For a business, navigating the payment world becomes increasingly complicated. As they start, companies barge into so many payment-related issues: how to get MIDs? Which payment methods to choose? How to connect a PSP? Later, their own payment setup gets more complex as they start working with multiple vendors.
Surveys show that in such conditions, merchants mainly look for ease of use (57%) and ease of setup (44%) when choosing between payment solutions. That’s because every non-payment business reasonably wants to switch focus from handling payments to growing their business.
In this article, we’re going to drill down into Cashier, a solution that allows you to work with multiple providers with ease and requires just one quick integration to start. You’ll learn what a Cashier is, how it changes the payment game, and if it’s right for you. We also prepared a gist at the end of the article for those preferring a quick read.
What is Cashier?
Cashier is a payment software that technologically enables merchants to connect multiple payment service providers (PSPs) and get a single access point to all their features and supported payment options.
Basically, it is a technical solution that requires just one integration but allows merchants to get their hands on ready-made integrations with dozens of payment providers and acquirers across the globe.
Still, we should warn you not to misconstrue this solution as the remedy to all your payment ailments (yet, it is to most of them). Though it opens hundreds of integrations before your eyes out-of-the-box, you will have to take care of merchant accounts opening to be able to use them. In its turn, Cashier will take technological and management hassles off your shoulders.
Our previous article, ‘What is a cashier system and why merchants should use it?‘, may help you dig a bit deeper.
Five reasons why Cashier is a payment game-changer
Now that you have a basic understanding of what a Cashier is, let’s lay off the benefits your business would reap if you decide to opt for such a solution.
It saves you efforts and time
Every business aims to use its resources in the most reasonable and effective way possible, and when it comes to payments, Cashier should definitely be your go-to solution.
Everyone who has ever dealt with a PSP integration knows it is a very resource-draining and time-consuming process. And you can never tell that the job is done — all the connections you’ve established require continuous maintenance and upgrades.
Of course, you can go and try to take your own lumps, but what’s the point if you can get all the integrations needed at a fair price and all at once? Cashier solves the integration and maintenance problems for you in no time.
It saves you money and boosts success rates
If your business requires working with multiple payment providers, the cost of developing and maintaining integrations ends up being significant. But with a Cashier solution, you don’t have to waste money on integrations-related expenses.
Moreover, Cashier is equipped with cutting-edge technologies allowing you to save on fees and increase your payment acceptance rate. Namely, the smart routing feature ensures each transaction goes to the optimal provider, either charging the lowest fees, offering the highest approval rates, or both.
It helps you expand your business
Regardless if you already work in multiple markets across the world or just planning your international expansion, it’s good to have a Cashier on board. That’s because all the technical work necessary is already done for you, so you have the freedom of connecting new payment options for your foreign customers in a few clicks.
It is also much easier with a Cashier to expand on your current market by offering more payment options and distributing your cash flows across multiple providers.
It allows you to alleviate risks
In the modern world of the internet, cloud computing, and technologies, no one is immune to downtimes and outages. Unfortunately, even such renowned market players as Stripe, Chargebee, Authorize.Net, and many others occasionally witness some technical glitches. That’s the way the cookie crumbles.
But instead of cursing your PSP about losses their downtime caused you, you can soften the blow by connecting multiple vendors and managing them through Cashier. This way, when something goes wrong on a provider’s side, you can easily switch to an up and running one, saving your sales.
The same is true in cases when your MID suddenly gets blocked. The Cashier will let you route your payment traffic to an active vendor to ensure continuity of your operations.
For more information on how Cashier helps in situations like that, check our post ‘Why is the cashier so beneficial for high-risk businesses?‘.
It makes payment management and analytics much easier
As you could’ve guessed from the previous points, working with multiple payment providers is a life ring from many viewpoints. However, it has one pretty serious drawback. The more payment partners you work with, the harder it gets to collect and manage all the transaction data.
But no worries — the Cashier comes to the rescue. It automatically collects data from various sources and conveniently stores it in one place for your reference. By analysing this data, you can unveil hidden opportunities and gain optimisation insight for your company.
Is Cashier a fit for my business?
To begin with, we would recommend you use a Cashier if you feel like you would enjoy all the perks mentioned above. But let’s scope out a few categories of businesses that are likely to get the most out of Cashier:
- Merchants working with multiple payment service providers
- Merchants that need various payment options
- Businesses with massive payment traffic
- High-risk businesses
- Merchants who already have MIDs and struggle managing them
- Those who need to get started quickly and with minimal development efforts.
A brief summary of all things Cashier
The Cashier is a holistic payment software that provides ready-made integrations with PSPs and acquirers and allows managing all your payments via a single access point. It doesn’t cover your merchant accounts opening needs but comes equipped with multiple advanced features for effective payment management and processes optimisation. If your business works with multiple payment providers, a Cashier can make your daily operations much more straightforward.
We suggest you check out ‘Difference Between Payment Processing and a Сashier‘ to avoid a widespread misunderstanding.
I’m interested! What to do next?
You’re on the right way! Click book a demo to meet our payment specialist online and get the chance to ask questions, see the live demonstration of how Ikajo’s Cashier works and evaluate if it’s a reasonable investment in your particular case.
Working and developing products in the card processing industry for more than 12 years, we gained valuable insights and significant experience to be able to provide you qualified consultancy and support as you start. Do not hesitate to contact us and strengthen your payment game.