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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.
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.
This setup is commonly used in marketplaces, software platforms, or businesses that facilitate payments for a network of sellers, service providers, or smaller businesses. The master merchant simplifies the onboarding process for sub-merchants by handling the complexities of payment integration, security requirements, and compliance.
ISVs are embedding financial services into their platforms to drive an average revenue increase of more than 40% per product built, according to a major new report co-produced by Payrix in partnership with other leading fintech platforms. Learn more about PCI compliance management. What is an integrated software vendor?
The most successful payment processors bring these third-party technologies and services together seamlessly to facilitate the transaction with simplicity, speed, and security. What is a payment processor? A payment processor facilitates the flow of transactions typically made with credit cards, debit cards, and other digital payments.
Integrating payments is the first step for software platforms wanting to integrate financial services. What are integrated payments? Integrated payments are payment processing capabilities that are incorporated into a software companys platform to provide their user base with the ability to accept and manage payments for their businesses.
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