Why Your Platform Can't Afford to Ignore EFT Payment Solutions: 4 Key Advantages

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Posted on July 26, 2023

How do you make your software platform stand out from the rest? It is a question that many SaaS companies may ask themselves. As a digital enterprise, you are always looking for ways to improve the user experience for your customers, reduce churn, and build revenue. So how do you do it? The answer is simple and complicated, give your customers what they need before they know they need it.

With an economy growing increasingly digital every day, payment modernization and online payment solutions have become critical components of a successful business strategy and, never more so, for platforms. And while you could build your own, it’s complex and resource intensive. This article focuses on Electronic Funds Transfers (EFTs) as a payment option, particularly VoPay’s EFT payment solution, to explore why it is different. We outline why it matters to your customers and why it matters to you.

4 Reasons Why Your Business Clients Want an EFT Payment Solution

Maybe you are a loan management software solution; maybe you are in proptech; perhaps your solution is payroll or delivers healthcare services. It doesn’t matter if your customers are property managers, lenders, doctors or a business; they all have one thing in common, they need an upgraded payment experience. This is where embedded electronic funds transfers come into play.

This multi-purpose payment solution allows end-users to make and collect payments efficiently and effectively without leaving the platform. Better than cheques, cheaper than credit cards, and with more functionality than others, VoPay’s intelligent EFT payment solution is a win for businesses and, most notably and a win for software platforms.

1. Send Payments Directly To Vendors and Suppliers

EFTs are an increasingly popular way businesses pay their vendors and suppliers. EFTs allow payments to be transferred directly from the buyer's bank account to the seller's bank account, eliminating the need for paper checks or manual transfers. This means that payments are received faster, and fraud or errors are less likely. Your customers want access to an EFT payment solution that works for them.

2. To Collect Funds Owed, Such As Rent or Loan Repayments

Collecting funds owed, whether it be membership fees, rent, or loan repayments, it needs to be the right EFT payment solution that can be automated and streamline the entire collection process. Your customers want the visibility and control that comes with pulling funds with an EFT bank account payment solution.

3. EFT Bulk Payments Make Recurring Payments A Breeze

Electronic fund transfers allow your customers to pay, collect, track and reconcile payments to and from many vendors and customers at once. This is a time-saving feature for service providers, for example, that charge monthly fees to many users at once.

4. Faster EFT Payouts

The ability to transact in real-time instantly is considered a game changer across industries. Be it lender, property manager, or gig worker, the need for instant payment capabilities are on the rise. Whether your customers are paying out or collecting funds, they want the transparency, traceability, and enhanced cash flow management of an instant EFT payment solution. With a faster, more efficient process, your customers and theirs will be happy. And today, that goes a long way. We call it consumer stickiness, and payments play a big part.

Here’s How EFT Works For Businesses

Every Software Platform Needs VoPay’s EFT Payment Solution

We don't sell payment rails; we solve problems. With VoPay’s comprehensive EFT payment solution, we deliver an entire suite of products that puts payment processing on autopilot.

VoPay’s intelligent EFT iQ11 payment solution supports the full cycle of money, including same-day payment initiation, bank account verification and transaction monitoring. In addition to this, VoPay customers can utilize their selected Open Banking data aggregators APIs for real-time payment initiation.

With payment industry trends changing at every turn, you need to stay on top of all the ways payments are delivered to customers, understand the pain points they solve, and meet their payment expectations on every level.

You do this by partnering with a third-party payment processor. As we outlined above, sure, you can build your own payment solution, but chances are it will cost you.

The 4 Key Advantages of Partnering With VoPay:

The Benefits of Embedded EFT Technology for Your Software Platform

1. Expanded Reach And New Markets

No matter the vertical, every company is searching for the right technology partner to help decrease costly operational inefficiencies. When it comes to financials, payment solutions are a big one.

Expanding your payment functionality to include an EFT payment solution opens your doors to new customers who may need to accept payments differently. Electronic funds transfers have become an excellent alternative to credit cards for companies looking to break away from the high processing costs while at the same time accessing a brand new customer base.

2. Capture Revenue

Build loyalty, enhance customer stickiness and generate income with resellable value-add services. Take a piece of the pie, monetize your core payment offerings, and share in the transaction profits. Earn a percentage of the transaction fees for each sale; what would otherwise go to a third-party processor is now added to your bottom line. By offering additional financial services derived from EFTs, such as bulk funding and real-time payouts, you increase the value and demand of your software, attracting new customers and leading to more revenue. By improving the payment process and providing a valuable financial tool, expect increased customer loyalty and less likely customers will leave to use another service.

3. Off-Load Underwriting and Onboarding

At the next level of complexity, our white-label solution will deliver greater control over the user experience while offloading risk onto us. Market-ready white-label services ensure you can provide tailored solutions to your and your customer's specific requirements.