Think about the humble clownfish and sea anemone. They've cracked the code when it comes to mutually beneficial symbiotic relationships. But is there a way to learn from them when it comes to embedded payments and banking? We think there is!
Connecting payments and banking services as features in your software helps your business owners simplify operations and streamline the flow of money. Bonus: you win more business and generate a new revenue stream from daily deposits.
As a software provider, you help business owners run their businesses better by collapsing functions—sales, inventory, scheduling, customer management and more—into one intuitive experience. The best software replaces legacy systems and reduces the number of tools or vendors business owners have to manage. When the software is designed for specific segment needs, it improves workflows and lets business owners and their staff spend more time focused on customers.
Accepting payments from within your core software is a proven path to success for many software providers. It introduces a slew of efficiencies and impacts everything from purchases to customer management, end-of-day processes and reporting. But there is a ceiling.
So, how do you break past the payments ceiling? By integrating an embedded finance offering that connects payments and banking into a single flow, as features in your software! When you offer a "follow the money” experience - by settling deposits from accepted payments into a linked bank account - your business owners now enjoy a unified experience, better reporting and easier reconciliation while also strengthening your relationship.
Many business owners just getting started—say, a music teacher or handyman—initially operate as sole proprietors and get paid for their services via check or peer-to-peer cash app, with the money going into their personal bank account.
As their business takes off, they realize the need to find a software provider that offers segment-specific features that solve their unique business needs - making appointments, managing customers, offering bundles, accepting credit card payments, etc. At this point, they also realize the need to separate personal and business funds for accounting and tax purposes and set up an LLC or S-corp. Often this can be a lengthy and complicated process. Who has time for that these days?
Make it easy for your customers to add payment acceptance and a checking account to your software via a streamlined online form. You become their go-to provider for software, payments and banking, all under your brand.
Making it possible for your business owners to bank digitally from your software means they can pay bills, transfer money and make purchases in just a few taps or clicks. And a physical debit card keeps your brand front and center whenever your business owners use it to buy something or get cash at an ATM. It's a portable billboard!
Typically, business owners have one way to manage their payments and another for banking. By offering a single, secure login, you make it possible for business owners to access their merchant and bank account without having to deal with multiple clunky portals. Linking both accounts through your software lets deposits from payment processing automatically flow into their checking account the next day so they have quick access to their money.
Help your business owners declutter and thrive. The right embedded finance platform lets them view reports and easily reconcile transactions activity in their merchant account and funds in their business checking account. They can track customer activity, payment history and deposits, giving them a holistic view of their business.
The secure movement of money and access to funds fuels your business owners. When payments and banking services are delivered through a single platform, business owners gain better visibility into the cash flow. Give them confidence and build their trust in you by partnering with an embedded finance provider backed by a federally licensed, insured and regulated bank.
A partner like Maast, supported by a FDIC-member bank with a long history of innovation (Synovus Bank), brings payments and banking together into a unified experience. Get to market faster with one relationship, contract, and integration layer. You take care of the software. We’ll manage funding, underwriting, compliance, and customer support so you can focus on what’s next for your business.
Payments and banking are better when they are together, don’t you think? Visit maast.com to learn more about how to bank on your platform.