Welcome to The World of Payments-as-a-Service

Posted on November 6, 2020

The Payments-as-a-Service (PaaS) model eliminates the need for costly and lengthy implementations. Instead, it shifts to a subscription-based technology designed to reduce upfront IT spending, enhance client flexibility and give access to the latest technologies. PaaS is designed to allow merchants and others to leverage local, regional, and global payments options through a single interface. The complexity of moving funds between providers is handled by the PaaS layer and is hidden from the user.

Here's a look at the layers that make up VoPay's PaaS solution:

The solution is designed to allow businesses to utilize multiple payment options through a single open API  to meet their specific payment needs. Because only one API is required, you’re only required to maintain one relationship.

Outsourcing payments to a PaaS provider can allow businesses to focus more time and effort on customer innovation and experience that drive incremental value. As payments become more commoditized, and traditional payment revenue streams decrease, the case for retaining payment processing in-house may become narrower.

Adopting PaaS brings a wealth of financial and operational benefits, enabling businesses to be agile and strategic, so they can devote more resources to innovation, provide services and experiences that customers want, and differentiate from the competition.

Through VoPay's API layer you can access the following payment services:

Intelligent EFT / ACH (iQ11): Accept instant bank account verification payments, improve payment speed and reduce NSFs. Learn more here.

EFT / ACH: Seamlessly facilitate bank payment processing by connecting to North America’s banking system. Learn more here.

Interac e-Transfer® for Business: Send thousands of near-real-time payments with higher funding limits with just an email. Learn more here.

VoPay Instant (Visa Direct): Send money directly to almost any Visa cardholder in real-time. Learn more here.

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