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In todays competitive software market, forward-thinking trade and field service platforms are no longer asking if they should modernize their payment infrastructure, theyre working diligently to source the right payments partner to implement innovative solutions before their competitors beat them to the punch.
An overview of the Payrix Embedded Payments solution Embedded Payments come in various forms, but customers of Payrix have specifically sought out our PayFac-as-a-Service solution for its perfect balance of customization, control, and time-to-value.
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. each year since 2018.
Before we dive into the risks associated with payments, let’s review why embedding payments is good for SaaS businesses and the three payment processing solutions available to software companies today. What are the benefits of adding payments to vertical software? In between referral partnership and PayFac is PayFac-as-a-Service.
Step 2: Review application The underwriter will review your merchant’s submitted application. The time it will take for them to complete their review may depend on a variety of factors, and it can take a few days up to a few weeks. In the next section, we touch upon these specific documents.
Point-to-point encryption (P2PE) Technology standard created to secure electronic financial transactions. Risk management The process of assessing and mitigating potential risk associated with transactions and merchant boarding/activity, including fraud prevention, anti-money laundering compliance, and monitoring chargeback rates.
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