How PayFacs Can Help You Generate More Sales and Grow Your Business
Whether you are a VAR or ISV, it’s obvious that one of your jobs is to increase your company’s sales. But while the goal is obvious, the execution of that goal is much easier said than done.
Because of this, it’s critical to focus on the low-hanging fruit. The great news is that there are things you can do right now to help you further monetize your product, lower expenses, and provide a better experience for your customers.
For instance, you can invest in a payment facilitator (PayFac, for short). PayFacs are excellent ways to help VARs and ISVs like you collect more payments. At the end of the day, by investing in a PayFac, you can spend less time focusing on the logistics of getting paid and more time on the things that will grow and scale your business.
What Are PayFacs?
Essentially, a PayFac is a financial intermediary that stands between merchants and customers. Its main role is to help its clients accept electronic payments.
But compared to other types of payment processors, PayFacs operate slightly differently. For instance, PayFacs offer sub-merchant accounts that do not contain unique merchant IDs. Merchants are ultimately pooled together and processed through the PayFac’s master merchant account.
While that is what occurs behind the scenes, the real value for VARs and ISVs like you comes from scalability and efficiency. Compared to getting a traditional merchant account, it is much easier to set up a sub-merchant account through a PayFac. PayFacs handle the underwriting and risk management tasks that are associated with transaction processing (which can often be cumbersome and time-consuming).
Another significant benefit is that PayFacs can help their clients set up their own branded payments solution. This is an additional benefit that can help businesses provide a better experience for their end customers. By white labeling a payment solution for their own customers, businesses can provide a branded and stress-free way for their customers to get paid.
PayFacs can also offer lower processing fees for businesses like VARs and ISVs. This is because they can negotiate better rates with payment processors due to their larger volume of transactions. Even better, PayFacs offer plenty of flexible payment options. Working with a PayFac, you can easily accept payments via debit or credit cards, ACH transfers, e-wallets, and more.
Last (but not least), PayFacs can help you access your funds much more quickly. This is arguably one of the most important benefits for VARs and ISVs. Working with your PayFac, you can better manage your working capital and ensure that you have the cash flow you need to reach your short-term (and long-term) business goals.
How VyaPay Can Help
PayFacs can be a true game-changer. Whether you are interested in lower processing fees, flexibility, improved security, or all of the above, PayFacs can offer plenty of value to your business.
If you are interested in moving forward, you may choose to do a quick Google search to see the different types of PayFacs out there. Ultimately, I would encourage you to check out VyaPay. VyaPay is a company that offers fully integrated or embedded and on-demand payment solutions for all of its customers—including VARs and ISVs.
By joining VyaPay, VARs and ISVs like you can take control of the payments process. VyaPay makes it extremely easy for you to implement your own branded payment solution that you can offer to your end clients. That payment solution can be white labeled, meaning that your end users can rely on a payment system that meets their branding and marketing needs.
Along with this, VyaPay can help you speed up your cash flow, streamline your workflow efficiency, and reduce some of your organization’s costs. For instance, VyaPay customers often note that they see less manual effort from their staff. Relying on the power of VyaPay’s platform, you can reduce your administrative costs and increase customer satisfaction.
All in all, by working with VyaPay, you can get a simpler, more cost-effective way to offer easy payment solutions for your end users—all while also leveraging greater flexibility and improved client services. It truly is a win-win for both you and all of your clients.
Get Started Today
Ultimately, outdated manual processes can hold businesses back. VARs and ISVs like yours need to move quickly to generate more revenue, cut expenses, and create better customer experiences.
The great news? PayFacs can help you get the job done. You can broaden your client interface, grow your business, and capitalize on stronger client relationships. In the end, the best time to get started is right now.
If you would like to learn more about VyaPay and how it can help you leverage all of the benefits of PayFacs, feel free to click here.