Are you searching for a payment software integration? If you answered yes, you’re hardly alone: ISV and SaaS payments are expected to reach a whopping $4.4 billion by 2021. As you’re searching for a payment integration, there are a number of considerations that you’ll need to make, so you can choose the solution that best meets your needs. To that end, we’ve outlined our top 10 key criteria for evaluating payment integration solutions, for your consideration.
1. Compatibility
When searching for a payment integration, compatibility should be your most important consideration. While many payment software providers provide standardized ways to integrate with as many systems as possible, some software remains easier for individual businesses to integrate than others. Your business may have unique needs or requests, such as using a payment processor with a payment gateway, to host a single solution. Some companies that specialize in payments integrations often combine these two functions into their software, but not all do. You’ll therefore need to look for an integration solution that can accommodate your requests.
2. Customization
Designing your application to optimize conversion and UX is an important consideration. White label APIs are a trend in the payments industry, and allow you to customize your brand on the front-end, while your processor handles payments on the back-end.
Actum supports a white-labeled API to help your application’s UX remain seamless. We further provide our software partners with detailed design suggestions, user flow examples, and build-out specifications, to help accelerate this process.
3. Security
You’ll need to consider the security standards of the payment integration solution you choose to partner with. Your partner will be handling your customers’ sensitive financial data, and even the smallest data breach could have a sizable impact on your company’s reputation. Make sure that you understand the encryption standards and proactive security protocols of your prospective integration partner. Many payment processors also add an extra layer of security with tokenization, which transmits the necessary data that a bank or processor requires to facilitate a transaction, without storing sensitive, consumer banking data on a merchant’s server. By choosing and employing a payment integration that supports tokenization, you’ll help further protect merchant and consumer privacy.
Actum offers encryption on all transactions and tokenization.
4. Flexibility
In today’s fast-growing payment landscape, technology is changing rapidly. Connecting to an API that offers the latest payments technology to your customers is critical in achieving time to market. Make sure that your processor supports the latest and greatest ACH features, such as Same Day ACH transactions, which continue to get faster.
Actum also supports a Next Day Payouts feature to qualified merchants, which allows them to receive their ACH funds as soon as the next business day.
5. Reporting Data
Having the right data at the right time is key to informed decision-making. Many businesses rely on raw transaction data via dashboard or API to view chargebacks, fees, growth opportunity, and more. Different processors offer different formats and types of reports, which you can often try out before partnering.
Actum offers robust transaction reports that you can access via dashboard or API. You can also register for a free test account to view transaction data. Register Here.
6. Pricing
When you feel confident that a payment integration will fit your use case, you’ll need to consider the costs and fees associated with your prospective payments partner. Some processors charge flat monthly fees, while other processors charge on a per-transaction, pay-per-use basis. Each option is suitable for a SaaS integration, and your choice depends on your budget and how you expect your business to perform.
Actum has no hidden costs or fees, such as recurring payments fees or integration and support fees. We charge per-transaction, so you can pay-as-you-grow.
7. Extended Integrations
Looking forward to how your use case may scale in the future can reduces your reliance on other platforms in the future. While you’re looking for a payment integration that helps you facilitate bank transfers today, it can be helpful to understand how your payments provider interacts with other software.
Partnering with Actum means that you can easily plug into extended ACH features of our Authentecheck™ service, including instant verification of bank account ownership, customer identity, and other KYC details. Plus, you have access to partner services that are pre-integrated, including gateways and industry-specific SaaS platforms. Learn More.
8. Support
Great customer service is a must-have, but the ability to offer self-service tools, particularly for developers, is equally important. Online resources, such as documentation and a test account environment, can help you access API reference guides, answer commonly asked questions, demo transaction processing before going live in production, and ultimately speed up integration time.
Getting the right support can also mean that your customers will receive an excellent support experience. Whether you need your payment processor or train your own customer service team to handle incoming, payment-related questions, make sure that support staff, and if applicable, adequate training, are available. Simply put, know what you’re getting into in terms of support before you close the deal.
Check out our online resources: Learn More.
9. Onboarding Experience
When shopping around for a payments integration, the emphasis is often on the technical aspects of the integration. However, other aspects are forgotten—information security, statement emails, terms of service and privacy policy. Understand how quickly your prospective partner is able to onboard new customers, and what’s involved in setting up a merchant account.
At Actum, we offer a streamlined Onboarding process for your customers. In addition to establishing the relationship and underwriting customers, we provide you with resources to help you understand and make the most of ACH.
Learn more about the Onboarding experience at Actum by reading our ACH Guide for Software Companies.
10. Ongoing Account Management
When you have a last-minute request or need extra integration support, having responsive account management is critical. Even more important is that the account manager of your prospective partner understands the needs of your business and is equipped to help you respond to them.
When you partner with Actum, you get a dedicated account manager that works with you throughout our relationship. And, based on your feedback, we will work with you to continually improve our platform with solutions for your use case(s).
Contact Us to discuss how Actum can help your payments integration needs.
