Make payments work for you, with VyaPay
As a software provider or app marketplace, you work hard for your money and a good deal of that revenue comes from payment transactions. If you’re outsourcing credit card payments to a processor or ISO, it’s probably impacting your bottom line. In fact, many SaaS providers that have brought payments in house have seen payment processing outpace subscription revenue.
Ecommerce, in-app and in-store mobile technologies have been scaling for more than a decade, even before the coronavirus pandemic brought millions of first-time users into the game. SaaS providers and digital app marketplaces have helped adoption rates soar by delivering a seamless and frictionless customer experience.
As consumers and companies look for contactless, touchless and digital forms of payments in today’s global marketplace, integrated software solutions and card not present transactions are scaling like never before. Software providers that embed payment processing into their service platforms can provide a better customer experience to channel partners and end-users.
Proven Payfac Model
Payment facilitators (payfacs) have been around since 2011, when Visa and Mastercard created a new merchant category. The payfac model enables a master merchant to aggregate card services across a population of sub-merchants under a single merchant identification number (MID). Payfacs were originally created to roll up micro merchants under a master account and became popular with software companies as a way to enable commerce across their distribution channels.
Available options for payment facilitation include becoming a payfac by building payment processing infrastructure and assuming all risk or implementing a tailored, hybrid model that blends in-house capabilities with shared risk and managed services. These approaches give you more control of your receivables and get you to market quickly while meeting complex, ever-changing card brand rules, compliance, regulatory and security guidelines.
Software companies that use the payfac model can tailor payment card acceptance for vertical industries that address their unique and specific billing requirements. By seamlessly embedding these capabilities into their software platforms, SaaS providers and digital app marketplaces can eliminate awkward hand-offs to create a truly seamless customer experience. Additional benefits include streamlined applications, faster approvals, automated customer onboarding and cross-border processing capabilities that support local currencies and preferred payment methods.
Partner with VyaPay
Working with an experienced payfac partner, like VyaPay, will not only improve your margins, it will make your payment transactions work for you. Our experienced team of engineers and industry experts will help you embed commerce directly into your platform, giving you end-to-end ownership of your digital transactions. Together, we’ll make payments an extension of your service and brand by implementing customized solutions that support your growing business and channel partner network.
VyaPay’s PCI Level 1 certified gateway will protect your payment flows and keep them compliant. Our advanced tools, such as automated chargeback management and real-time reporting capabilities, will provide oversight of your entire network of sub-merchants at a glance while mitigating losses due to errors and fraud. Our compliance experts will continuously align your processing with ever-changing regional and global regulations and compliance guidelines.
Whether you ultimately become a registered payfac or implement a hybrid model, an obligation-free consultation with VyaPay can help you determine the best payfac fit for your business. As your partner, it’s our job to maximize processing efficiencies, security and cost savings. Leveraging our operational service, bankcard expertise and leading-edge technology will free you to focus on high-value activities and priorities.
Moving forward, digital and electronic payment methods that have kept people and businesses connected throughout the coronavirus pandemic will continue to do so as businesses and schools reopen after COVID-19. VyaPay’s continuous process improvement will help you deliver an excellent customer experience as you grow and scale your company.
Security, profitability and trust. That’s what you can expect when you partner with VyaPay.