Project management software: the benefits of PayFac

Project management software helps people work and collaborate on tasks and deliverables. However, the better ones also automatically reschedule tasks that fall behind on deadlines, generate invoices and incorporate a billing system. The project management software market is very competitive, and standing out from the crowd is difficult. Offering payment facilitator (PayFac) functions is a great way for you to stand out from the rest. By becoming a PayFac, your project management platform will evolve into a more complete software. We can help you make that upgrade by pairing you with our expertly vetted PayFac providers. Feel free to contact us through the contact form at the bottom of this post any time. We will, of course, get back to you as soon as possible!

We’ve also created a resource for you if you’d like to know some basic information on how SaaS payment facilitators work. In the meanwhile, read on to learn more about how your project management software can improve by incorporating PayFac functionalities.

Project management software: from launch to payment

The purpose of any project management software is to make the completion of any project as smooth and painless as possible. While most project management systems cater to task management, making communication easy between coworkers, and generating reports with a clear birds-eye-view, few actually follow the project from conception to completion. Some PM platforms allow you to send out invoices and generate billing, yet many don’t actually facilitate payments.

With our expert financial insights, we can help you become a PayFac, or a hybrid PayFac with many of the benefits, and almost none of the liabilities. Your project management software will be able to seamlessly offer payment processing at the end of the project life cycle with PayFac functionalities. This provides an amazing level of value to your clients.

Payment facilitation lets clients accept payments within a software they are familiar with and work with every day, yours. Additionally, it makes a project possible to manage from its formation until it’s completed and paid for. This allows management a far better overview of everything associated with any project at any given time. Additionally, it can help demonstrate the value brought in to the company, on the completion of the project, to everyone working on the project. In other words, becoming a PayFac will provide excellent value to your project management software itself, as well as to your clients.

Clear benefits of PayFac features for project management software providers

Your project management software company will experience significant benefits by becoming a PayFac. By offering your clients a more complete PM tool with PayFac services, with the support of the right PayFac provider, you’ll enjoy benefits like:

An additional source of revenue – You benefit from the service fee for each transaction made by your clients using your software. This will contribute to your total revenue, and is an extra source of passive income.
White-label options – You’ll be able to offer payment facilitation services as a part of your overall project management platform. This is a tremendous benefit, as you can now offer an all-inclusive project management solution to your clients.
Robust APIs – With vetted PayFac providers that have robust APIs, you can make sure that your PayFac services integrate smoothly with your platform. At AddPaymentsNow, we only pair you with vetted PayFac providers with excellent APIs, ensuring efficient feature integration.

Gain new clients and retain existing ones as a SaaS PayFac

Your clients will need both a payment gateway and a merchant account in order to accept credit cards and process payments. For startups and prospective clients, this is often a time consuming and frustrating process. On top of this, they might not even be accepted for a merchant account after the application process. Being unable to process payments is a show stopper for any business.

In other words, you’ll be able to increase your customer pool many times over. First, you’ll be able to gain customers who look for ways to process payments for their new business. Also, you’ll also be able to provide an improved product to existing businesses looking for a project management system. Lastly, you’ll be able to sustain and increase your retention rate, and ensure that your current clients stay with your software.

Adding a “get paid now” feature to software is quick and easy

We’ve covered some of the benefits to your business from offering payment facilitation through your project management software. However, there are some who might think that becoming a payment facilitator is difficult. The good news is that it really isn’t a complicated process. The most difficult aspect is finding the best PayFac provider for your business. This is where our expertise comes in. At AddPaymentsNow, we specialize in pairing SaaS companies with PayFac providers that suit their specific industry and business needs.

We can offer you a set-up without any cost to you as the software provider. Additionally, the process is much faster than gaining more traditional merchant services.