What is “Payments as a Service” and How Can It Help Your Company?
In the modern business world, going digital offers your company a big advantage. This is just as true in the world of payment disbursement as it is for automating other key business processes such as accounts payable. Digital payments just make sense.
The pandemic forced many companies to make the switch to digital more quickly than they might have planned. As more and more employees work remotely all or part of the week, cloud-based platforms make it much simpler to coordinate with your financial team. There’s also a high demand for quick money transfers, and digital payments can offer that.
In contrast to traditional, batch-based payment hubs, the Payments as a Service (PaaS) model makes managing payment services much more efficient.
Payment as a Service is a Type of Outsourcing
You can think of Payments as a Service as a type of outsourcing. Rather than trying to manage all your payments on your own, your company outsources part of that process to a software provider.
Your company still controls payments, but you don’t need to worry as much about how to make those payments. The PaaS streamlines payment management because the provider takes care of storage, networking, software updates, and much more. All you’ll need to do is provide the payments information and use the software application to make payments.
Benefits of Using PaaS Software
There are a variety of benefits that come along with using Payments as a Service software. Here are three of the biggest perks:
- Faster Payments. The way that PaaS software works makes it easy to make payments on time or even early. Rather than making payments in batches, you can process each payment quickly as it comes in. No more late payments also means better relationships with your vendors.
- Lower Costs. With PaaS solutions, you pay based on how many transactions you use rather than paying a flat fee. In the long run, this means that most companies save money because they’re only paying for what they need.
- Payments as a Service systems also help you save money by making it easy to use a charge card that offers a rebate on spending. In addition, the faster payment turnaround times mean your company can also get early payment rebates or discounts if your vendors offer that as a perk.
- Easier Compliance. Reliable PaaS providers ensure their software complies with regulations on a regional, national, and global level. They also take care of updating security features to keep your payments data safe in a digital world.
Here at NextProcess, we offer an easy-to-use payments platform that you can access anywhere. Our Payments as a Service software makes managing your company’s payments easy and affordable. You get to customize access to the system, keeping your payments secure while also giving employees access.
High-frequency ACH services enable secure, rapid disbursement of payments. You’ll stay in control of the payments process, and you can see updates on the status of payments in the software in real-time. Contact us today to learn more or schedule a free demo.