Top Benefits Of Using Payments-as-a-Service Platforms

Payments-as-a-Service Platforms are the way forward for Banks, FinTech, and PayTech companies.

Instead of using legacy payment providers and platforms or a hybrid mix of on-site, legacy, and cloud-based payment services, you could manage payments in a single powerful and easy-to-use payments-as-a-service platform (PaaS).

What are Payments-as-a-Service Platforms?

Payments-as-a-Service platforms, such as Spell, are feature-rich cloud-based software solutions for financial sector companies. Think Software as a Service (SaaS), but for payments.

PaaS is an all-in-one platform that handles everything from generic online payments in multiple currencies, including all operations like refunds, chargebacks, and settlements, to invoicing, subscription management, and even tools designed to run marketing campaigns more efficiently.

So, financial institutions rely on PaaS platforms, including Spell, to get equipped with core features to launch, upgrade, accelerate their payments business, and provide their clients with an excellent user experience and more tools.

What are the Benefits of Using Payments-as-a-Service Platforms?

Unlike legacy payments technology or multiple software platforms to manage various aspects of payment services, a payments-as-a-service platform provides all essential functionalities financial companies need.

Payments-as-a-service platforms operate similar to SaaS products. The financial sector is embracing the use of cloud-based SaaS products.

Below are some of the benefits of using PaaS and SaaS platforms for banks, FinTech, and PayTech companies.

1. Instant launch

You don't need to invest in developing payments software yourself. That can take 12-18 months and cost hundreds of thousands just to start the business. Payments-as-a-Service providers, such as Spell, have done the hard work and you can be up and running in days at no cost.

2. Waved tech investment costs & risks

Launching the payments platform is only the beginning of tech-related challenges because it's no less critical, expensive, and complicated to maintain the platform and develop future updates. Partnering with a proactive company like Spell, which will undertake all investments related to maintaining the tech and adding new features on its balance sheet, will allow you to benefit from updates without taking risks.

3. Proven scalability

Cloud-based software, such as a PaaS platform, is more scalable than legacy solutions. Spell already has extensive experience serving a high volume flow of payments on both the infrastructural and operational sides, mitigating any performance risks compared to developing your own solution. That's another massive time/cost saving, giving you the time to focus on sales and marketing efforts to make customers aware of this new service, generating more revenue for your business, and ensuring leadership is focused on long-term goals instead of software development.

4. Guaranteed uptime

Cloud-based services, such as Spell, come with redundancies, safeguards, security features, and proactive Service Level Agreements (SLAs) to maintain uptime at 99% or more. They are giving you peace of mind. Your customers will never be let down, and payments will be processed 24/7 worldwide. Wherever your customers are, we have national and regional solutions to process payments around the world. PaaS solutions are more reliable, especially when you compare them with outdated legacy software.

5. Lower operating costs

Banks and fintech companies need to keep a close eye on operating expenditures. According to Accenture, the operating cost of using a PaaS solution is 70% lower than other systems, whether legacy or a hybrid mix of multiple software suites. When you keep operating costs down, your profitability, shareholder, and reserve capital increase. Business owners in this sector need to make every effort to reduce costs and increase profits, especially when the world economy is struggling.

6. Increased team productivity

According to McKinsey, banks, fintech, and paytech companies notice higher productivity rates within customer-centric teams after implementing PaaS solutions. Payments-as-a-Service solutions generate a positive boost in productivity. Teams spent less time trying to get the software to work, finding workarounds for legacy problems and bugs, experiencing operational bottlenecks, and focusing more on what really matters — your customers.

Why Choose Spell as a Top-Tier Payments-as-a-Service Platform?

Spell is a PaaS-based white label payment processing provider. We have developed market-leading, cutting-edge, and highly secure payment processing software for worldwide partners who want to offer top-level payment processing solutions and win in the hyper-competitive payments business. With Spell, you can start or upgrade your payments business in no time. Sometimes as quickly as 1 day.

The Spell SaaS-based platform consists of two subsystems: the front and back offices, designed to scale and optimize payments businesses globally.

Within the Spell Front Office, you will find a robust suite of PaaS solutions with dozens of useful features for uniting online and account-to-account payments within one platform. For example, Account lets your clients track balances and oversee metrics via customisable dashboards in real-time. Developers enable any required technical connections with the platform, Billing covers everything related to managing invoicing & subscriptions via UI & API, Links help to run more profitable marketing campaigns, while other sections take care of managing the client's profile, team, and payments activity.

While the Back Office is designed in a way to make each piece of any process of the payments business, like onboarding, pricing management, payment orchestration settings, and even account management task control, as efficient as possible and connected with the operations in the Front Office system.

Want to know more about the platform which takes payments businesses to the next level?

Handle a Demo Tour, download the Spell Deck and accelerate your business with the best white label payment platform on the market!

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