By Rod Katzfey, EVP, Integrated Payments, Nuvei
In the past few decades, the landscape for businesses have had a shift so radical there simply are no easy words that can describe it. Brick-and-mortar cash-based businesses aren’t gone, but they are truly a thing of the past. Concentrated efforts by the tech industry have changed the business of doing business. There are no signs that the pace of change will slow any time soon, thanks in large part to payment aggregators and solutions like Nuvei's Payment Facilitator Connect that are helping tech companies handle payments better, faster and with more ease.
This includes especially SaaS, or software-as-as-service, development. SaaS has been around for decades, but the mass proliferation of SaaS businesses in the Web 2.0 Era has led to entirely new ways of doing business. SaaS developers are finding many issues that are slowing the growth of their business, but none as major as payment processing.
A solution that has become very popular recently is the idea of becoming a payment aggregator or payment facilitator. But what is a payment facilitator, and is it right for your SaaS startup? This is where solutions like Payment Facilitator Connect from Nuvei are invaluable.
Payment facilitators allow SaaS startups to offer payment services to their clients to serve as sub-merchants. A great example would be a SaaS platform for independent car mechanics. The software would be used to manage all aspects of their business, from appointment management, inventory, customer relationship management (CRM) and payments. Because the SaaS platform serves as a master merchant, new mechanics can sign-up as sub-merchants by simply adding their banking information and be ready to do business.