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.
Like every business out there, software companies are always trying to find ways to earn ongoing monthly residual revenue. That’s the gold standard because it’s ‘set it and forget it’ and the checks roll in every month, aka “mailbox money”. Implementing a payments integration is one of those ‘Ah ha!’ easy ways to get that residual revenue flowing. The problem for a VAST MAJORITY of software developers is how many of your clients (users of your software product) are actively using your integrated payment processing solution? Based on industry statistics we know that if you have 20-30% penetration then you are in the top 5% of software developers.
An important part of the convenience of our Payfac in a Box™ payments integration solution is the built-in reporting functionality. When payments (authorization/settlements) are processed you have the option to receive a raw data feed (in CSV file format) of that data as the software developer. This gives you a variety of options to monitor payments processed, reconcile accounts, control your customer’s experience and more.
By using the Payfac in a Box™ API for onboarding/contracting and authorizations, you have the visibility into the payment traffic but most importantly the settlements/disbursements. This allows for you to see the full flow of the transaction through your integrated processing interface with Singular.