MerchantServices.io is debuting its Software-as-a-Service (SaaS) solution to process B2B and municipal payments, the company said Wednesday (Feb. 21).
According to the company’s press release, its SaaS platform supports Level 2 and Level 3 credit card processing, which is key to B2B payments, as they enable more data to be transmitted with a payment for accounting and reconciliation purposes.
The solution also enables API integration to existing back-office functions, offers eInvoicing, can support recurring B2B payments and can process payments in rails other than a card.
“We believe that in order to be successful, our merchants must first be successful,” said VP of Sales Christopher Fleisch in a statement. “The feature alone will aid in the growth of our merchants; they have been perfected and will guarantee success. True success will be exponentially greater through the education of our merchants through personalized training and support.”
MerchantServices.io is part of PayZang, a card and ACH payments processing company for merchants that, until now, operated mainly in the consumer transaction space. The company enables other businesses to accept online payments.
Card and ACH payments are increasingly important in B2B transactions as companies are steered away from paper checks. According to NACHA data released in 2016, ACH volume increased by more than 5.6 percent in 2015, with B2B payments increasing its use of ACH by 15.4 percent during that time. In the U.S., however, about half of B2B payments are still sent via paper check.