The entire Payfac in a Box™ team has been busy as new software developer partners are coming on board, batch onboarding their book of merchants, and starting to see their residual revenue flow in. But we did catch up with Ben Kauder, the architect of the solution, for a little Q&A session for this week’s blog while he and our Chief Revenue Office, Vaden Landers, are on the road along the West coast. Here’s the recap of what questions ISVs are asking, what they are excited about, and more.
Q: What are ISVs most ‘wowed’ about?
A: They love that we are basically Stripe and Square smashed together, and we have gone upstream in terms of higher volume merchants. We have taken a labor-intensive, highly manual 5-month paper-heavy implementation processed and streamlined it into a 5-day and ‘Click to Agree’ process making adoption simple and easy.
Q: What does the API do that’s so unique?
A: Our API allows for both gateway and merchant account creation. It can create 100 or 1,000 MIDs (merchant ID numbers) at once which is very unique and scalable.
Q: What is the automation process for new merchants that join a software solution after the initial onboarding is done?
A: We have an API that automatically pushes customer data into our marketing automation system that then enrolls them into a workflow that will push out their ‘Click to Agree’ email with their unique registration URL. That way as new customers come into a platform they will get on-boarded as quickly and efficiently as the initial book of merchants did. We call it ‘Automated Ongoing On-boarding’ which is something very few other platforms offer.
Q: Why would a software developer choose to partner with us?
A: Payfac in a Box™ offers an incremental new revenue stream to the ISV partner. Best of all, after the initial API integration, software companies will have minimal on-going maintenance or management relating to their customers processing of payments through our interface that lives neatly inside their software system. We handle all on-going payments related questions, platform and other updates, regulatory changes, compliance, payment data security, etc. It’s really a ‘set it and forget it’ solution for the ISV. (To borrow from my favorite infomercial of the 90s.) It also saves the merchant software user time and money by offering a single reconciliation process- no more bouncing between a terminal to process transactions and a bookkeeping system – it’s all synched into the same system.
Q: What is something about Payfac in a Box™ that surprises people?
A: I think what shocks people is how simple it is once they understand it. It’s a seamless way to integrate payments into your businesses’ software solution without the risk, expense, and hassle of trying to become a payments company yourself.