Ordway, a billing and revenue automation platform for scaling Software-as-a-Service (SaaS) companies, has partnered with embedded payments provider Exact Payments.
The collaboration aims to deliver an all-in-one billing and payments solution to Ordway’s customers, aiding in the reduction of manual processes and providing an improved customer experience, the companies said in a Wednesday (Aug. 9) press release.
“Our partnership with Exact Payments has enabled us to move beyond our traditional business model, which was focused on generating SaaS subscription revenues,” Ordway founder and CEO Sameer Gulati said in the release. “We have now created a new revenue stream that will help us generate expansion [annual recurring revenue (ARR)] with our customers and boost our net dollar retention.”
Ordway selected Exact for its Payment Facilitator-as-a-Service solution (PFaaS), according to the release. This provides Ordway with additional revenue from the processing fees collected on its platform while allowing the business to outsource payment back-office functions to Exact, including underwriting, compliance, data security, funding and customer support.
The embedded payments solution gives customers a seamless sign-up process for payment acceptance without having to leave the Ordway application, the release said. Payments are then posted automatically to an accounting or enterprise resource planning (ERP) solution, eliminating manual processes. The platform enables customers to perform collections using ACH, cards, digital wallets and real-time payments channels.
“Our embedded approach to billing and payments translates to streamlined, automated workflows so that SaaS businesses can focus their resources on more important tasks,” Exact Payments CEO Phil Levy said in the release. “Together, we have built a one-stop shop with everything needed to manage payments, and we are excited about the value it offers Ordway’s customers and the industry at large.”
PYMNTS research found that subscription brands whose billing practices and policies are misaligned with shifting consumer mindsets may lose customers.
A key strategy that subscription merchants and brands are using to keep their place in the consumer mix is simplifying the recurring payment experience, giving customers one less reason to churn out, according to “Economic Strains Put Nonessential Subscriptions Under Fire,” a PYMNTS and Vindicia collaboration.
The report found that as many as 40% of consumers are interested in using service providers that offer an improved billing experience.
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