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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.
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.
When a software company becomes an ISV, because theyve introduced payments into their environment, they must uphold the compliance requirements of the PCI DSS and empower their users to do the same. Learn more about PCI compliance management. On the other end of the spectrum is payment facilitation (PayFac).
Business development: Partner with like-minded individuals who support your growth 3. Security, risk, and compliance: Security is crucial dont leave it to chance 7. Within the Embedded Payments structure, integrated payments are also known as referral partnerships. Customer support: Ensure your customers are always prioritized 5.
Usio Payfac-as-a-service solution offers a comprehensive suite of features designed to simplify payment processing for businesses of all sizes. Enhanced Security: Ensure the highest level of security with Usio PCI Level 1 compliance and industry-leading security protocols. application. Key benefits for ues.io 970-420-5903 W.
This experience allows software companies to monetize payments without taking on the risk and compliance that comes with payment processing. 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.
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?
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