First of all, there is no certainty that pinging a domain helps get it indexed, submitting a site map in the search console seems like the appropriate way to get that done.
I understand that if you ping your site when you update content it can let many sites, RSS feeds, and search engines know about it, but if you ping too much you risk getting blacklisted.
Second, it seems that using your server to send out many pings may slow down response time and therefor slow page load speed for your site which definitely has a negative effect on SEO.
Thirdly, if you can host the service on a separate IP, that would seem like the best course of action because if it gets blacklisted you can just start using a different one, don't risk your domains IP to get blacklisted.
Maybe, I'm missing something here but if you are using WordPress, doesn't that automatically create an auto-updating /feed/ URL for your site?
The following is from - https://en.support.wordpress.com/comments/pingbacks/
Granted I am using WordPress so that is mostly what I focus on. Are you using a different CMS?
How do I send out update pings?
Many services like Technorati, Feedster, Icerocket, Google Blog Search, and others want a “ping” from you to know you’ve updated so they can index your content. WordPress.com handles it all for you. When you post, we send a ping using Ping-o-Matic!, is a service that pings several different search providers all at once including Technorati, My Yahoo!, and Google Blog Search.
Pings are automatically sent if you have a public blog. If your blog is private or if you block search engines, pings will not be sent.