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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.
Many technologies and services are involved from POS terminals to card networks to payment gateways so its essential that the payment processor can work closely with them to help authorize and settle every transaction as securely, efficiently, and quickly as possible and stay in compliance with regulations and industry standards.
Perhaps your platform is specifically designed for HVAC businesses and does everything from route management to inventory to CRM all while processing and reconciling one-time and recurringpayments. This is common when outsourcing payments. Listen now Podcast What is PCI attestation of compliance (AoC)?
Many technologies and services are involved from POS terminals to card networks to payment gateways so its essential that the payment processor can work closely with them to help authorize and settle every transaction as securely, efficiently, and quickly as possible and stay in compliance with regulations and industry standards.
“Our partnership with Usio p erfectly complements this vision by providing a simple and secure way to integrate payments into any ues.io Usio Payfac-as-a-service solution offers a comprehensive suite of features designed to simplify payment processing for businesses of all sizes. application. Key benefits for ues.io
At a very high level, a referral partnership is an integrated payments model. You as the software company make an agreement with a payment processor to become one of their referral partner s. We will explore the risk s in more detail in the next section. What is PayFac-as-a-Service?
Its payfac-as-a-service solution — Payrix Pro — enabled Nick to control the onboarding and customer service, while Payrix managed the processing, compliance, and most of the risk and liability. I didn’t want the liability issues either.” Payrix — In a Class of its Own Nick found the hybrid approach he wanted with Payrix.
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.
Quality Security Assessor (QSA) Designation for entities that meet specific security education requirements, have taken the appropriate training from the PCI Security Standards Council, are employees of a PCI-approved security and auditing firm, and will be performing PCI compliance assessments as they relate to the protection of payment card data.
Sure, youll have complete control, but youll also be dealing with a mountain of compliance, infrastructure, and ongoing maintenance. Go the Payfac-as-a-Service Route: This is where Usio comes inlike hiring a Michelin-star chef to do all the hard work while you take the credit. And if anything goes sideways?
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