Payment Facilitation Future
The Future of Payment Facilitation
We’ve been talking about payment facilitation for quite a few years and now that the model has become not only more well-known and understood by ISVs, but also easier to adapt due to various facilitation models available in the market today. As we look towards the future, what happens next and where do ISVs go from here?
Consider Customer Needs
Think about how your software supports your customers and how various payments features within your software can not only enhance your positioning in the marketplace but make help your customers businesses run more efficiently.
In 2016 the payment facilitation volume worldwide was 22 billion with a projected volume in the trillions for 2021. Not that we, at Paragon Payment Solutions had any doubt, as there are many benefits to the model, it’s evident, payment facilitation is here to stay.
Choice and Control
In the past, payment processors dominated the payments market. Now, ISVs are becoming more involved in the payments landscape as they want complete control over the customer experience. They no longer want to just send a referral over, but rather own the process from beginning to end. ISVs can provide their customers an optimal experience by streamlining the process and making their solution a one-stop shop.
ISVs are able to maximize earning potential as merchants can begin processing at the earliest opportunity since most payment facilitation models have instant approvals and streamlined onboarding. More revenue for ISVs = more opportunities.
Expanded Customer Base
As more and more software providers adapt the payment facilitation model, or some version of it, they will be able to scale their business with ease. This will level the playing field and have a drastic effect on businesses, moving forward.
Whether you are looking to become a payment facilitator and own everything from beginning to end or want to take advantage of the benefits provided by payment facilitation, like frictionless merchant onboarding (without the risk and liability), Paragon Payment Solutions is here to support you every step of the way.