PaaS stands for Payments as a Service. It is a universal solution for business, represented by a virtual server that allows to receive and process financial transactions in real time. Payment platform as a service has its own physical server, which is leased to businesses so that they can focus on expansion and competition instead of spending money on technical equipment.
Let’s take a look at how Payments as a Service works, what benefits a company gets and how to choose a reliable provider.
What Payments as a Service Technology Means
Payments as a Service is a technical solution that allows to outsource part of routine work. For example, a company does not need to bother itself with creating a server for payment processing, you can order the service from us and you will get a ready-made solution. Billblend works not only with ordinary but also with high-risk businesses such as bookmakers, poker rooms, online casinos.
Payment-as-a-service typically consists of the following elements: storage, analytics, database, network server and software. Since businesses use cloud technology rather than building a server in-house, they spend less money to connect payment systems. Operators offering payment-as-a-service charge a connection fee, and the business only pays for the transactions made.
Why PaaS is needed
Any business sells products or services. The higher the quality of the products and services, the more likely the company will be able to recoup the cost of production and make a profit. Conceptualising and realising a product takes a lot of time, but there are other routine tasks that cannot be left unattended. The company must deal with taxes, payment processing, fraud protection, and more.
Integrating a payments platform-as-a-service allows you to shift most of the routine tasks to the provider. This frees up time that the company can spend on product creation and promotion. The business doesn’t have to solve the problem of how the customer will pay for the order, the provider offering payments as a service will solve everything.
Time is one of the main reasons why payments as a service is in high demand. Companies can do their own development and all the problems with payments will be solved by the provider offering payments as a service.
The main advantages of using a PaaS platform
Providers offering payments as a service have a number of undeniable advantages for businesses. Let’s tell you what bonuses a business will get by connecting PaaS Billblend.
Cost reduction
One of the main advantages of using the platform is its cost-effectiveness. Choosing cloud technology company does not need to spend money on the creation of a physical server. It has already been set up by the provider who keeps the server running.
Connecting payments as a service company in its use receives production capacity, while paying only the amount specified in the contract. You do not have to pay for the repair of the server, if it is required for work. All costs are borne by the provider. Many service providers charge a connection fee, and the rates are designed so that the business pays directly for operations. This allows you to save money and then use it for development.
High reliability
The provider takes the responsibility of keeping the server running. You don’t have to worry about not being able to process customer payments due to a breakdown. Due to high performance, payment-as-a-service providers can achieve real-time transaction processing.The servers are built with a margin of safety, so there will be no disruptions when there are a large number of orders.
Connection speed
The speed of payment server connectivity is another undeniable advantage of payments as a service. While building your own server, connecting it and setting it up can take several months, with cloud technology, integration is much faster.
Payments-as-a-Service providers already have a physical server and ready-made solutions that can be used to integrate with the customer’s website. You can leave a request on BillBlend, telling about your business, turnover of funds, and you will get a ready-made solution for integration with your website or application.
Security
Security in financial transactions comes first. Choosing a reliable and trusted service provider will protect the client’s personal data, as well as well as the interests of the business.
Payment services use modern methods to protect payments and online fraud: user address verification, 3D-authentication, encryption and others.
Scalability
Every business owner expects the company to grow gradually. This leads to the need to expand capabilities as the number of payments increases. By using payments as a service a business can quickly achieve scalability. This is because it doesn’t need to build an additional physical server, just increase the PaaS rate by allocating more space in the cloud server. For fast connectivity, you can use pre-built developments that are already in place for ongoing payments.
Speed in connecting and scaling is one of the key benefits of PaaS. If you’re just starting out, you don’t want to pay for transactions that may happen in the future. You have the option to gradually increase capacity as the number of transactions grows.
Payment services use modern methods to protect payments and online fraud: user address verification, 3D-authentication, encryption and others.
Modern solutions
Payments as a service offers modern solutions for businesses. Company services get updates that customers can access immediately. This means you’ll only ever use up-to-date payment solutions, with the cost of upgrades falling on the provider, not the recipient of the service.
FAQ
PaaS - is it a modern payment solution?
Cloud technology has been in use for over 20 years, and the very concept of developing software to provide to other companies has been developed over 50 years. It is a time-tested technology that is evolving and accommodates the interests of modern businesses.
What components are included in PaaS?
PaaS as a service consists of the following components: infrastructure, system software, development tools, testing environment, business intelligence, management and administration tools.
What are the main benefits of PaaS?
The main advantages are savings, productivity, minimisation of connection time, no need to expand staff when the company grows, updates and use only current solutions.
Which companies are using Payments as a Service?
The system was originally developed for banking organisations. Now PaaS is used in different types of businesses.
