As the global economy becomes increasingly connected, business owners everywhere cannot afford for their payments systems to lag behind. More complex compliance demands, along with evolving consumer behaviors and increased instances of fraud all add to the challenges business owners face when maintaining a payments infrastructure. Payments-as-a-Service is a modern solution that helps businesses integrate payments across channels, providing a frictionless, secure checkout experience while catering to consumers’ payment preferences on a global scale.
Payments-as-a-Service (PaaS) platforms allow merchants to free up time and resources, ultimately streamlining how customers conduct transactions to a business. Through Payments-as-a-Service, cash, credit cards, ewallets and other payments are moved to cloud-based third-party platforms., enabling both B2B and B2C merchants to accept payments globally using hundreds of methods, all through a single channel. Payments-as-a-Service also eliminates a need to deal with infrastructure, licensing and technical issues on the back end so that merchants, marketplaces, banks and financial institutions can dedicate time to what’s most important – their clients and market demands.
The tech industry has shown that its evolution is constant: There are more variables than ever to be considered in order to keep your customer’s transaction experience top-of-mind, without sacrificing regulatory compliance. Providing a frictionless user experience that is always-on and always reliable needs to be top-of-mind for stakeholders when considering how their customers transact. Further, as digital wallet competitors such as GrabPay, and AliPay continue to expand, there is a growing demand for more streamlined efficiency around consumer payments. Consumers are using their credit and debit cards differently, and adapting to the new tech can be tough for companies with legacy payment technologies. Cloud-based payments solutions give companies the agility to meet rapidly changing consumer demands and to quickly expand to new markets.
Global commerce is exploding, and regulations that accompany growth continue to evolve. Traditional banking practices have been nearly upended as technology digitizes activities that were once exclusively in-person.
Digital transformation and shifts to using Payments-as-a-Service companies continue to prove necessary for businesses in order to continue working toward greater profitability and greater efficiency. Fortunately, utilizing a PaaS provider makes it easier for businesses to stay technologically savvy and increase their margins.
When it comes to global commerce, cross-border payments cease to be a headache when using one international commerce-friendly PaaS system, no matter where your customers are shopping from. Businesses can scale and enter new markets more quickly and efficiently, assured that your PaaS of choice already offers your new customers their preferred payment methods.
PaaS platforms generally offer lower processing fees overall, and pricing models that improve cost-efficiency. As your business grows, so can your payments solution, enabling your business to scale as needed without the cost of managing and building your own infrastructure.
Much of the burden of regulations and adherence to compliance procedures is shifted to the PaaS platform as a third-party service provider. This frees you up to focus on the other parts of your business that require focus, without being bogged down by regulatory requirements.
PaaS providers can heighten the security of transactions largely because they are better equipped to augment existing security measures through systems integration. Payments-as-a-service platforms often bundle together fraud monitoring solutions with payments, keeping transaction security top of mind with changing technology (and changing threats).
The faster the global economy shifts to digital, the harder it is for companies to adapt. Choosing a Payment-as-a-Service provider takes the pressure off of you to be a global currency and regulatory systems genius and allows you to do what you do best: Sell your quality product or service and get paid quickly and conveniently by customers all over the world.
Sources
Finwin Technologies. (2020, September 15). How Payment-as-a-Service Platforms Shape the Future of Online Payments. Finwin Technologies. Retrieved February 17, 2021, from https://medium.com/finwintech/how-payment-as-a-service-platforms-shape-the-future-of-online-payments-ef54e949e6a1
Opus Consulting Solutions. (2020, October 12). Payments-as-a-Service: The New Path to Profitability. Payments-as-a-Service: The New Path to Profitability. Retrieved February 17, 2021, from https://www.opusconsulting.com/payments-as-a-service-the-new-path-to-profitability/
Penser. (2020). Exploring Payments as a Service. Exploring Payments as a Service. Retrieved February 17, 2021, from https://www.penser.co.uk/article/fintech/exploring-payments-as-a-service/
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