Article | October 3, 2019

Why Becoming A Payment Facilitator In 2019 Is Crucial For Software Vendors

Source: Nuvei

By Shannon LeDuff, SVP of Sales & Business Development, Nuvei

Control Site Payments

Software developers today are battling an increasingly large and diverse set of competition. In this landscape, you need to find ways to build your software offering to make the most of each sale. One way to do so is to build in a payment facilitator offering. While this involves some level of additional resource commitment, it also creates revenue potential that greatly bolsters your bottom line. For anyone offering SaaS to businesses, building in PayFac capabilities is a critical step towards building a more lucrative offering.

Customer Service Benefits

One of the most important ways to stand out from the competition is to deliver more. Part of this is in the primary service you provide; you want to give the best product you can, and back it up with customer service that helps manage any of the inevitable implementation hiccups new software provides.

Adding payment facilitator capabilities gives another layer of support. Ordinarily, companies need to contract with banks and purchase payment processing hardware and software separately. This can be an onerous process, intimidating for new businesses or those with credit challenges. At best, it is a hassle that gets piled on to a multitude of requirements to get a company up and running.