"Software developers today are competing to keep their users happy, which means continually enhancing their overall value proposition. One of the most sought-after offerings inside a software solution is electronic payment processing. But integrating it, and understanding the nuances it takes to make it work efficiently for users, is another ball game. Simply put, ISVs need a single interface end-to-end solution for contracting, onboarding, and electronic payment processing. So, suffice it to say, that payments are not for the faint of heart. That’s why Singular Payments, a wholly owned subsidiary of Payment Data Systems, Inc. [NASDAQ: PYDS], created a solution set of APIs called Payfac in a Box™.
In most instances, it is always a better option for developers and technology firms to opt for a payments solution provider in this arena, rather than diving in without the necessary talent, infrastructure, compliance mechanisms, or technology, which could result in making a huge and costly mistake. Bringing its expertise in dealing with the complexities, data security requirements, and risk management obligations associated with payment services to the table, Singular Payments provides a robust infrastructure for the automation of contracting and onboarding and the creation of a single interface to facilitate payment processing. Most importantly, it is the company’s simple, one-flat-rate pricing structure that makes accepting electronic payments through any software solution affordable, simple and easy.
“We have architected our Payfac in a Box™ platform with the customer in mind; we welcome the opportunity to have a requirements discussion and work alongside a partner to add value to their downstream user base while creating a source of incremental new revenue for their business,” says Vaden Landers, Executive Vice President and Chief Revenue Officer for Payment Data Systems. Singular’s custom flat rate processing model is primarily geared toward healthcare services, such as hospitals, clinics, and practices large and small in the delivery of care within medical, dental, veterinary, optometry, behavioral medicine and other specialties. “We look at all the factors of payment acceptance - the cost elements of authorizing and settling a transaction; the desired payment options (cards, ACH/ eCheck, etc.) and the payment acceptance.
We also examine the complexities of enrolling and implementing each merchant, and build them into a model through our comprehensive Statement of Work exercise,” Landers adds.
The robust set of APIs leveraged in the solution assists its customers in a simple and cost-effective manner. Singular Payments also understands that each new ISV partner has precise and unique requirements and is focused on creating a strategy for getting a high percentage of traction within each partner’s existing customer base for integrated payments.
For software development partners to enjoy the functionality of a payment facilitator (PayFac) without taking on the substantial inherent costs, liability or risk, Singular Payments’ innovative API-SDK environment called Payfac in a Box™ is the next-generation solution. On the horizon, the company aims to include various payment types, such as PINless debit processing and other card-involved capabilities, such as P2PE, PIN debit, EMV-enabled devices for in-person payments, and the facilitation of international payment processing. Singular Payments and the entire Payment Data Systems family of brands, continues to work vigorously to simplify and streamline the payment workflow, by removing the friction and complexity that are commonplace within the payment processing industry."