Home > Companies > C-Suite On Deck > PayFac-as-a-Service is revolutionizing the integrated payments landscape, says Caleb Avery, CEO at Tilled.

PayFac-as-a-Service is revolutionizing the integrated payments landscape, says Caleb Avery, CEO at Tilled.

PayFac-as-a-Service
Caleb Avery, CEO of Tilled, discusses the payment industry's revolution, the benefits of PayFac-as-a-Service that does not have any upfront investment or ongoing overheads, and the best practices to generate revenue in this interview with Media 7. Read more to know about easy and time-effective payment services.

It’s so important to get your market validation and find a product market fit before you dive in headfirst.

MEDIA 7: What do you mean by PayFac-as-a-service? How is Tilled revolutionizing the payments industry with PayFac-as-a-service?
CALEB AVERY: PayFac-as-a Service is a new option we introduced to the market with Tilled that empowers software companies and vertical ISVs to monetize their payments and profit from the money they are processing through their platforms, all with no startup costs or additional overhead in just a matter of weeks. 

Traditionally, software companies had few choices for processing payments on their platforms. Many start with managed PayFac providers like Stripe, Square, and Braintree, who offer easy-to-use APIs and instant onboarding, but at a high cost of 2.9 percent and 30 cents per transaction with no opportunity to benefit from those payments. As software companies grow and realize they could be profiting from those payments, their only options were to work with expensive PayFac-in-a-Box providers that can take months or even years to set up, or to sacrifice their customer experience with traditional credit card processing referral relationships.

With easy-to-implement APIs and seamless merchant on boarding, PayFac-as-a-Service provides the excellent customer experience software companies spend so much time designing for their own product and expect from their partners. At the same time, our revenue share — unparalleled in the industry —, allows companies to begin profiting immediately from the payments being processed on their platform.


M7: How does Tilled help its client integrate payments as a revenue strategy?
CA: If you’re a software company that currently has integrated payment processing capabilities into your offering, more than likely you see it as a service that comes at either a cost to your bottom line or as a pass-through line item that your customers covered. But with Tilled and PayFac-as-a-Service, we can change payment processing into a revenue strategy that can add substantial value to your bottom line in just a matter of days.

We’ve based our business on the idea that for each dollar a software company processes through their system, they should earn money in exchange. They’ve done the work to build their software, land the customer, and facilitate the payment, so we believe they should be rewarded. At Tilled, we make that easy while also adding value and providing a better user experience.  It might seem revolutionary to someone who hasn’t operated in the payments space before, but for payments experts it’s hardly a new concept. Since the day you could process a credit card, there have been people and businesses who have benefited throughout the payments processing chain. We believe that every software company should have the ability to easily monetize their payments, and they shouldn’t have to sacrifice their user experience in the process. That’s why we created PayFac-as-a-Service.

Tilled is payment facilitation reimagined for companies that don’t have the time, money or expertise to become their own fully registered payment facilitator. Tilled’s revolutionary PayFac-as-a-Service platform allows software companies to enjoy all the benefits of becoming a PayFac without any of the upfront investment or ongoing overheads. All while capturing the lion’s share of the economics.

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Software-led payments is more than just ecommerce or online invoicing as many software platforms are starting to offer solutions for card present transactions.



M7: What about the risks associated with processing payments?
CA: That’s the true beauty of PayFac as a service. While Tilled’s PayFac offerings will bring a lucrative new revenue stream to your business through payment monetization, we do more than write you a check each month and wish you luck with this new aspect of your business. As your true payments partner, we provide you with an entire division of payments experts essentially in-house, as a service.

First and foremost, we help get your merchants up and running with Tilled, taking care of the application and underwriting process so that many of them can begin processing payments in less than 10 minutes. While most underwriting can be automated, it occasionally does need a human to complete. With Tilled, we have a team of experts who double-check every underwriting process and reach out proactively if we see an issue. This ensures your customers are onboarded quickly and efficiently, with no work needed on your part.

You can also count on us to handle the many nuances and potential liabilities that come with processing payments, including fraud monitoring and chargeback management. Other providers often fall short in this area, setting up their customers with a payments solution and then leaving them to figure out the rest. If you’re unsure of how to handle those aspects of payment processing, it doesn’t matter how good the rest of the solution is. When you don’t have the money, time, or expertise to provide payments support for your customers, it’s doomed to fail. We’re proud to offer our customers the best solution on the market for software companies looking to monetize their payments. But we’re even more proud to offer it as-a-service.


M7: What are the top challenges you see for the industry in general and Tilled this year?
CA: As software-led payments become a larger and larger piece of the overall payments pie, the payments industry will have to recognize the specific needs and challenges of these platforms and customers. Software-led payments are more than just eCommerce or online invoicing as many software platforms are starting to offer solutions for card-present transactions, which historically have not been an area the major managed PayFacs like Stripe and Braintree have excelled at. Likewise, legacy processors like Worldpay have not developed the modern technology and support that software companies require to be successful when it comes to integrating payments. These are challenges we are excited to tackle at Tilled as we continue to revolutionize the integrated payments landscape.

This year, hiring will be one of our biggest goals and challenges at Tilled. We plan to triple the size of our team, bringing in top talent in the payments industry that will continue to build out our technology and offer best-in-class service and support for our customers. I’d encourage anyone who is interested to check out our Careers page regularly, as we’re adding new positions nearly every day.

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As software companies grow and realize they could be profiting from those payments, their only options were to work with expensive PayFac-in-a-Box providers.



M7: What piece of advice would you like to give to the budding entrepreneur?
CA: Sell it before you build it. One of the most valuable things I did when starting Tilled was to talk to our end customers, even before we had a product to offer them. I wanted to make sure what we were building at Tilled would actually solve their problems – and that they’d be willing to pay for it. Too many founders and entrepreneurs think they have a great idea and they go out and build it, not realizing they might be building something no one needs, wants, or will pay for. It’s so important to get your market validation and find a product-market fit before you dive in headfirst.

ABOUT TILLED

Tilled empowers ISVs to monetize the payments flowing through their platforms. Through Modern APIs and SDKs, Tilled's turnkey system allows software companies to be set up and running in a matter of weeks, with no upfront costs or additional headcount required. Without any of the headaches, regulatory compliance, or liabilities of becoming a fully registered facilitator, Tilled makes it easy for any software company to take full advantage of the benefits of payment facilitation. Tilled was founded in 2019 by Caleb Avery and is currently based in Boulder, Colorado.

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Tilled

Tilled

Tilled empowers ISVs to monetize the payments flowing through their platforms. Through Modern APIs and SDKs, Tilled's turnkey system allows software companies to be set up and running in a matter of weeks, with no upfront costs or additional headcount required. Without any of the headaches, regulato...

Events

Resources

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POS Solutions, Ecommerce Merchandising

Driving Success with Localization of Global E-commerce Platforms

Article

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POS Solutions, POS Retail, Ecommerce Merchandising

Realizing Exponential Growth with Top E-commerce Tools

Article

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POS Solutions, POS Retail, Ecommerce Merchandising

Implementing Marketplace Optimization Tools for B2B Success

Article

resource image

POS Solutions, Ecommerce Merchandising

Driving Success with Localization of Global E-commerce Platforms

Article

resource image

POS Solutions, POS Retail, Ecommerce Merchandising

Realizing Exponential Growth with Top E-commerce Tools

Article

resource image

POS Solutions, POS Retail, Ecommerce Merchandising

Implementing Marketplace Optimization Tools for B2B Success

Article

Events