If you run an invoicing software company, your clients not only want to be able to send and manage invoices, they very likely want clients to be able to easily pay invoices upon receipt. Adding a payment facilitator based “get paid now” feature to your invoicing software is a great way to accomplish this. When your invoicing software is set up with PayFac, you will stand out from the crowd. This will ultimately help improve retention rates while simultaneously assisting you in gaining new customers. Including PayFac features will boost your overall invoice Software as a Service (SaaS) business. After all, more and more businesses are dependent on cloud computing and other SaaS products. This is not surprising, as it offers a myriad of advantages to practically any industry.
Invoicing and billing software, in particular, has brought great advantages to many kinds of businesses. Even with traditional software, online invoicing and billing allows business owners and managers to save costs and time for other business-critical decisions. Simultaneously, the end customer can pay for goods and services with the click of a button. Contact us to add PayFac functionalities to your invoicing software today, or read on to learn more.
How PayFac is different from traditional payment methods
Previously, most companies would need to get a payment gateway and a merchant account to facilitate payments, online or otherwise. This process is often complicated and time-consuming. This has lead to many SaaS businesses and independent software vendors (ISVs) choosing to become a payment facilitator. It’s easier and faster than offering and setting up other, more traditional, merchant services. This means that your clients can start accepting payments almost immediately when using your invoice software. We can help your invoicing software business become a PayFac by pairing you with our vetted PayFac providers.
Offering PayFac features in your invoice software provides an extremely convenient way for your clients to accept card payments. We can help pair you with a PayFac provider, enabling you to become a PayFac (Payment Facilitator) with a quick, simple, and low-cost setup. This can provide great value to your SaaS invoice clients across business types.
What happens when your software becomes a PayFac?
Imagine your client has a wholesale food delivery business, and they would like their commercial customers to be able to pay their invoices with credit cards. Previously, your client would need to have a merchant account in order to accept credit card payments. Obtaining a merchant account is not always a quick and straightforward process. Banks need to conduct a thorough underwriting process, which would involve a large amount of paperwork before your client might be accepted. In the end, due to credit scores or other challenges, some of your clients may not even be given a merchant account at all.
An easier and much faster alternative is to include payment facilitator services in your SaaS invoicing solutions. This will allow you to connect your clients with their customers, as well as their bank. You can achieve this by incorporating PayFac capabilities into your existing software. This way, your invoice software clients will not have to obtain their own merchant account.
This adds tremendous value for clients who use your invoicing services, as it will increase the likelihood of repeat customers and sales. Additionally, your customers can start accepting credit cards almost immediately when using your invoice software. Not to mention that payment facilitation can give your business a financial boost, since each time a customer of your client pays using your system, you receive a part of the proceeds.
At AddPaymentsNow we can pair you with our vetted payment facilitation providers. We work to find the PayFac providers that are best for you.
Quick and affordable PayFac setup for your invoicing platform
It takes very little time to integrate payment facilitator capabilities into your software application. This means that your clients can start accepting invoiced payments the same day that they sign up for your SaaS. This quick setup is one of the major benefits of being a PayFac. It practically allows your clients to process credit card payments with little more than an internet connection. It costs little to set up, making it a cost-effective solution for your SaaS service. Additionally, it will boost your income as you receive part of the payments made through your newly added PayFac feature.
Operational efficiency for you and your invoice software clients
Providing a “get paid now” feature via your software, without having to find a third party payment gateway, complements your core business. You will expand your invoicing software services model to become even more useful. Your clients will most likely experience faster payment collection as a result. This is due to how easy it will be for your client’s customers to make and accept payments. Additionally, once payments are received through your software’s PayFac features, payments received will seamlessly and accurately integrate with the rest of your invoice software. This will make life easy for your clients with recurring billing and subscription-based business models.
Our PayFac providers take on any liability
When it comes to invoicing, billing and payment collection, the risk of chargebacks, payouts, and refunds could be a worry. However, our vetted PayFac providers take on this liability for you.
Additional benefits of PayFac for invoicing software providers
There’s recently been a rise in SaaS and Independent Software Vendors incorporating PayFac services. In fact, profits via PayFac are projected to increase to up to $4.4 billion by 2021. There are also additional benefits you, as an invoicing software provider offering PayFac features, can capitalize on:
- White-label options – Our vetted PayFac providers can provide you with a white-label option. Therefore, you can confidently offer your payment feature to your clients. Simultaneously, this allows you to strengthen your brand, as you will now offer added convenience to your clients. As a result, you will be able to build positive associations with your brand’s now expansive service. This will allow you to not only keep existing clients coming back but gain new clients as well.
- Tested APIs – Making sure that you obtain PayFac features through a vetted PayFac provider will, in turn, ensure that your payment facilitator features integrate smoothly within your platform. At AddPaymentsNow.com, we can pair you with the vetted PayFac provider that best suits your invoicing SaaS company.
Add PayFac to your invoicing software
Contact AddPaymentNow today, and let us help you understand payment facilitation for your invoicing software. We can help you with a suitable PayFac provider for your business and your clients.