Are you a software provider looking for the perfect payment model for your platform? With so many options available, it can be overwhelming to make the right choice. In this helpful guide, we'll walk you through some important points to consider when selecting a payment model that meets the needs of your customers and your business.
Before we dive in, it's important to understand that payment models can work independently, alongside, or integrated with your software platform. Some models require your platform to be in the payment flow, typically settling funds via BACS. Additionally, different payment platforms offer various features such as automated boarding processes, online payment gateway and merchant account combinations, or third-party partnerships. With all these factors to consider, let's explore the key points that will help you make an informed decision.
Yes, you’re a software provider, however the specifics of a payment model and the processing functionality underlying any payment platform are probably not your area of specialist expertise. It can be complex. There are various options to consider, not just functionality but also configuration and pricing for example, and all of this can have an impact on customers’ payment experience. That’s why it pays to go with a specialist provider. That way you can concentrate on delivering the core elements of your business, safe in the knowledge that the payment model is working as it should.
Payment is a vital part of any commercial relationship, and it should align with your brand values and other customer interactions. Ensure that the payment model you choose seamlessly integrates with your software platform, providing a logical and satisfying experience for your customers. Remember, the payment stage is a crucial point where end-users can decide to abandon their purchase, so it's essential that it functions properly. A flexible payment provider can also offer you opportunities to be more competitive in the market.
Today's consumers expect a wide range of payment options beyond credit and debit cards. Select a payment model that can accommodate popular options like PayPal, Apple Pay, and emerging methods such as Open Banking and BNPL. By offering diverse payment methods, you future-proof your payment model and cater to the evolving needs of your customers.
Everyone – you, your customer, end-users – all expect the strongest security features to be in place as this protects everyone in the chain and offers a barrier to fraud. PCI Level 1 compliance is a regulatory requirement, however beware, not all payment models are compliant (some expect you or your customer to take on this responsibility). Look for additional security measures like Point-to-Point Encryption and Payment Application Data Security, which offer extra protection. Remember, not all payment models provide these advanced security features, so choose wisely.
Payment models can involve a variety of different fees via a range of mechanisms. You need to look closely before deciding the right payment model to align with your software platform as this can impact your margins. Check whether you will earn revenue for every transaction processed for example. Take time to confirm the speed of settlement as well as your place in the flow of funds. And importantly, will the payment model provider work with you in the long-term, to help you optimise and monetise your payments service to drive growth? Adding an integrated payments service allows you to further monetise your platform too.
For your customers, Access Paysuite simplifies and accelerates onboarding because there is no third party payment processor involved. The entire process is completed in minutes, and all through you.
For your software business, Access Paysuite enables you to maintain control throughout the whole onboarding process – strengthening your customer relationships and reducing the risk of drop-out. In addition, because settlement occurs directly with your customers, you reduce your administration burden; you can also relinquish most PCI compliance activities.
When transactions are processed successfully time and again, it makes life easier for everyone. And with the right payment model in place, every successful transaction can contribute to your bottom line too.
For a personalised and informed discussion on the right payment model for your software platform, why not talk to our experts today?