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Should you become a full Payment Facilitator (PayFac)? Or should you partner with a PayFac-as-a-Service provider? PayFac-as-a-Service gives you all the benefits of embedded payments —but without the regulatory weight and operational lift. You’re building an entire financial infrastructure. With PFaaS?
Before we dive into the risks associated with payments, let’s review why embedding payments is good for SaaS businesses and the three payment processing solutions available to software companies today. What are the benefits of adding payments to vertical software? In between referral partnership and PayFac is PayFac-as-a-Service.
Seamlessly weaving payment processing into software can amplify a platform’s offering and reinforce its value as a fully loaded operating system their users rely on daily. Review of capacity and capabilities As you roll out the new payments piece of your business, we want to ensure you have the resources in place to support it.
Imagine cutting years off payment system setup. The number of Payment Facilitators (PayFacs) has grown 13.8% For businesses, this means they can use payment systems without starting from scratch. PayFac as a Service lets companies add payment processing to their platforms. each year since 2018.
Payment system An operational network governed by laws, rules, and standards that links bank accounts and provides the functionality for monetary exchange using bank deposits. Standard industrial classification (SIC) A system for classifying industries by a four-digit code; historically used by the IRS and the banking industry.
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