Orthodontic Software Providers: Payment Facilitation Guide

THE ULTIMATE GUIDE TO RISKFREE, SIMPLIFIED MANAGED PAYMENT FACILITATION for

Orthodontic Software

Providers

INTRODUCTION

To compete in today’s competitive orthodontic practice management market, software providers need to carefully consider their company’s payment strategy. In order to remain market competitive, providers need the ability to white-label their payment processing module and offer practices instant merchant account approvals. A seamless payments onboarding experience is traditionally achieved through payment facilitation, commonly referred to as payfac.

Because of the combination of potential hyper-growth and instant onboarding of merchants with very little up-front effort, orthodontic practice management ISVs acting as payment facilitators are becoming more prevalent than ever. When a software provider acts as a payment facilitator, they serve as the intermediary between their merchant customers and payment processor, thereby improving onboarding efficiency and maintaining control over the payments process.

However, there are risks, costs and heavy lifting that come with being a payfac. An easier way to reap the benefits of payment facilitation without the hassle is through a managed payment facilitation program. This guide will help you understand how practice management software providers can operate as payment facilitators without the hefty workload through a managed payment facilitation program.

WHAT IS A MANAGED PAYFAC?

Managed payment facilitation allows software providers to deliver an instantaneous, frictionless boarding experience without the requirement to take on the risk, liability, cost, and effort associated with traditional payment facilitation models.

Leveraging advanced algorithms, a normally timeconsuming merchant onboarding process such as risk, assessment, customer finance evaluation, and business monitoring happens automatically. Whether establishing a merchant account for the first time or switching providers, with a managed payment facilitation program, merchants can be up-and transacting within minutes rather than days.

With minimal integration work and no requirements for upfront capital, in-house payments expertise, bank sponsorship, Visa and Mastercard registration, or assumed risk and liability all associated with traditional payment facilitation— managed payment facilitation is ideal for software providers looking to offer a whitelabeled payment solution, seamless onboarding experience, and begin earning payment residuals faster.

REDUCE MERCHANT ONBOARDING TIME FROM 1.5 BUSINESS DAYS TO LESS THAN 10 MINUTES.

HOW DOES MANAGED PAYFAC COMPARE TO PAYFAC?

The payfac model has reshaped the payments ecosystem for software providers. With auto-approvals and instant onboarding of merchants, being a payfac puts control squarely in the hands of the software provider and makes the customer experience more seamless. But it’s not for everyone as program limitations exist and the costs are high, making the path to ROI long. Here are the key differences between the two programs.

. No card brand registration or associated fees.

. Required to pay registration and annual renewal fees of $5,000 each to Visa and Mastercard.

. 0% risk and liability for merchant portfolio. . 100% risk and liability for merchant portfolio.

. Simple API allowing you to provide your customers with a branded, instant onboarding experience as well as white-labeled statements.

. Full operational support from the payments partner provided to manage payments including risk and underwriting.

. Revenue share resembles that of a referral partnership, but with instant onboarding and auto approvals, Integrated Software Vendors (“ISVs”) begin earning residuals immediately.

. A team of payment experts to support and guide your organization through the entire development process.

. A dedicated partner management team who oversees all strategic and operational aspects of the partnership.

. Direct access to marketing services with both turn-key and custom campaigns to drive customer adoption.

. More complex API since in addition to instant onboarding and white-labeled statements, payfacs own settlement and funding disbursement.

. Copious staff resources are needed to provide customer support, risk, underwriting, IT, etc.

. Possible higher revenue share since most of the operational and structural responsibility lies with the payfac.

. Minimal development support provided.

. Limited guidance and collaboration.

. Marketing resources are not available.

Managed Payment Facilitator Payment Facilitator

BENEFITS FOR ORTHODONTIC ISVS

MONETIZED PAYMENTS

Maximize earning potential with frictionless boarding and instant auto-approvals where merchants begin processing in near real-time and you begin earning residuals immediately.

BUILD YOUR BRAND

Build customer loyalty and strengthen your brand with advanced white labeling branding options which include welcome emails, merchant statements, and reporting portals.

OPTIMAL CUSTOMER EXPERIENCE

Create an exceptional customer experience and streamline merchant onboarding by using an API to securely provide customer information. Boarding requirements are reduced to minimal data points and acceptance of terms and conditions. ISVs are in complete control of the customer onboarding experience.

CONTROL & FLEXIBILITY

With a managed payment facilitation program, ISVs can take on as much or as little processing responsibility as they want.

BENEFITS FOR ORTHODONTIC PRACTICES

SIMPLE

With a truly straightforward (frictionless) setup where only a few pieces of information are required, no merchant application needed and easy-tounderstand pricing models, simplicity is the name of the game.

Access to the modern payment solutions practices need to create exceptional patient experiences including omni channel payment tech for patient portal and inoffice payments, automated payment plan billing, and support for credit, debit, ACH and FSA/HSA transactions.

Removing friction from the merchant onboarding process means processing can begin in near-real time. Merchants get the full value from the ISVs application when integrated payment processing is available immediately.

FAST

STREAMLINED

HOW TO GET STARTED

If you are looking for a payment facilitator program that offers the benefits of frictionless boarding without the risk and liability, Nuvei is here to deliver innovative payment solutions that empower our partners to drive exceptional commerce experiences.

Nuvei’s managed payment facilitator program offers the benefits of instantaneous frictionless boarding (automated onboarding) without the risk and liability associated with traditional facilitator programs. Additionally, there are no requirements for upfront capital, in-house payments expertise, bank sponsorship, Visa and Mastercard registration, or assumed risk and liability, as Nuvei takes on the heavy lift, risk, and liability.

If you’re ready to take your application to the next level, look no further than Nuvei. Let us show you how easy and profitable it can be to deliver a whitelabeled, comprehensive payment solution that enhances customer experiences and produces superior outcomes.

With Nuvei’s managed payment facilitation model, the average number of days for batch processing by merchants has decreased by 88%, from 24 days to just three days, allowing ISVs under this model to earn residuals faster than ever before.

Nuvei is designed to accelerate your business. Our future-proof technology allows companies to accept cutting-edge payment options, optimize new revenue streams, and get the most out of their stack all on one platform.