Franchising is a growing trend across many industries, and franchisers rely heavily upon well-developed software to aid the management and operation of their many franchisees. Another recent trend over the last few years is the increase in software companies who become payment facilitators, or “PayFacs”. At AddPaymentsNow, we specialize in pairing software companies with PayFac providers. With our expertise, you can expand upon your current franchise software by offering payment facilitation to your various franchise clients. You might be wondering how becoming a PayFac can help you and your franchise clients, so please read on below.
How becoming a PayFac helps franchise clients
An integral part of the franchiser to franchise relationship is an internal system that enables secure communications, reports, and operations between the different branches. However, more likely than not your current franchise clients are relying upon a third-party payment specific software to accept payments. This can result in various frustrations for your franchise owners. When software is not fully integrated, it can cause issues in reporting, updates, and a multitude of other areas. By facilitating payments within your franchise software, your clients will have an easier time operating their franchises and receiving fully integrated financial reports.
Simple reporting and improved financial visibility
If you are a software company your franchiser clients, and their franchisees, will be able to accept payments and move money back and forth as needed. With our vetted PayFac providers, you can offer your software clients the capabilities they need to run their business effectively, allowing them to accept and process payments between their different branches or offices. The added benefit of becoming a PayFac for your franchise clients is that all their payments will take place in a system which also works perfectly in tandem with their other operational functions. This improves their ability to monitor payments across all of their locations, improving the financial visibility for individual franchises as well as on a broader scale for the entire franchise. If you are a franchise providor with custom software, the process is the same.
Greater control over finances and revenue
Through your PayFac software, your franchise clients will have a much-improved way to manage and control the ebb and flow of financial data for their various franchises. While they can do this through third-party financial software as well, the benefit of having this capability through their overall franchise operational software cannot be understated. With a greater control over credit card processing, the overall profitability of the franchise will improve. In turn, this will not only make your business more indispensable to them, but will also improve your overall passive profits.
Benefits of becoming a PayFac partner
By offering PayFac capabilities for your franchise clients, you’ll also provide them with an extra service that effectively cuts out the middleman. Instead of having to find another software provider, in addition to establishing independent merchant accounts across multiple branches, you can give them the ability to accept and manage payments through sub-merchant accounts. This will allow them to organize payments and revenue flow from their franchisees to a much greater extent. They’re already familiar with your software and you already have a business relationship with them – you can make life easier for them by providing a software system that has both organizational and payment capabilities in the same place.
This has the added benefit of increasing revenue for you as well, since you will get a percentage of each transaction made by every franchisee within your software network. This can yield great results – whether for those servicing smaller local franchises or large multinational companies. With our PayFac providers, you can rest assured that the payment facilitation you will offer through your software is safe and secure. We are happy to offer support throughout the process, while our vetted PayFac providers take on all liabilities, should you encounter problems along the way – allowing you to offer this expanded service to your franchise clients with confidence.
How we can help
We can provide a PayFac model that suits the individual needs your company and your clients. The PayFac solutions we recommend are uniquely suited to support franchise clients. All this without liability on your part – the PayFac providor will take on all responsibility for payments, refunds, and chargeback losses, which creates peace of mind for you.
We will also ensure that the PayFac capabilities are easily integrated within your software – the process will be quick and painless with no unnecessary shutdowns to your services or difficult operations for either you or your clients.
Is it time for you to get payment capabilities up and running within your existing platform? If so, contact us. If you have any questions about PayFac and its benefits for your franchise clients we can answer them. Ready to become a PayFac? Let us know and we will start the process for you immediately!