Ordway, a billing and revenue automation platform for scaling SaaS companies, announced its partnership with leading embedded payments provider, Exact Payments, to offer payment processing as well as automated reconciliation and cash application to Ordway’s client base. With the implementation of an embedded payments solution, clients will experience a seamless sign-up process for payment acceptance without having to leave the Ordway application. The unified solution will also significantly reduce manual processes with payments posted to accounting or ERP solutions automatically.
In addition to facilitating a quick onboarding process and automating account reconciliation, Ordway selected Exact for its payment facilitator-as-a-service solution (PFaaS). PFaaS provides Ordway with additional revenue from the processing fees collected on its platform while allowing the business to outsource payment back-office functions to the payment experts at Exact — including underwriting, compliance, data security, funding, and customer support.
Ordway enables SaaS, cloud, and other companies with innovative business models to automate their order-to-revenue lifecycles. Finance teams can automate both subscription and usage-based billing as well as the associated accounts receivable, revenue recognition, and investor KPI reporting for recurring revenue contracts. The new fully-embedded payments solution enables Ordway customers to perform collections using ACH, cards, digital wallets, and real-time payments (RTP) channels. Closed-loop integration with Exact Payments provides payment status and collections data that enables automated invoice reconciliation and cash application.
“Our partnership with Exact Payments has enabled us to move beyond our traditional business model, which was focused on generating SaaS subscription revenues. We have now created a new revenue stream that will help us generate expansion ARR with our customers and boost our Net Dollar Retention,” said Ordway’s Founder and CEO, Sameer Gulati.
“Our embedded approach to billing and payments translates to streamlined, automated workflows so that SaaS businesses can focus their resources on more important tasks. Together, we have built a one-stop shop with everything needed to manage payments, and we are excited about the value it offers Ordway’s customers, and the industry at large,” said Phil Levy, CEO of Exact Payments.
PFaaS from Exact allows SaaS businesses to fully embed payments into their software platform while generating an additional revenue stream. With PFaaS, software businesses can deliver frictionless payment flows that enhance the customer experience, and in turn, improve customer retention.
