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Becoming your own Payment Facilitator (PayFac) sounds greatuntil you realize its a regulatory nightmare , a financial black hole , and takes longer than your last DIY home improvement project (which, lets be honest, is still unfinished). So, which fintechs offer the best PayFac-as-a-Service? Lets break it down.
Should you become a full Payment Facilitator (PayFac)? Or should you partner with a PayFac-as-a-Service provider? This is your developer’s guide —straight talk, no filler. First, What Is a Payment Facilitator (PayFac)? Side-by-Side: PayFac vs PayFac-as-a-Service ️ Let’s Talk Tech: What the CTO Cares About 1.
Two prominent solutions that have emerged in recent years are integrated payments and Payfac-as-a-Service. Payfac-as-a-Service: Payfac-as-a-Service, short for Payment Facilitator as a Service, is a model where a third-party service provider facilitates payment processing on behalf of multiple sub-merchants.
Do you find yourself listening to industry leaders and colleagues use terms like PayFac, PCI DSS, and tokenization and casually scratching your head in confusion? Payment facilitator (PayFac) A merchant registered by an acquirer to facilitate transactions on behalf of sub-merchants. Youve come to the right place.
Adding software-led payments can offer various benefits to an ISV, and the decision to do so is largely based on a payments strategy that is developed to drive growth and revenue. On the other end of the spectrum is payment facilitation (PayFac). Learn more about PayFac-as-a-Service.
A payment facilitator (or PayFac) is a software platforms all-in-one payment processing solution. Instead of your customers needing to create their own merchant account to process payments, you as the PayFacdeveloper handle all the payments setup and complexity for them. What is a payment facilitator?
Business development: Partner with like-minded individuals who support your growth 3. Within the Embedded Payments structure, integrated payments are also known as referral partnerships. Platform technology: Leverage technology that can transform your platform 2. Software support: Fine tailored solutions to meet your needs and goals 4.
Usio Payfac-as-a-service solution offers a comprehensive suite of features designed to simplify payment processing for businesses of all sizes. to empower their users with a secure and efficient payment solution,” said Chris Ross, Director, Partner Development at Usio. application. Key benefits for ues.io chris.ross@usio.com M.
Two of the most popular payment solution providers for businesses looking to accept digital payments are payment processors and payment facilitators (PayFacs). PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.
For SaaS companies, becoming a payment facilitator (or PayFac) offers a ton of advantages—including but not limited to—boosting retention and profitability while exercising greater control over the customer experience. Even the organizational shake-up that comes with the decision to become a PayFac may disrupt your core business.
In this article, we’ll break down two popular terms used in the payment processing industry—ISV and PayFac —and see what they exactly mean. TL;DR An independent software vendor (ISV) develops and sells software applications independently of hardware manufacturers. What Is an ISV vs PayFac?
In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Key AML Requirements for PayFacs Now that we’ve covered the basics of AML compliance and its role in the financial system, let’s dive deeper into how PayFacs can help. Let’s get started.
Payment facilitation (PayFac) Today, many software companies have a pulse on the opportunities of becoming a payment facilitator, also referred to as a PayFac® developer. If you’re considering PayFac-as-a-Service for your company, there are a few questions you’ll want to ask yourself, and we’ve outlined them for you here.
By leveraging Payrix Pro , our PayFac-as-a-Service solution, this software platform was able to achieve their vision quickly all while delivering a superior product and customer experience. Together, we will thoroughly scope how you will enable payments on your platform and help you develop a monetization strategy to maximize revenue.
Behind the scenes: key components of integrated payments In order for integrated payments to work, youll typically integrate with a payment gateway or payment facilitator (PayFac). Developer-friendly infrastructure Your dev team will thank you for this one. Are there white-label or PayFac-as-a-Service options?
In the latest episode of PayFAQ: The Embedded Payments Podcast, Ian Hillis speaks with Brad Pinneke , VP of Business Development at Payrix and Worldpay for Platforms, about one of the most important decisions software companies face today: choosing the right payments partner. Brad, welcome to the show. Brad Pinneke Hey.
This requires the merchant to become a registered payment facilitator or PayFac. A PayFac is a payment service provider for eCommerce merchants. On top of being a new pillar of revenue for your business, the PayFac model also gives you more control. This is considerably faster compared to a traditional merchant account provider.
What is a PayFac® developer? As a PayFacdeveloper , software companies become their own payment facilitator , and therefore, can offer payment processing services directly to their merchants. We will explore the risk s in more detail in the next section. What is PayFac-as-a-Service?
Adding software-led payments can offer various benefits to an ISV, and the decision to do so is largely based on a payments strategy that is developed to drive growth and revenue. On the other end of the spectrum is payment facilitation (PayFac). Learn more about PayFac-as-a-Service.
This engaging conversation provides valuable insights into the evolving landscape, with Ian and Renn tackling important questions, like: What are the benefits of implementing a PayFac-as-a-service model? So, we really wanted to streamline our own internal development. How should software companies be thinking about Embedded Finance?
Do you find yourself listening to industry leaders and colleagues use terms like PayFac, PCI DSS, and tokenization and casually scratching your head in confusion? Payment facilitator (PayFac) A merchant registered by an acquirer to facilitate transactions on behalf of sub-merchants. Youve come to the right place.
Business development: Partner with like-minded individuals who support your growth 3. Listen now Events Driving growth through seamless payments implementation Watch this on demand webinar to learn strategies for a friction-free launch of PayFac-as-a-Service. Platform technology: Leverage technology that can transform your platform 2.
To start your PayFac journey, you’ll need to do several important things. Now, lets take a look at the steps of how to become a PayFac. Pre-Assessment The PayFac pre-assessment phase will help you check if you’re ready to be a payment facilitator. Make sure your business model fits the payment processing needs.
According to Kellie Kucik, Head of Payments, the company has spent the last decade focused on developing its Customer Assistant Website. Otherwise, it would take us months and months of development to create it all, using a specialized team of developers with first-hand experience in the payments space.
The number of Payment Facilitators (PayFacs) has grown 13.8% PayFac as a Service lets companies add payment processing to their platforms. Key Takeaways PayFac as a Service reduces PayFac setup time from years to days, slashing costs by millions. PayFacs, on the other hand, let businesses use a master account.
We were the original author of the PayFac model on the trademark. I think the second one is how do you use AI both to develop product and integrate into product which can create those opportunities or do the servicing end. When you hear experience, what are the different flavors of that? Matt Downs You nailed it, right?
Launching PayFac and ISV solutions In 2019 and 2020, Stax became more than just a payment processor for merchants. We wanted to provide value to other players in the payments ecosystem, so we launched PayFac solutions in 2019. This was around the time that Fattmerchant decided we were going to be a Payfac.”
Whether youre a CFO decoding a board deck, a startup founder building embedded payments, or just trying to survive your first PayFac meeting Usio is here to simplify your payments (and your acronyms). Youre now officially bilingual: English and FinTech. Want to see what happens when payments actually make sense ?
Instead, they chose the Usio platform, which delivers full payments infrastructure that is fast, secure, and scalablewithout distracting the team from product development. With just a few SDK integrations, the partner became a full-fledged PayFac in weeks , not months. There was no upfront costjust new revenue.
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