Payment Processing Software:
Payment Processing Software is a software that is used by businesses to provide with the means to process multiple types of business-to-business (B2B) payments.
This type of software can be used by the companies to manage payments received from business customers and made to suppliers.
Business that accepts payments in a method other than cash can benefit from payment processing software.
Features and Benefits of Payment Processing Software:
The Payment Processing Software has several features that can benefit the user in many ways to grow their business. Some of these include:
- The software can be used by accounting teams to ensure that payments are submitted on time and to avoid payment errors.
- It can be integrated with payment gateways, accounting software, as well as AP automation software.
- It can also be used in conjunction with e-commerce platforms and retail POS system.
- Customer payment information can be collected and it can be relay to a bank for approval or denial.
- Approval or denial of a transaction can be transmitted back to the customer or merchant.
- Multiple payment methods such as credit card, ACH, or wire transfer can be supported.
- Customizable payment rules, terms, and deadlines can be defined and tracked.
- Errors such as late payments, overpayments, or failed transactions can be identified.
- It can be integrate with ERP, accounting, or accounts receivable and accounts payable systems.
- Every level of the financial stack can be operated on and optimized from direct integrations with card networks and banks to checkout flows in the browser.
- It help increase revenue across conversion, fraud, revenue recovery, and more by the help of machine learning models.
- Users can be enabled to maximise connectivity between various card providers to streamline the processing and verification process through its Automated Clearing House (ACH) feature.
- Fraud detection capabilities and its compliance support are the primary features of this software.
- An expansive range of fraud evaluation parameters such as keystrokes and speed of user data entry can be provided in order to alert users of suspicious activity.
- It will simplifies online payment processing by leveraging the power of leading payment gateway.
- One-touch login process, mobile optimisation and card synchronisation functionality can be provided.
- Users are allowed to accept and manage international payments from financial institutions, digital wallets or individual customers.
- Standard payment functions can be handled and businesses are allowed to manage full-stack payments, invoicing, shared customers, instant payments and the collection of any applicable transaction fees.
- Clients will be able to customise their desired user experience while it can simultaneously manage PCI compliance and synchronize financial reporting processes.
- It can be ensured that the companies remain PSD2 compliant by shouldering the regulatory burden on the platform's own e-money license.
- There are no setup fees, subscription costs, refund penalties or card storage costs for most of the software.
- Features with volume discounts and migration assistance are also available.
- A database of historic sales can be auto-populated to assist managers with tax calculations, and can record transactions on an offline mobile device by storing data locally before automatically synching when that device reconnects.
- Same day deposits is allowed and all client transactions can be tracked in real time so that users can keep up with all payment activity.
- Users will have access to a range of historical transaction information, payment requests, administrative controls and onboarding capabilities.