Finding a payment service provider for your business can be challenging. Payment vendors across America come with a range of features and benefits, and choosing the wrong one could contribute to significant drawbacks.
You want a payment provider who is cost-effective and comes with the features that you need. To help you out, we’ve compared Sila’s payment services with another payment provider, Arcus, so you better understand the services provided.
What is Banking-as-a-Service?
Banking-as-a-service is a software service that allows a business to connect to international and federal payment systems.
This software service in particular facilitates things like money transfers, bill payment, credit cards, and identity verification checks for users. Businesses can sign up with a banking-as-a-Service partner like Sila to offload the setup, compliance and infrastructure of payment systems.
Payment systems are inherently tricky to navigate, so Banking-as-a-service does a great deal to help unload the burden of setting up these payment rails.
With this system, businesses pay month-to-month or annual contracts to access key financial infrastructure. Businesses usually can scale as they wish or pick and choose features that they need.
For example, some businesses want the ability to use cryptocurrency like stablecoin to send money. With stablecoin payments, users of that business will have more financial freedom and can send money internationally with limited fees. Businesses can pay for banking-as-a-service with crypto payment security to provide that feature within their business model.
How Arcus Helps Businesses
Arcus is a banking-as-a-service provider that gives financial access to individuals and businesses in the Americas. Arcus can be used by merchants, retailers, and banks, and they primarily offer automation, ease, and utility in their core features.
Arcus boasts of world-class technology, a deep vertical of integrations, and security for money transfers globally and in Mexico. Their bank-grade security includes a Money Transmitter License (MTL) in Mexico, Global PCI level I, and SOC certificate.
Their three main services are:
- Payment services
- Financial data services
- Transmisor de dinero
The financial data services is arguably their most developed product. This product empowers users with the ability to access liabilities and assets data. This is useful for users who want to provide access to liabilities and asset management services.
This API provides real-time insights into balances due, due dates, payments history, credit card invoices, subscriptions, and loans.
The assets data portion, which is coming soon according to their website, will soon grant users access to real-time bank balance information and the ability to provide income verification and KYC authentication.
Payment services is another comparable product. This service gives businesses scalability and control in the financial services that they can provide.
Within this API, users will be able to access mobile bill pay and mobile top-ups. With mobile bill pay, users can manage bills, get notifications around bill payments, and pay bills and online subscriptions.
And finally, there is Transmisor De Dinero, a service that provides bank transfers with the authorization number of 22250 for the National Banking and Securities Commission. Product details are coming soon.
Why Businesses Trust Sila for Payment Services
As leaders accelerating the next generation of financial innovation, Sila has the ability to provide users with a range of services for both scaling businesses and growing ones.
Sila comes with a number of different APIs for financial services and offers payment infrastructure-as-a-service.
As of now, primary offers include an ACH API for facilitating ACH transactions and a bank wallet API, with more APIs to come.
Because sending money transfers in the US is difficult to manage due to compliance and regulations, the ACH API makes sense for the growing American economy. This API is easy to use and comes with an accessible sandbox for testing the app out.
The ACH API grants users access to the bank-to-bank transfers using Instant ACH (or same day ACH), ACH debits, ACH credits, a bank account, and compliance-as-a-service.
The bank wallet is similarly much-needed. The wallet API grants embedded payments in mobile and crypto markets in a completely white-labelled app. The wallet API is held as an FDIC-member bank account, where each user has funds insured up to $250,000 USD per depositor.
Both apps can be completely white-labelled and customized, and developers can test features and functionality in the sandbox. With the SilaUSD stablecoin, users also have access to sending stablecoin as a means similar to fiat currency.
This app grants users a lot of versatility. You can provide much more to your customers than we ever thought possible.
Arcus vs Sila
Naturally, when choosing a Banking-as-a-Service vendor, it can be difficult to understand what you need. Arcus might provide the services that you are looking for. For example, if your business operates primarily in the Americas, then you may like that Arcus has access to Central and Southern America through integrated banking.
Their Transmisor De Dinero service could also connect you to a Mexican bank where this connection is not otherwise possible.
Arcus makes a lot of sense if you want to send money internationally; however it is limited in terms of how much you can do within America. Arguably the biggest economy globally, tapping into the American market is challenging. That’s why with a partner like Sila, you will know that you are able to access this highly profitable market and not be restricted through compliance setup for bank transfer limits.
Sila grants you a fast-pass into this economy with tons of accessibility and features like the ACH API and instant ACH transfers. It also comes with the SilaUSD stablecoin so that you can transfer to international markets if you want.
Choosing the Payment Partner for Your Needs
When it comes to choosing between Sila and Arcus, Sila is the clear winner. You really can’t compete with access to scalable pricing and security. Sila’s users can afford ACH transfers as low as $0.20 with free digital wallet transfers, inclusive compliance-as-a-service, and an unlimited number of digital wallets. There’s really so much that users can tap into with the Sila API packages.
As a bonus, both products get you to market fast. The bank wallet API, for example, can get you connected from your bank account to a digital wallet in less than 60 hours.
See how Sila can help bring your vision to life. Contact Sila today!