complying with AML laws.
5) How does Payfac-as-a-service work?
Payfac-as-a-service is extremely simple to adopt. Your service provider will help you leverage a state-of-the-art payments infrastructure that you can offer your clients. You can also offer back-office capabilities such as invoicing and billing.
These out-of-the-box services will help you gain a larger market share in your industry and build trust amongst your customers, both essential to boosting revenues.
Payment as a Service Market Overview The Global Payment as a Service Market was valued at USD 4.27 billion in 2018 and is estimated to reach USD 14.37 Billion by 2024 growing at a CAGR of 23.20% during the forecast period 2019–2024.Payment as a Service Market Key PlayersThe payment as a service market is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market.
First Data Corporation, Total System Services (TSYS), Paysafe Group Ltd, Verifone, Ingenico, Aurus, Inc., Pineapple Payments, ePay, BlueSnap, Inc., PayU, Alpha Fintech, Google, Stripe, Braintree, Amazon, Skrill, Zoho Checkout, BitPay, Authorize.net, WePay, and First American Payment Systems are the companies leading the payment as a service market globally.Payment as a Service Market SementationMarket Research Future (MRFR) has segmented the payment as a service market on the basis of component, vertical, and region.By component, the payment as a service market has been segmented into platform and service.
Among these, currently, payment platforms are dominating the market due to increasing adoption of digital payment methods by consumers worldwide.
PayPal, PayU, Stripe, Braintree, BlueSnap, and Zoho Checkout among others are some popular payment gateway providers globally.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/8020Government support for digital transformation is one of the prime factors for the significant growth of payment platforms.
Whereas, the service segment comprise professional and managed services, are projected to witness high growth rate in the coming years.
Among these, BFSI is currently dominating the market due to high demand for secured real-time payment gateways by end-users.
