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Two prominent solutions that have emerged in recent years are integrated payments and Payfac-as-a-Service. While both aim to simplify payment processes, understanding the nuances between the two is crucial for businesses to make informed decisions about which solution best suits their needs.
A cardholder initiates the payment for a purchase or service to the merchant or service provider with their payment information from a credit card, debit card, or bank account. Choosing the right payment processor is key for software companies. In physical stores, a POS system may include card readers or mobile payment devices.
An overview of the Payrix Embedded Payments solution Embedded Payments come in various forms, but customers of Payrix have specifically sought out our PayFac-as-a-Service solution for its perfect balance of customization, control, and time-to-value.
A cardholder initiates the payment for a purchase or service to the merchant or service provider with their payment information from a credit card, debit card, or bank account. Choosing the right payment processor is key for software companies. In physical stores, a POS system may include card readers or mobile payment devices.
For more information on what merchant underwriting is, check out our blog: The essential elements of merchant underwriting for software companies. Step 3: Follow up The underwriter will reach out if they require any other information or clarification from the merchant. Looking for more information on Embedded Payments?
It can also make it easier to manage compliance, automate reporting, and scale operations. Are there white-label or PayFac-as-a-Service options? With payments built into your platform, you reduce dependencies on third-party systems, minimize support overhead, and gain better visibility into transactional data.
Terms related to card acceptance Acceptance marks Signifies which payment brands are accepted at a merchant location and provides the cardholder with information on where his or her card can be used. They underwrite and onboard the sub-merchants and provide them with the products and services required to process electronic payments.
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