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Payment facilitator (PayFac) A merchant registered by an acquirer to facilitate transactions on behalf of sub-merchants. They provide the infrastructure necessary for their merchants to acceptcreditcardpayments. across three domains the issuer domain, acquirer domain, and interoperability domain.
Payment facilitator (PayFac) A merchant registered by an acquirer to facilitate transactions on behalf of sub-merchants. They provide the infrastructure necessary for their merchants to acceptcreditcardpayments. across three domains the issuer domain, acquirer domain, and interoperability domain.
A billing solution that acts as your MoR gives you access to multiple payment processors (which lets you accept more payment methods and is useful when acceptingpayments globally, as we explain below) while taking on the liability of all transactions for you. Taking the lead on legal compliance (including audits).
Opt for gateways that support diverse payment options like credit/debit cards, digital wallets, and international payments to accommodate customer preferences. Ensure the gateway offers PCI DSS compliance, encryption, tokenization, and fraud prevention tools to safeguard transactions.
They include: the merchant, cardholder, card associations, acquiring bank, issuing bank, and payment processor. You also have to be mindful of the costs of creditcard processing. Fees include (but aren’t limited to) transaction fees, interchange rates, PCI compliance, and more.
Some also have the bad habit of imposing hidden fees carefully buried in the contract document that can add up over time to eat up your cash flow. Setup fees, chargeback fees, and contract cancellation fees are examples of hidden fees. Some of these add-on fees include chargeback fees , refund charges, PCI compliance fees , and so on.
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