Fattmerchant, an integrated payment technology provider that simplifies the payment processing experience for business owners, today announces the launch of Omni Connect, a managed payments platform that brings together all of the necessary tools required to enable software companies to become payment facilitators (payfacs) and accept payments within their platforms seamlessly.
Service Fusion, a cloud-based field service management software, is the most recent independent software vendor (ISV) to integrate Omni Connect into its backend system. The platform gives its clients access to a faster onboarding and a more seamless payments experience.
The Omni Connect integration is housed under a single API and can get ISVs’ merchants up and running within 20 minutes. Omni Connect saves software companies $5 million in upfront investments and $1 million in tools and people per year. Now any software company can effortlessly monetize the transactions through their platform with simple API documentation, robust payment features, merchant onboarding, risk monitoring and payment support.
Omni Connect compiles all the essential tools needed for a full payments experience:
- Sponsor Bank
- Vigorous vetting process that involves drafting of compliance documents, comprehensive audit by card brands and reserve bank account for risk mitigation
- Underwriting & Risks
- Assume 100% of the risk and fraud associated with merchant accounts
- Transactional Monitoring
- Daily review of merchant processing activity and capital investment in a monitoring tool. Access to a dedicated team of risk analysts for escalated case management and ongoing reporting
- Settlement Engine
- Complex development work to integrate software to a sponsor bank’s settlement engine for daily funding instructions and reporting of transactional activity
- Payment Processing
- Front-end user application functionality that supports everything from basic charges, refunds and voids to complex scenarios of authorization, recurring payments and physical reader integrations
Omni Connect is also the only product of its kind that offers revenue sharing opportunities, meaning ISVs can monetize their payment volume. Previously, software companies had to either become a registered payfac, which costs millions of dollars, or become a registered independent sales organization (ISO) and rely heavily on a sponsor bank. With Omni Connect, software companies can bypass the process and become a payfac with a simple integration.
“We built Omni Connect to be the payments toolkit for software solutions,” said Suneera Madhani, founder and CEO of Fattmerchant. “With a product like Omni Connect, software companies can act as PayFacs by leveraging Fattmerchant’s technology through a quick sign-up and implementation instead of spending time, money, and risk to do it themselves.”
By adopting the Omni Connect integration, Service Fusion can accelerate the sign-up process, facilitate the acceptance of payments faster and empower its users to deliver a more seamless and frictionless payment experience for net new and existing customers. For more information about Fattmerchant and Omni Connect please visit https://fattmerchant.com/isv-lp/.