Like any software solutions provider, Payfac Pete is busy optimizing his software solution, adding bells and whistles, and making the user interface as slick as possible to ensure his users stay on and enjoy using it. Along the way toward this constant evolution, Payfac Pete has realized that consumers really need an easy way using his software solution to get paid themselves. His users are asking for a truly simple electronic payment method that’s integrated into the software platform they are already used to using. Ah-ha! Payfac Pete is onto something.
Businesses today know that paying with a debit or credit card is the consumer’s preferred way to pay. In fact, on average, accepting credit cards will increase consumers spend by 18%. Cha-ching! Pete also realized that electronically delivering a bill via email and now text is a better more efficient way to invoice and collect as it saves printing/mailing costs which are $8-$10/bill on average. He also knows that electronic collections allow a business to get paid much faster than a net 30, 60, or 90-day type of time frame while waiting for checks to be cut, stuffed, and mailed back.
Electronic payments security is also top of mind for Pete’s software users. After all, credit card fraud is rampant so using an integrated electronic payments system with tokenization allows for a recurring payment to be scheduled or payment plan to be created in an easy, flexible and completely secure manner. Win-win-win!
Another feature Pete is looking for is the ability to use an account updater API to automate cards on file/recurring payments being changed. This feature would save either a loss of payment or calls having to be made when a card is updated or lost or stolen. This is a critical feature for merchants with hundreds or even thousands of merchants on auto-pay to ensure each time a charge is initiated it will go through smoothly with minimal hands-on time from the business owner or employees to track down changes.
Lastly, Pete knows that by keeping his software users inside his system he can ensure the system does everything they need and a big piece of doing that means allowing for automation of reconciliation once a transaction is completed to save money on manual accounting, potential errors and the hassle and expense of having to use two systems. By having a credit card ‘terminal’ inside the software along with the APIs to automate accounting and reconciliation of each transaction the system quickly speeds up efficiency and accounting accuracy for the business. Making Pete’s software customers so happy!
And the best part is, while Pete is constantly focused on innovation, which requires multiple developers, resources and support staff – an electronic payments integration pays on-going residual revenue to Pete to allocate to whatever revenue gaps he has! $$$$$
So, what is this magical all-in-one solution that Payfac Pete has discovered? Why, it’s Payfac in a Box™ – of course! Reach out today for your custom implementation consultation and discovery session. Let’s find out what Payfac in a Box™ can do for you. Call Ben Kauder at 419-344-5403 or email firstname.lastname@example.org today!