Every business that interacts within the payments ecosystem is at risk of disruption, which isn’t necessarily a bad thing. Times are changing for traditional ISO program providers as the traditional concept of selling payments as a service is in danger of becoming irrelevant.
Of course, change isn’t always bad — particularly when it comes to enabling a better payments experience. Your customers are changing how they like to conduct business, which means you should probably be thinking about diversifying how your company manages the interactions your customers have with your payments systems.
So what’s the right way to diversify and look toward a more future-proofed solution? Find a PayFac partner.
Searching for a PayFac Partner to Fit Your Product Portfolio
Keeping up with changing times is where it can become more difficult for any company. Business owners often associate the concept of change with time, money, and resources. Luckily, transitioning into a relationship with a PayFac partner can make the switch seamless.
For example, working with Payline as your PayFac partner can be the first step to enabling a better, more efficient payments experience — and sharing that same experience with your customers. Instead of relying on an ISO program that’s heavily focused on payments as a service, we’re changing the concept of what “service” actually means.
Through Payline’s newest payment facilitation platform, Payline I/O, we’re able to provide a full-stack payments API for B2B companies structured in a one-to-many model. Our PayFac platform offers secure integration, instant merchant on-boarding, and flexible funding for greater control over key aspects of the payment experience.
Better yet? Because Payline I/O provides a sandbox for developers to test their product prior to launching, it can be implemented with minimal internal development resources. When it comes to integrating payment processing in your company, this can make a significant difference.
PayFac’s Edge Over the Traditional ISO Program Model
Unlike the traditional ISO program model, a PayFac platform allows for a more customizable payment flow, faster merchant onboarding, and better funding. ISOs are losing traditional business to software providers — but the traditional ISO program doesn’t have to become obsolete if you have a diverse product portfolio.
With Payline I/O, our PayFac platform can be equipped to meet the needs of software platforms that are looking to deliver a better, more seamless payments experience to your business customers.
How so? Through a better onboarding experience that exists via the API for software platforms, it allows users to sign up directly on the platform itself in order to process payments instantly. What this does is reduce friction and overhead costs while eliminating any clunky manual processes that often come with users of software platforms. Furthermore, by including a PayFac solution for your customers, you can go beyond selling to end-merchants and provide a new revenue stream.
Because ISOs are reliant on the model that enabled payments are to be sold as a service (compared to a flexible software platform model that makes the payments experience highly customizable) it’s easy to see why diversifying your product portfolio with a PayFac partner like Payline is a good option to future-proof your solutions.
Take the necessary steps today to onboard Payline as your PayFac partner and you’ll be on your way to accepting payments quickly, securely, and with more room to grow your business.
Anna Lothson is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.