Payments as a Service (PaaS) – The Changing Face of Payments
The Changing Face of Payments
The world of payments appears to be changing, including what has now been coined “Payments as a Service.” The “old establishment” of acquirers (banks) working with ISOs working with Agent Offices working with feet-on-the-street sales people (MLS) is becoming more and more obsolete. Let’s face it, with the emergence of groups like Square, Stripe, BrainTree and others, the traditional way a consumer makes cashless payments, and the way merchants accept those payments will never be the same.
So, this begs the question, “why is this happening?”
Here’s our simple and unbiased answer…because this is exactly what the market wants, it’s what the consumer is begging for, and on the merchant side, a more simplified, integrated, easy-to-use system can’t come soon enough.
Let me paint the picture this way…
Imagine you have a desire to build the baddest, coolest, most bodacious hot rod in the world. You know what parts you’ll need to make it happen, but instead of being able to get all the parts in a one stop shop location, you have to get the wheels and tires on the East Coast, the engine on the West Coast, the frame and interior in the Midwest, etc. It kind of seems silly, and quite frankly, a waste of time, or at least it would be nice to know it could all be provided from one location.
That’s the world of payments today. It makes no sense now days to have to go to one vendor for the merchant account, another for the CRM, another for the gateway, and another for PCI validation. There’s a huge vacancy in the market for those who provide value added services to online and retail businesses. I’m specifically talking to those vendors who provide Software as a Service (SaaS) or a system inside the merchant’s value chain making running their business easier. Those who offer a billing management system, CRM, inventory management, etc. are highly qualified to have one more arrow in their services quiver…Payments as a Service (PaaS).
Zift has the ability to take an existing 3rd party software company, and turn them into a payments powerhouse! Our PaaS offering makes it possible for a CRM, for example, to offer, manage, and settle payments on behalf of their customers. Couple that with an easy boarding process, super simple integration, all payments in one location (MOTO, eComm, Mobile, Retail), and you’ve got one happy camper!
Speak with a Zift professional today to learn more how you can partner with us and provide our state of the art PaaS platform within your own offering.