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Payments as a Service: Humanizing Payments In Uncertain Times

After the 2008 financial crisis, we were at the forefront of a payment evolution. The landscape was changing quickly with the idea to benefit businesses and consumers alike. A more holistic approach was emerging, where payment providers looked to retain clients based on the services provided, rather than profiting off of them. Just as a revolution happened with Software as a Service (SaaS), the same thing was happening in payments. 

Payments as a Service (PaaS) emerged as a way to simplify payments for businesses while creating an environment of inclusivity and transparency. Two years ago, we took a deep dive into what PaaS means for software providers and their customers. Since that time, things have changed. 

In early 2020, COVID-19 struck the world, and businesses of all types and sizes were forced to shut their physical doors due to social distancing rules. Many businesses weren’t ready for this abrupt change. To stay open, they needed a plan to go online, and they needed someone to help them get there. 

It Starts With Humanizing Payments

For many businesses, moving online can be a worry. If they haven’t set up shop online before, how can they know what to expect for things like fees, contracts, and how to get set up? 

Transparency in uncertain times goes a long way; a business should be able to trust the payment provider they work with. No hidden fees, no locked contracts, and a dedicated team are just a few of the things to look for when moving online. At Bambora, we take a unique, people-oriented approach to make payments understandable, starting from the moment a business begins their journey. 

Instead of a one-size-fits-all model, we take a consultative and strategic approach to understanding a business. With leading software partners from virtually any industry, we offer dedicated account management teams to help with set up and to answer any questions along the way – a rarity in the payments industry. And the support continues the entire time businesses are with us through our bilingual support team. 

An Invisible Payment Provider

Humanizing payments brings a lot of value to the end customer. A big part of that value of humanizing payments is that there is no need to worry about if payments are working or not. Payments should be operating in the background, and we believe the payment processor should act as an invisible part of a business, integrated smoothly into their operations. Payments are and should always be a service. And service is there to help, not hinder. 

But invisible certainly does not mean that we aren’t there. For a payments company with two decades under our belt, we know from experience our customers want peace of mind that payments are being processed without having to keep in constant contact. The less time our customers have to interact with us, the more time they can spend running their business, and we consider that a win.

You Don’t Have To “Rush” Online

For businesses that are new and wary of e-commerce, having a payment provider that is transparent and available can help remove the barrier to going online. With the current rush for businesses to switch to e-commerce, it is crucial to know who you are going to work with and what the benefits are before making a decision.

Although it may seem like the current economic climate is up in the air, there is no need to panic or rush. Think about what your values are and what your mission is before coming to a decision. Running a business is complicated enough – adding online payments shouldn’t bring any unnecessary stress. 

Businesses will open their doors once again in the future, but things will likely never be the same. We believe that humanizing payments is the right approach to work together to keep businesses thriving online. Having a transparent provider who is there when you need them can make a world of difference. If you are curious about what Payments as a Service can do for you, our experts are ready to talk.

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