Merchants are companies that offer goods or services to customers. These include e-commerce, travel, retail, transportation, etc.
Customers who buy goods or services pay in return using credit or debit cards, e-wallets, digital wallets, and real-time bank transfers. The people who enable these transactions are called payment service providers or PSPs.
But even PSPs faced several system challenges, including fraud, compromised data security, limited transaction channel options, and difficulty tracking payments.
The solution lies in finding a white-label payment technology provider that offers the best paas platforms backed by state-of-the-art technology and enables you to improve the customer experience while connecting seamlessly with merchants.
Hiring a technology provider helps you get various benefits, including integrated (POS) in-store solutions, value-added services, customer success, and support, a modern merchant dashboard, and real-time support monitoring.
But what solutions are included in the best platforms, and how can they help faster transactions? Which value-added services are available, and what are their benefits? Continue reading to get the answers below.
Why Are PaaS Providers Necessary?
PaaS providers play an essential role both for the merchants and their customers. As mentioned earlier, customers enjoy the benefit of faster transactions and can choose from various payment channels.
Such providers and merchants also benefit significantly from their services because they enable seamless transaction integrations combined with real-time monitoring technology, thus enjoying maximum reliability, customer support, and data security.
Merchants save a lot of money by hiring providers as they handle the various processes of the transaction mechanism, including servers, virtualisation, middleware, and runtime. Companies don’t have to worry about delays in payment processing.
Features A Good PaaS Platform Should Have
Holds PII data
An efficient payment-as-a-service platform holds PII data for providers and acquirers. Personally, identifiable information refers to any sensitive information that helps identify an individual. It includes information like name, address, social security number, email address, etc.
PCI DSS complaint
The platforms should also be bank-grade, scalable, and PCI DSS compliant. The PCI DSS is a body that lays down specific standards for companies dealing in credit and debit cards to prevent the misuse of cardholders’ information.
It must allow transaction providers to seamlessly integrate various value-added services like loyalty, cash flow lending, and actionable insights.
But one of the crucial qualities of an efficient PaaS platform is having multi-channel payment options, benefitting both the customer and the merchant. Here are some of those.
An integrated in-store solution combines a payment terminal into a point-of-sale (POS) system in seconds. Some providers have industry-tailored features, enabling the integration of more than 70 POS systems.
It allows mobile-form-factor terminals to integrate into point-of-sale (POS) systems through practice management software on smartphones, tablets, or similar devices.
Mobile form refers to the device’s shape, style, size, and layout, while a payment kiosk is a machine that accepts payments in cash, credit cards, debit cards, and automated clearing house (ACH) transactions.
It refers to a web-based application that enables merchants to make quick and easy payments on behalf of a cardholder without requiring their physical presence. These virtuals are accessible through computers, tablets, and phones.
However, because these payment methods are prone to security fraud and risks, they should be highly secure. Besides being easily accessible on your merchant dashboard, they should enable you to keep track of payments in real-time and process refunds through the dashboard.
These are the features the best PaaS platforms must have, allowing merchants and payment providers to enhance the transactional experience for their customers while ensuring higher security, viewing their business performance, and tracking payments.