Integrated payments for platforms isn’t a new concept. Platforms have been loosely integrating payments into their software for some time now. However, the process hasn’t always been very smooth and has been mostly outsourced. In the evolving world of software technology and business management platforms merchants have come to expect more of an integrated experience. One where payments are naturally part of the software system they are using to manage their business.
Payment processing is already an area of frustration for many merchants. It often takes weeks to set up due to a lengthy underwriting and application process, not to mention connecting all the technical pieces together once you are approved. To make matters worse, merchants often have to work with multiple third parties that provide different pieces of the payment processing puzzle. As a result merchants often become confused and discouraged with the entire process.
How nice would the user experience be if software platforms and applications could seamlessly create merchant accounts for their users right from within their platform?
One of our goals at Zift has been to simplify the entire process and create more of a seamless and integrated experience for software platform users. That’s why we built payments for platforms so that software companies and SaaS providers can seamlessly create merchant accounts for their users and easily activate them for processing within their system. Business owners and platform users expect a fully integrated experience without a lot of hassle which is why software companies are looking for solutions that offer more of an integrated payments experience for their platforms.
Next Generation of Payments
The next generation of payments for platforms includes integration, onboarding (merchant creation and activation), omni-channel capability, compliance, billing, and reporting.
The integration experience includes a comprehensive API, with a single point of integration for bank card transactions, both card present retail and card not present e-commerce, as well as ACH transactions. It also includes complete transactional reporting for platforms.
Onboarding includes a frictionless merchant creation process, with the ability to effortlessly activate a merchant account for users using your platform. This also eliminates additional gateways, third parties and lengthy underwriting.
The omni-channel aspect of payments for platforms allows you to extend multiple payment options to merchants using your software through one connection point. It facilitates the acceptance of retail card present, EMV ready, over the phone, recurring, internet, and mobile payments.
Additionally, this type of integrated platform allows you to customize the payments experience to best meet the needs of your users.
Integrated payments for platforms is the next big thing for both software companies and online marketplaces, so why not get ahead of the game and provide your users with the integrated experience they have been waiting for?
For more information about payments for platforms and how we can help you improve the payments experience for your users, contact our sales and integrations team.