The truth is that one size fits nobody, especially when looking for the perfect payment system to match your needs.
Keeping costs down and targeting tech investment in the right areas are both key to delivering sustainable growth, and so a clunky, underutilised system can quickly become a burden to councils and local authorities, rather than a support.
Thankfully, organisations now have a choice between static and modular payment software. Let’s take a look at the differences to see which is right for you.
What is modular payment software?
Modular payment software is a system divided into separate programs, each providing a functionality that can either be used by itself, or integrated seamlessly with other modules.
This approach gives organisations the ability to plug in capabilities as and when they need them, so they’re not left to manage unnecessary features and costs from that start.
Access PaySuite is a prime example. Its module approach allows organisations to integrate the payment channels that are right for their customer base, whether that’s card payments, digital wallets, Direct Debit or otherwise. This flexibility ensures your payment processing system is tailored to meet specific requirements, while also avoiding unnecessary features that add complexity and cost.
The benefits of a modular approach
1. Flexibility
Modular payment software is designed to be highly adaptable, allowing organisations to select and integrate only the components they need. It offers a level of customisation that legacy systems lack, which leads to greater efficiency and lower operational fees.
2. Scalability
As organisations grow, their payment processing needs evolve. A modular approach allows for easy scaling by adding new modules as required. Whether your objective is to offer new payment methods, offer new payment channels or increase transaction volumes, the systems can scale up without significant overhauls.
3. Security and compliance
It’s easier to keep your system in line with the latest payment security measures and PCI DSS compliance protocols when you’re focusing on a specific group of payment modules. By contrast, updating security features across multiple or legacy systems can be a complex task and may require regular full system updates to stay compliant.
4. Ease of integration
Modular payment systems are typically built to integrate with existing applications and third-party services. This connectivity ensures seamless communication between various systems, and generally means less custom development and ongoing maintenance for IT teams.
5. Real-time insights
From car park revenue to council tax, local authorities have a whole host of income streams to manage. By choosing a payments solution with real-time reporting, you get up-to-the-minute information which form the basis of insightful reports.
6. Test capabilities
A modular approach allows organisations to start small when testing a new payments provider without having to commit to a full-scale investment right off the bat. This reduces risk and allows you to make a more informed decision.
7. Cost-effectiveness
Many payment processing systems come with a higher upfront cost due to their comprehensive, inflexible nature. Organisations may end up paying for a full suite of services, many of which may never be used.
Which payment channels work best for your organisation?
From online payments and digital wallets to phone transactions and physical cash, knowing which channels are bringing in the most or least revenue is essential when planning out your payment options.
A reliable income management system enables organisations to track volume data from different payment channels, so it’s easy to see which are working better than others. From there, you have all the information you need to decide which modules are worth investing in.