To paraphrase the old typewriting practice line, ‘now is the time for all good men to come to the aid of small businesses’, readers will know the crushing impact to SMEs (especially those in certain specific verticals) from the sledgehammer policies enacted to slow down COVID-19. This referenced posting, appearing in yahoo finance, reviews a partnership between a couple of startups that have capabilities to fit the needs of SME merchants. One is Fattmerchant, a 2014 Orlando fintech that provides integrated payments technology solutions. The other is SaaSOptics, a 2009 startup in the Atlanta area that offers a subscription management platform. Using APIs, they are integrating services to reduce payments processing costs and enable better processing and analytics services for businesses that manage subscriptions.
‘Fattmerchant’s payment processing technology has been integrated directly into SaaSOptics’ backend via Fattmerchant’s API, expanding its integrated payment options for emerging and growth B2B SaaS. With Fattmerchant, SaaSOptics adds a more affordable payment processing model for credit card and ACH transactions to its platform…The subscription management platform will utilize Fattmerchant’s PayFac model to accelerate its sign-up process for new and existing customers, which will result in the acceptance of payments faster compared to traditional underwriting procedures.’
For sure one key for SMEs is fast onboarding, since most don’t have either the time or resources to get entangled in complicated solutions with heavy tech or training requirements. Time is money and these companies tend to be cash-strapped. Another is the low upfront capital since SaaS is delivered on an as-needed basis with ongoing updates, so no need for new version purchases. SMEs also benefit from lower operating costs since in-house resource requirements are limited. All of these things will be important for the re-launch of various businesses during the next 6 months.
“SaaSOptics’ seamless approach to SaaS financial operations and continued product innovation has led to its rapid growth and status as a leading subscription management platform,” said Sal Rehmetullah, president at Fattmerchant. “Both Fattmerchant and SaasOptics value ease of use, customer service and fast implementations for our customers. Not only will the alignment within this partnership allow us to provide SaaS-based merchants with an improved experience overall, but it also presents a great opportunity to continue expanding our presence in the growing market.”
Overview provided by Steve Murphy, Director, Commercial & Enterprise Payments Advisory Group.