Q&A with Joshua Silver at Rainforest

Embedded payments enable users to make payments directly within the app rather than being redirected to a third-party website. This feature is rapidly becoming essential for software developers. Independent Software Vendors (ISVs) and marketplaces now see payments as a potential revenue stream, especially implementing or improving embedded payments in the years to come. 

Rainforest’s Payments-as-a-Service model helps ISVs grow revenue by embedding payments into their products, without taking on compliance risks or operational headaches. In this interview, Steven Leitman, Commercial Director at Payments Consulting Network, speaks with Joshua Silver, Founder and CEO of Rainforest, to explore how the company empowers platforms to monetise payments, the innovations on their roadmap and the trends shaping the future of payments. Learn more about Rainforest’s commitment to helping software platforms unlock new revenue streams by embedding payments seamlessly. Read the full interview below. 

SL: Please provide a high-level overview of your business.      

JS: Rainforest offers Payments-as-a-Service—or managed PayFac—designed to help software platforms unlock new revenue streams by embedding payments seamlessly into their products. We eliminate the complexity, allowing platforms to offer payment services without the regulatory, compliance, or operational burdens. 

Our journey started in 2022, but it builds on my experience founding Patientco, one of the first payment facilitators. After Patientco was acquired by Waystar, which IPOed in 2024, I spent several years consulting SaaS companies on embedding financial services. The same challenges kept coming up: companies had to choose between modern technology, great support, or favorable terms. Rainforest was born to solve this, delivering a best-in-class solution that provides all three. 

SL: What payments services do you offer merchants? 

JS: Rather than working directly with merchants, we partner with ISVs and other software platforms. These platforms embed Rainforest into their offerings, enabling them to provide branded payment solutions to their customers. We support online and in-store payments, covering major card networks, ACH transactions and digital wallets such as Apple Pay. 

We can support most low- to moderate-risk verticals including (but not limited to) healthcare, non-profit, field services, professional services, trucking/logistics, member management and education. 

SL: What are your key strengths? 

JS: Our biggest strength is that Rainforest was built from the ground up for software platforms. Our embeddable components give partners a fully branded payments experience with minimal development effort. We also offer an integrated ledger system that acts as the single source of truth for payments data, making reconciliation smooth and transparent. 

Additionally, our expert support team helps platforms optimise interchange rates and drive merchant adoption, ensuring payments become a revenue driver. Unlike many competitors, we manage underwriting and risk operations in-house, so our support team can act quickly without needing to escalate issues to third parties. 

Our contracts are another differentiator. We offer platform-friendly agreements with no exclusivity clauses, allowing our partners to retain full ownership and portability of their merchants. This gives platforms the flexibility to switch providers if needed, though we are confident they’ll stay with us. 

SL: How does Rainforest differentiate itself from competitors? 

JS: Most providers focus on cutting costs, but we concentrate on driving revenue for our platform partners by maximising payments adoption. Our consulting background allows us to embed proven strategies directly into our product. Every part of our solution, from onboarding to fraud prevention, is designed to make it easy for merchants to adopt and actively use the embedded payments. 

Unlike competitors that rely on legacy processors, Rainforest offers a modern solution. Our platform eliminates common pain points such as slow merchant onboarding, confusing fraud management and mismatched deposits. By solving these challenges, we help platforms create a seamless payments experience that drives adoption and retention. 

SL: What achievements over the past year are you most proud of? 

JS: We’ve introduced key features like Apple Pay, 3DS authentication and Plaid integration—enhancements that reduce friction and increase adoption. For example, Apple Pay streamlines checkout and leverages built-in fraud prevention, while 3DS adds another layer of security. 

On the client side, we recently helped a partner reduce interchange fees by 24 basis points by implementing Level 2 and Level 3 data and enrolling them in programs like Visa SMB and American Express OptBlue. We also enabled another platform with multiple payment providers to consolidate its payments strategy under a cohesive, revenue-generating product powered by Rainforest. 

SL: What innovations are on your product roadmap? 

JS: Over the next 12 months, we’ll focus on expanding payment methods, introducing enhanced programmable fund flows and adding more self-service capabilities to our embeddable components. We’re also working on automated interchange optimisation, which will help platforms further increase their margins. 

SL: What industry trends do you see shaping the next few years? 

JS: Three key trends are creating major opportunities for ISVs: 

  1. Increasing specialisation in software: SaaS platforms are becoming more tailored to specific industries. Embedded payments are critical for these platforms to enhance workflows and increase revenue.
  2. Shift from traditional processors to ISVs: SMBs are increasingly moving from legacy processors to software platforms. Embedded financial services are expected to handle over $7 trillion in transactions by 2026, creating a huge opportunity for SaaS platforms.
  3. PayFac deconversion: Managing PayFac operations is expensive and complex, leading many companies to seek managed solutions like Rainforest to handle payments more efficiently.
SL: What should platforms consider when evaluating payment service providers? 

JS: Platforms need providers with fully embeddable solutions that make onboarding, reporting and reconciliation seamless. Merchant portability is essential—partners should ensure they retain control of their merchants and avoid exclusivity agreements. Finally, platforms should look for providers with responsive support that offers both operational assistance and strategic guidance. 

SL: How established is Rainforest as a company? 

JS: Our leadership team brings over 20 years of experience in payments and SaaS. We founded Rainforest to solve the very problems we faced when building software platforms—it’s truly the solution we always wished we had. 

While Rainforest itself is only about three years old, our previous payments company has been operational in the healthcare space for over 15 years. This gives us a solid foundation and track record. We’re also backed by venture capital, having raised over $30 million to date. With dozens of clients, some of whom process billions in payments, Rainforest is well on its way to becoming a trusted leader in Payments-as-a-Service. 

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Author: Steven Leitman, Commercial Director, Payments Consulting Network 

Steven is a data-driven management consultant and entrepreneur passionate about problem-solving and innovating.  He has over 20 years of payment experience and specialises in helping clients with card network fees, card disputes, SMB issuing and more. 

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Rainforest is a member of our Payment Service Provider panel.

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