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But launching your eCommerce store is just half the equationaccepting payments efficiently and effectively is a whole different ball game. On the surface, it seems effortless, with customers only taking a few seconds to initiate and complete payments. The eCommerce payment solution infrastructure involves several key players.
Before we dive into the risks associated with payments, let’s review why embedding payments is good for SaaS businesses and the three paymentprocessing solutions available to software companies today. What are the benefits of adding payments to vertical software?
Automated Clearing House (ACH) payments are a type of electronic bank-to-bank payment system in the US. Unlike paymentsfacilitated by card networks like Visa or Mastercard, ACH payments are managed by a body called the National Automated Clearing House Association (NACHA). Let’s get started.
Digital payments are increasingly becoming the norm. According to Forrester’s data, digital payments are the most used payment method today, with 69% of American adults using them to make payments online. Businesses must therefore adapt and be able to accept such payments.
For SaaS companies, becoming a paymentfacilitator (or PayFac) offers a ton of advantages—including but not limited to—boosting retention and profitability while exercising greater control over the customer experience. However, several complex types of risks come along with this.
Offering paymentprocessingservices is a move that makes sense for a lot of SaaS companies, particularly if your software helps your customers run their business. Adding payments to your suite of features and offerings enables you to provide more value to your users. What Is Merchant Underwriting?
When it comes to software, success doesn’t hinge on innovation alone. No one knows this better (or more intimately) than a software company Chief Revenue Officer (CRO). Adam Tesan, CRO at Worldpay for Platforms, is a seasoned executive leader with decades of experience in sales, marketing, and revenue in the software space.
The year 2024 is a special one for everyone at Stax because we’re celebrating a decade of transforming the payments industry and supporting our merchants and partners with innovative technologies and unwavering support. Launching PayFac and ISV solutions In 2019 and 2020, Stax became more than just a payment processor for merchants.
Imagine cutting years off payment system setup. The number of PaymentFacilitators (PayFacs) has grown 13.8% For businesses, this means they can use payment systems without starting from scratch. PayFac as a Service lets companies add paymentprocessing to their platforms.
Becoming a paymentfacilitator can really boost your business’s earnings. It also lets you handle customer payments more directly. Plus, it makes paymentprocessing smoother for your customers. To start your PayFac journey, you’ll need to do several important things.
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