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Paymentfacilitators – also known as Payfacs – operate in cooperation with acquiring banks, card networks, and the regulators who oversee the payments system. Where does Payfac responsibility come from?
Matt Doka, COO of Fivestars, shares his journey to becoming a PayFac, why he left Stripe, how easy it actually was to become a paymentfacilitator and what he learned along the way.
Storable , the leading provider of all-in-one software for the self-storage industry, has a vision for its payments solution that is reminiscent of the industry it serves. As John Durrett, General Manager of Payments for Storable, recently explained in a sit down with Payrix, Storable wants to make payments “invisible” for its customers.
Matt Doka, COO of Fivestars, shares his journey to becoming a PayFac, why he left Stripe, how easy it actually was to become a paymentfacilitator and what he learned along the way.
Paymentfacilitators are obligated to follow rules and regulations from the multiple entities that govern the payments ecosystem. Compliance is achieved by implementing the appropriate processes needed to adhere to these rules and remaining aware of changing conditions.
For many software companies, becoming a paymentfacilitator, or Payfac, is an opportunity to benefit from a new revenue stream and gain more control over the customer experience. But because payments are outside the typical software company’s core offerings and expertise, bringing them in-house can seem daunting.
Deconstructing the Myths About the PaymentFacilitator Model Being a Payfac has many touted benefits: you bring payments in-house, increase gross revenue, and have more control over the merchant experience. Join us as we debunk common myths and uncover the truth about what it.
Embedded Finance Series, Part 3 By Michael Bradley, Senior Vice President of Growth, Infinicept The embedded payments conversation right now is downright confusing. Source.
Deconstructing the Cost of Becoming a PaymentFacilitator (Part 4 of the Payments Education Webinar Series) Being a paymentfacilitator has many touted benefits: you bring payments in-house, you get more revenue, and more control over the merchant experience.
Right now, the embedded payments conversation can be downright confusing. Part of the reason for this owes to the sheer volume of terms used to describe some of the approaches within the space, like payfac, paymentfacilitator, merchant of record (MOR), embedded payments, software-led payments––and that's just to name a few.
There’s plenty of talk out there regarding paymentfacilitators and how they fit in to the landscape of software-led payments. But the information can be a lot to sort through: What is a paymentfacilitator, exactly? What do they do? What’s involved in becoming one? And who should make that move?
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