One of the major pain points merchants have are around reporting and reconciling transactions against customer/patient records. Our Payfac in a Box™ solution solves for this by syncing the transaction data from processing to your software’s AR system to make it a seamless all-in-one system. Let’s dig into the details.
With Payfac in a Box™ you get:
- Reporting from One Portal – The traditional merchant processing service involves requiring that the merchant log into the processor’s login to view transactions, pull reports, etc. which requires an extra login and them leaving the software solution to look for information. The other problem with this is having to go back into their software system to record transaction data by hand. We’ve removed this manual process and fully automated it within our solution.
- Reports API Call – Payfac in a Box™ has a Reports API call on the left side of the documentation that allows for recon to be built into the software. This means one less login and one less system to confuse merchants and the ability for ERP providers to obtain settlement or raw data. With this data, you as software provider can consume the data and then write scripts and schedule jobs to:
- Post Memos– Memos post as soon as an authorization on a transaction gets approved. This means the customer’s outstanding balance is immediately and automatically updated for you. But if for some weird reason it didn’t go through or gets charged back, the settlement data is the only way to know that a customer or patient truly is paid up.
- Automate Reconciliation – Since Payfac in a Box™ APIs includes both reporting and automatic reconciliation, a software company can show in real-time, at any time to a merchant how much money is truly collected and in the bank without them. No guessing or logging into to their bank would be required.
- Display in P&L or Accounting Module Inside the Software – Our data can be used to reconcile inside the system for any industry. From insurance companies, co-payments, rent payments, patient payments, etc. to more effectively show the whole picture of what’s outstanding and what has been paid and applied to an invoice.
So if you are a software company who has 100 or more merchants using your product and they have experienced or voiced concern or pain around their financial reporting, we should talk as likely this is a simple (single interface solve) for all existing clients and new clients moving forward. The benefits to you for solving this problem for them is you’ll be able to charge additional monthly revenue for this feature/product, and it increases the stickiness of your solution with users.
Email Ben Kauder at firstname.lastname@example.org or call 877.829.2170 ext 4043 to discuss your specific workflow and requirements.