Business payments have drastically changed over the past decade and workflows are more complex than ever. The digital revolution in eCommerce and payment acceptance solutions has given independent sales organizations (ISOs) many opportunities to grow. For most of these businesses, software is a key differentiator.
However, building and implementing the right software can pose an intimidating challenge to many ISOs. Installing payments infrastructure is time-consuming, expensive, and nuanced. Partnering with the right payment facilitation-as-a-service provider is a great choice for ISOs looking to grow using a plug-and-play payment acceptance solution.
Here’s how a white-labeled payment facilitation-as-a-service platform can help you scale your business.
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Cater to growing workflow complexity
As your business grows, you’ll encounter ISVs and merchants with increasingly complex payment needs. Possible payment processing requirements from future merchants include:
- International payments
- Same-day deposits
- Omnichannel payments
- Complex SaaS payment models such as usage-based pricing
Providing these payment options is vital to your merchants’ ability to retain and attract new customers. By integrating multiple payment acceptance channels, your merchants can offer their clients a more convenient, streamlined payment process, increasing their market reach.
Scaling ISOs also face significant challenges when catering to fast-growing merchants. Ensuring your payments infrastructure keeps pace with their needs is highly complex. For example, a solution that is viable in the States may not work in the E.U. or elsewhere. Fail to offer the right platform, and your merchants will face penalties and business disruptions.
Even if you overcome these development obstacles, seamlessly integrating new payment solutions into your existing platform can be even more challenging.
Software provided by an experienced payment facilitation-as-a-service partner can manage all the complexities presented by your business’ growth. Some of the ways white-labeled PayFac-as-a-Service can ease your workflow complexity are:
- Offer seamless scaling – The right PayFac-as-a-Service provider will intelligently scale to your growing payment solution needs and increasing workflow complexity so you don’t have to do any of the technical work yourself.
- Integrate dedicated payment solutions – For a monthly payment, a great PayFac-as-a-Service partner will offer fully integrated payment workflows to your merchants and customers as they need them. A responsive approach to payment processing ensures your customers always have access to the payment solutions they need most.
- Customize workflows – The ability to customize every part of your payment workflow lets you create an entirely on-brand, memorable CX that boosts customer loyalty and attracts new customers through existing references.
White-labeling software from an experienced PayFac-as-a-Service partner will help your business cater to the diverse payment needs associated with scaling. As your merchants grow, they’ll need better payment solutions. Catering to this increasing complexity will allow you to offer effective payment workflows in more markets, drawing in more merchants and boosting your growth.
Here’s how an experienced payment facilitation-as-a-service partner helps you establish authority in diverse markets:
- Manages backend development – By allowing your PayFac-as-a-Service provider to take care of nuanced backend processes like infrastructure maintenance, compliance, and risk monitoring, you can put all your focus on business growth.
- Increases customer loyalty – By offering your merchants complex workflows at scale paired with memorably smooth CX, you can retain more customers while simultaneously growing the scope of your services.
- Increases revenue – Thanks to your PayFac-as-a-Service partner seamlessly scaling your payment infrastructure, your focus can remain on business growth. This renewed focus on expanding your market reach and drawing in new merchants will significantly increase your revenue.
Access in-depth reporting
Transaction monitoring and keeping a record of payment trends can present a major roadblock to ISOs looking to scale and grow their business. Manually attempting to manage these tasks becomes increasingly challenging as more ISVs and their many merchants make use of your services.
As you start to grow your customer base and authority, you’ll need more than just a great payment processor to handle the increase in transactions. A white-labeled PayFac-as-a-Service partner can help you get on top of your audit and compliance needs in the following ways:
- In-depth insights into payment trends – A dedicated dashboard providing insight into transactions and payment trends allows you to keep track of your business growth and revenue changes without manually having to log and report individual payments.
- State-of-the-art fraud and compliance monitoring – A great PayFac-as-a-Service provider ensures none of your clients have unexpected arbitrary holds put on their transactions. An expert understanding of regulations and laws means you won’t have to go through costly trial-and-error as you scale your business.
- Comprehensive reporting – Share reports on payment trends and compliance with clients using your own branding to offer seamless CX.
