Today’s fast-paced digital economy is a rewarding but difficult space for businesses. It offers many avenues for growth, yet starts and scales require so much attention, and so many resources, just to keep up that payment experiences can’t help but suffer. Most of us expect to be able to pay quickly and easily when we’re online or on the go. When those expectations aren’t met, lost revenue and tarnished reputations become the unfortunate aftermath. No business should have to sacrifice payment performance for the sake of pleasing a gang of regulations or a customer experience team. Yet, too often, that’s the reality.
The essence of managed payment facilitation is that it enables businesses to hand off to a third party the complex tasks associated with payment processing. Payment processing might seem like a simple task, but it has many intricate parts and is quite complex. Managed payment facilitation allows businesses to outsource this complexity. Here are some of the key advantages:
1. Simplified Compliance
The payment sector is not only large; it is also a highly regulated part of the economy, with numerous federal and state laws and regulations governing payment-related activities. In recent years, a number of new laws have been passed and new regulations issued, picturing a rather daunting landscape. Master PayFacs are experts in these regulations; in fact, payments compliance is one of their core focuses. That is because, with a Master PayFac, businesses can now offload much of the regulatory burden that comes with accepting payments.
2. Enhanced Security
Payment processing security is a top priority; breaches can cause substantial monetary and reputational harm. Managed payment facilitators pour money and effort into providing strong security for their customers. They make heavy use of encryption and tokenization. They set up and make use of various tools for fraud prevention. They do all of this to protect a kind of data we should not have to worry about: the payment data of our customers.
3. Faster Merchant Onboarding
Onboarding new merchants has typically been a long, tedious process. Managed payment facilitation speeds up the onboarding process by using tools that automate much of the compliance work associated with getting a new merchant up and running. Faster onboarding means faster revenue generation for the businesses that we serve and their merchants.
4. Scalability
When businesses grow, so do their payment demands. Managed payment facilitation allows for scalability, meaning that businesses can handle the payment part of an increased transaction volume without having to do much, if anything, to their internal systems. The flexibility that offers is when we talk about changing demands, and businesses can effortlessly adapt to that.
5. Improved Customer Experience
Ensuring a seamless payment experience is crucial for retaining customers. Payment as a Service (PaaS) providers offer a consolidated payment interface and enable a multitude of payment methods, spanning from credit cards to cryptocurrency. This gives businesses nearly unmatched flexibility to create robust payment experiences tailor-fit to their customer base.
Conclusion
Payment facilitation managed is a game-changer for companies that want to simplify their payment processing while still being secure and compliant. By outsourcing this critical function, companies can turn their attention back to innovation and customer engagement, leaving the payment management complexities to the facilitators. This is a great strategy for companies that want to be competitive and make it in today’s marketplace..
