The impact that accounting software has had on businesses over the past several years has been tremendous. As more and more services become easily accessible online, traditional software services like accounting software now have high profile examples, like QuickBooks Online and Freshbooks. This is not too surprising, as reliable accounting systems are essential for any business. One feature that has become expected among accounting software end users is the ability to seamlessly generate invoices and accept credit card payments through their bookkeeping software. SaaS companies continue driving innovation with the incorporation of payment facilitator functionalities.

Previously, many small businesses needed traditional merchant services in addition to their accounting software. As more accounting SaaS companies add PayFac functionalities to their software, this is no longer the case. For your client’s benefit as well as yours, you can now easily add PayFac capabilities into the software that your clients are already familiar with. This means that your clients can start accepting payments from their customers faster and much more conveniently. At AddPaymentsNow, we specialize in helping SaaS companies improve their services by becoming PayFacs. Contact us today to quickly set up to become a payment facilitator with the help of our vetted PayFac providers.

How becoming a PayFac will improve your accounting platform

We live in a time when all types of businesses, large and small, offer customers various payment options to pay for their goods and services. Typically, your software clients will want to provide their customers with an invoice or site link with the option to pay with a credit card. However, this means that your clients will need to find their own merchant account through a time-consuming application process with a bank. What’s more – it’s not always guaranteed that they will gain a merchant account at the end of this process. This is where a PayFac becomes exceptionally useful. It allows you to add a payment platform to your existing accounting software.

By becoming a PayFac, or hybrid payment facilitation provider, you will provide what’s called sub-merchant accounts to your clients. This means that your various clients can start accepting credit cards in no time, without the need to apply for their own independent merchant account.

Accounting software is not just essential for one type of industry or domain. Simplified bookkeeping is a necessary part of any kind or size of business. It’s vital whether your client runs a fashion house, IT consultancy firm, or is a small-time mobile apps entrepreneur. It’s no surprise that there are so many different types of accounting software on the market, considering their importance in any business. For instance, QuickBooks, one of our examples from earlier, specializes in providing accounting software for small businesses and independent contractors.

Your Software as a Service (SaaS) accounting platform needs to stand out from the rest, and in turn, your client’s businesses need to accomplish the same. Having a well-integrated accounting software platform with a seamless payment method will allow your clients to achieve operational efficiency and simplicity in their payment collection and bookkeeping activities.

Financial benefits and convenience for accounting software providers

The first step in the process of becoming a PayFac or hybrid payment facilitator is to find a backend PayFac provider. Ultimately, you want a PayFac provider that can cater to your SaaS model. At AddPaymentsNow, we can assist you with this by pairing you with one of our vetted PayFac providers. We will take into consideration your, and your clients’, varying business requirements. As a result, some major benefits you will gain are:

• Easy set-up – You’ll be equipped with payment facilitator features to begin processing payments quickly. There’s a short and efficient onboarding procedure, as opposed to undergoing the extensive underwriting process your clients need to go through to gain traditional merchant services. Your accounting software clients can start processing payments almost immediately.
• Increased sales – Your clients can begin accepting credit cards as soon as they start using your software. All they’ll need is your accounting software, their existing business checking account, and an internet connection. Transactions are accurately recorded every time. An added benefit is that all the numbers can then seamlessly integrate with all your other accounting functionalities.
• Affordability – It’s in any business’ interest to make sure that they keep a low overhead. This is often where third-party service providers come into play. Our vetted PayFac providers make it easy and affordable for you to offer PayFac features. Then, if you provide low transaction costs through your PayFac software, you will build a strong brand presence and a loyal customer base.
• Low liability – After integrating accounting software with PayFac services you won’t have to shoulder added liabilities. As a result, the risk of chargebacks, refunds, etc. is taken on by the PayFac provider we pair you with.

Equip your platform with a “get paid now” feature today

At AddPaymentNow, we’re happy to assist you in finding the best PayFac provider for your accounting software. We’re able to provide you with recommendations that would suit your clientele best, and make sure that you’re on your way to a smooth and hassle-free set-up.

Contact us today with any questions you might have on payment facilitation or becoming a payment facilitator for your SaaS.