- Self-service portals – Merchants can use your white-labeled self-service portals at no additional cost. Branding these portals will improve your CX and make the whole payment experience feel like it’s part of your offering.
- Cost-effective scaling – The right PayFac-as-a-Service provider eliminates the need for large fraud, compliance, and transaction monitoring teams. You can cut down on costs associated with managing large teams while refocusing on customer relationships and business development.
Customize endlessly
Scaling your business will require a lot of on-the-go change. Partnering with the right payment facilitator ensures you receive payment solutions tailored to your needs. You can customize workflows and processes as needed while leaving the infrastructure oversight to your PayFac-as-a-Service partner.
As a result, your business can expand and upsell its services to cater to any industry, including high-risk ones, without having to worry about backend development and maintenance.
As merchant numbers and workflow complexity grows, using white-labeled PayFac-as-a-Service can set your ISO apart. You can seamlessly scale, draw in new merchants, and build loyalty by conveniently integrating evolving payment solutions into your platform as it grows.
Why GETTRX’s PayFac-as-a-Service is the right solution for ambitious ISOs
GETTRX has over 30 years of experience in the payment acceptance industry. We offer ISOs white-labeled PayFac-as-a-Service that is cheaper, faster to implement, and easier to integrate than any build-it-yourself alternative.
Additional benefits we offer our clients include:
- In-depth high-risk industry knowledge and experience – We work with all types of businesses regardless of their risk level. Intelligent compliance and fraud monitoring ensure merchants never experience arbitrary fund holds and have seamless access to integrated payment solutions.
- Transparent pricing and reporting – In exchange for a monthly service fee plus a transaction volume fee, your business has access to all our payment acceptance services as well as payment trend reporting and automated transaction monitoring.
- Use of a fully owned tech stack – We never entrust third parties with any part of our infrastructure, and instead keep everything in-house. As a result, we easily avoid the many risks associated with outsourcing coding or platform development processes.
- Omnichannel payment solutions – We offer our clients access to a variety of payment acceptance solutions, allowing you to easily integrate omnichannel payment options into your platform.
Scaling your ISO business involves dealing with a lot of moving parts. Using a white-labeled, plug-and-play PayFac-as-a-Service solution can save your business money and time while offering streamlined opportunities for growth and expansion.
Curious about how GETTRX’s PayFac-as-a-Service can help your ISO scale by retaining and attracting new customers? Get in touch with us!
FAQs
Why is PayFac-as-a-Service better than building an independent payment platform?
The risks of becoming a payment facilitator are much greater than the possible benefits for most ISOs. The process of building an independent payment platform is costly, time-consuming, and riddled with regulatory challenges.
Understanding the differences between an ISO versus a PayFac will help you see why using a plug-and-play PayFac-as-a-Service solution is the most effective payment acceptance choice.
Partnering with a PayFac-as-a-Service provider leaves the technical work like coding, compliance monitoring, and payment integration to industry experts. Working with a great payment facilitation partner will also save your business money while making growth and scaling a pain-free experience.
How can payment facilitation-as-a-service help ISOs scale their business?
The right PayFac-as-a-Service provider can help ISOs grow by:
- Offering white-labeling opportunities – By white-labeling PayFac-as-a-Service, your business gets to own every step of the payment process and offer a streamlined, tried and tested solution to your customers under your own brand name.
- Adjusting to increasing workflow complexity – A great PayFac partner will customize workflows, provide multiple payment processing solutions, and scale infrastructure according to your business’ growth and evolving needs. As a result, you get to focus on building customer relationships and increasing your market reach.
- Providing in-depth reporting – A comprehensive view of transaction records and payment trends can help you plan your business’ future. By offering detailed reports and automating transaction monitoring, you can formulate an informed growth strategy.
How does white-labeling PayFac-as-a-Service benefit your ISO?
White-labeling PayFac-as-a-Service allows you to customize and fully integrate payment solutions into your ISO platform. Owning every part of the payment acceptance process ensures your business offers a memorable CX and builds authority in each market you target.
There are many terms to know before working with a PayFac, and having the ability to white-label its services should be a priority when making your decision.
For more information on PayFacs, check out these resources: PayFac Terms You Should Know, and PayFac-as-a-Service.
