Payments-as-a-Service: Increase Revenue & Reduce Cost

How to use Payment-as-a-Service to increase revenue for your online business, expand globally, and reduce cost expenditures.

Payments as a Service aims to cater to global payment consumers based on their tastes and preferences by connecting business owners with their customers through a reliable checkout experience. The main aim is to align modes of payments with user needs, regulatory compliance, and frictionless support for large-scale transactions.

What is Payment as a Service?

It is a frictionless solution for business owners, merchants, and enterprises to streamline resources and time towards conducting transactions fluidly and conveniently. Innovations involve integrating eWallets, cash payments, and credit cards through cloud-based infrastructure and thereby enabling both B2B and B2C merchants to process payments.

Such services remove barriers to entry when making payments and remove hurdles associated with licensing infrastructure, and backend technical issues. Therefore providing marketplaces, and financial and banking institutions with ample time to handle what’s closest to their goals in meeting consumer demands.

Should your Business Adopt Payment-as-a-Service?

The payment industry is evolving due to emerging technology in blockchain, cryptography, the internet of things, and the cloud. Today, the industry prides itself in some of the most dynamic developments in User Interface (UI) and User Experience (UX); all of which are focused on boosting business, reducing abandoned carts, and ensuring a frictionless checkout experience. Businesses and merchants might find it challenging to adopt new payment technology, and it becomes even tougher to align new technologies with relevant compliance. The payment as a service platform allows business owners to flexibly implement new technology in their mode of payments and bring agility while processing large transaction volumes. As a business, you can quickly strategize on exploring new market segments through PaaS.

Emerging technology has changed the dynamics of the global eCommerce market with evolving consumer behavior. This has further given rise to innovative payment products whose flexibility cuts across different consumer tastes. The result is higher profitability, efficiency, and utility across the masses.

Benefits of Payments-as-a-Service

1. Security Benefits

The Payment-as-a-Service boosts transaction security even for businesses that process large volumes of transactions. PaaS platforms are better equipped with payment encryption protocols that blend fraud detection solutions, penetration-proof encryption, and data privacy mechanisms. It is essential for eCommerce merchants to handle consumers’ credit card information carefully and to always ensure that the transactions taking place through their platforms are secure. The Payment-as-a-Service solution comes in handy when providing an additional security layer for transactions.

2. Delegation of Compliance

Regulatory requirements can sometimes pose a burden due to the bulk of submissions involved. Sometimes the regulatory frameworks are unclear, ambiguous, or vague. Besides, a business needs to understand all global requirements associated with payment rules and regulations. A PaaS would come in handy when navigating these requirements and free up enough time for merchants to concentrate on their main business. As a result, business owners cannot be bogged down by cumbersome regulatory requirements and compliance issues. On the other hand, customers will have more trust in a business that meets all compliance.

3. Affordability and Reliability

The Payment-as-a-Service platforms are effective in reducing transaction fees. Costs associated with these platforms are also low to improve profit yields and boost cost-efficiency. Reduced business costs are ideal for supporting the growth of a business and activating scaling efficiencies. Additionally, a business does not have to build its payment architecture which therefore cuts down the costs of operations. Finally, the reliability brought by PaaS solutions is high-end, fast, and dependable. Unlike traditional payment methods, you are trading off no future when processing large-scale transactions. Payments are lightning quick, sometimes real-time, and also secured through end-to-end encryption.

4. Speed

Business operating their transactions through the Payment-as-a-Service can process cross-border payments without friction and engage with global consumers through a user-friendly checkout solution. It does not matter where the consumers are geographically located from the business, a PaaS system will cater to diverse regions and enhance a consumer-friendly shopping experience. Make sure your preferred payment solution provides alternative payment methods convenient to your prospective customers. An effective PaaS system is robust, effective, and diverse.

Businesses can easily adapt to fast-changing business landscapes

Technology is evolving, and businesses might not get it right when adapting to the fast-changing business environment. The payment as a service ecosystem helps business managers remain flexible and dynamic when alleviating consumer pains - which could change rapidly due to the introduction of new technology. The best PaaS platform will allow your business to sell products both locally and internationally, as well as have your payments on time. Customers will also be provided an effective and personalized user-friendly gateway when making payments.

XanPay PaaS Solution

XanPay is your tool for expanding your business opportunities on a global scale without any hassles, all the while providing the best services to your customers. Its unique C2C routing technology enables easy processing of cross-border transactions in a much more efficient and affordable way. Moreover, we leverage our network of digital currency liquidity providers to enable payments between payment service providers (PSP), merchants, and their customers.

XanPay provides innovative features that fulfill your business needs and connect you to the right payment system.

• Payment Options - One of the USPs of XanPay is that it accepts over 25 payment solutions including UPI, mobile wallets, and multiple others from over 15 countries.

• Local Payments - XanPay allows customers to pay in their local currencies which are credited to merchants in their home currencies.

• Integration - XanPay offers an easy way to integrate the payment gateway through three different methods so that merchants can provide an optimized user experience.

• Cross-Border Payments - XanPay facilitates cross-border transactions with a lower transaction fee. Payment service providers charge as high as 6.8% to businesses engaging in cross border transactions. XanPay charges a transaction fee as low as 1.99% without additional charges.

Bottom Line

Today, the payment industry faces more variables to pace with and still abide by regulatory compliance. Consumers want their preferred payment methods and a top-level user interface to improve the checkout experience. Addressing all these needs calls for a bundled solution for reliably processing transactions, and eliminating payment gateways and geographical restrictions. The growing demand for streamlined payment processing has birthed its existence.