Control or subcontract payments? Payfacs can do both
ISVs bring a laser focus to software design, from concept to pilot to long-awaited launch. Early positive reviews help them gain followers. When customers want new features, ISVs quickly deliver, rolling out new versions with leading-edge enhancements.
Like many independent software vendors (ISVs), your business plan is rock solid but payments can be an afterthought. As you grow and scale, you realize that commerce needs to be as elegant and intuitive as the rest of your solution.
Tough to let go
When it comes to outsourcing, it can be tough to let go, especially when it’s your funds flow. That’s your income we’re talking about, the lifeblood of your company and brand. And yet, that’s exactly what traditional payment processors want you to do: hand over your payment processing and let them manage everything.
Another potential pitfall of working with a traditional processor is they operate outside of your perimeters, which means they won’t be fully integrated into your system. You’ll have to toggle back and forth between their business portal and yours. Batch settlement, customer onboarding and underwriting procedures can be tedious and time-consuming. Not a good look.
Control freaks welcome
Fortunately, there’s payment facilitation, an alternative to traditional processing that lets you have it both ways. You don’t have to give up control when you become a payment facilitator (payfac), or partner with one. Either approach will enable you to deliver a seamless payments experience with payment processing directly embedded in your software.
“If you’re a control freak, you’ll be in good company as your own payfac or a payfac partner,” said Wain Swapp, CEO at VyaPay, a payfac with PCI Level 1 certified gateway. “Either way, you’ll have the tools and capabilities you need to run your business and control your own destiny.”
Customer first
Flexibility is key to success when working with third-party service providers, because that’s how they treat their customers, Swapp noted. And they expect the same treatment from other service providers. In the customer-first marketplace, end-users are stars, ISVs are supporting actors and payment processors are the walk-ons who play small, but critical, supporting roles.
In today’s fast-moving digital ecosystem, instantaneous enrollment and advanced risk and fraud mitigation need to be front and center of the customer experience, Swapp stated. Payfacs absorb risk while providing leading-edge, PCI compliant security. They use advanced technologies to automate chargeback management, mitigate fraud and accelerate customer onboarding, he added.
Why didn’t I try this before?
In considering the numerous benefits of payment facilitation, ISVs may very well wonder why they hadn’t considered this model before. But Swapp recommends looking ahead to the bright possibilities that payfacs can offer. Payfacs add value while reducing operational expenses.
Payfacs can also help you attract different types of clients and provide electronic processing to businesses previously limited to checks and cash. As a payfac or payfac partner, you reduce onboarding complexities and costs while expanding your possibilities.
Better with VyaPay
VyaPay combines convenience, security and data-driven decisioning with a better payfac solution. VyaPay’s technology suite includes VyaShield, a chargeback automation system that helps merchants recover more revenue by reducing and eliminating chargebacks. Graphical reporting tools and real-time analysis save VyaPay partners time and money.
VyaPay processes a range of in-store and Card Not Present electronic payments, including major card brands, ACH, eChecks, 3D Secure, 3DSv2 and cross-border payment schemes. The company partners with merchant acquirers, ERPs, CRMs, ISVs and VARs to help merchants of all sizes and industries transform the B2B experience. For more details, visit m11.c30.myftpupload.com or contact us directly at 833-4-VYAPAY.
