The Green Sheet Online Edition
August 12, 2013 • Issue 13:08:01
A platform for payment innovation
When Payment Processing Inc. became PayPros in February 2012, the Newark, Calif.-based ISO was about to embark on a campaign that would advance its payment technology, product and service initiatives under the tagline "software differentiation through payment innovation." Shortly thereafter, the PayPros Innovo payments-as-a-service platform was launched.
"PayPros has spent the last several years developing this innovative platform that not only gives software developers a revolutionary new suite of payment and business services, but allows PayPros to deliver solutions to the market swiftly while incorporating emerging technologies," said Eddie Myers, President and Chief Operating Officer at PayPros. "For software companies, that means real product differentiation and solid competitive advantages."
According to PayPros, the platform supports business, service and partner applications with user control of business service and payment transaction functions; the idea is that clients can manage payment, reporting and boarding processes in a single, integrated platform.
The platform also permits applications to be branded and modified to meet vertical market specifications, with no coding required. Additionally, its application programming interface allows point-of-interaction integrations for mobile applications and social media, the company noted.
Like other cloud-based platforms on the market, Innovo is structured to support new payment technologies, including mobile- and Europay/MasterCard/Visa-based transactions, in addition to demand generation services.
Soon after the platform was launched, the PayPros Decline Minimizer automated card updating service was introduced as a tool to help merchants minimize the impact of declined transactions associated with recurring payments.
"PayPros Decline Minimizer is unlike any other account updating service on the market," Myers said. "Our service operates behind the scenes, automatically updating card data. The business owner does not need to think about it, but will see line-item benefits almost immediately." The new service also integrates with other software applications and safeguards sensitive card data.
PayPros is in the process of developing a series of new products and services created on its Innovo platform.
And it will welcome new partners as it continues to develop payment applications that support new technologies and facilitate integration of custom software applications. Since 1995, more than 1,700 partners and 55,000 businesses have turned to PayPros, the company reported.
Features of PayPros Innovo include:
- Service-oriented architecture for app developers, service providers
- Simple to integrate software development kit for multiple applications
- Single platform for management of business processes and payment services
- Client access to Decline Minimizer service for recurring payments
- Multiple vendor components for a variety of retail vertical markets
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