Biotechnology Payments
Biotechnology is a scientific field that combines biological science and engineering to understand living things in a better way. With this knowledge, biotechnologists create new ways to support life to benefit all living things. Below are the most notable types of biotechnology.
- Medical Biotech
- Industrial Biotech
- Agricultural Biotech
- Marine Biotech
Biotechnological research sciences investigate enzymes, microorganisms, and plants to produce medicines and vaccines, energy, chemicals, and consumer goods. The focus of industrial biotech is to make breakthroughs in materials and therapies to improve the way we live. Medical biotechnology deals with the research and creation of new ways to identify and diagnose diseases and then create medicine to cure those diseases. Industrial biotechnology has to do with the large-scale development of products for consumer use. Agricultural Biotech deals with the research into agricultural products and Marine Biotechnology is responsible for researching marine life. This innovative branch of science is fast-growing and crucial to people and the planet. Biotech endeavors to improve life by learning from the environment and creating new inventions and solutions that can be used by everyone.
Biotechnology companies are typically funded by R&D departments or limited partnerships, venture capital, and equity sale. Oftentimes biotech companies will work to develop the technologies that have been created by scientific research institutions through federal grants. Staffing is a crucial component of biotech firms. Often times research scientists are founders of firms. These companies are managed by both on premise software applications and software as a service (SaaS) platforms. The systems handle employee management, research results and timelines, accounting and billing.
Once biotech companies have a product to sell, they regularly sell it wholesale with terms and will receive payment from ACH or a bank check. . It is also common practice to present client with invoices with actionable payment requests attached. This way, payment can be made and received immediately. Payment Integrator utilizes a hosted payment page (HPP) and restful APIs to create a frictionless payment interface with biotech invoicing. We also have P2PE desktop payment devices which operate in a PCI Compliant environment and can accept e-wallets like Apple Pay and Google Pay. By creating client payment profiles, biotech enterprises can setup recurring billing and payment plans for their clients.
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