What is a Payment Facilitator or a PayFac?
A Payment Facilitator, commonly known as a PayFac, is a service provider that enables businesses to accept electronic payments from customers. By acting as an intermediary between the businesses (referred to as sub-merchants) and payment processors, PayFac simplifies the process of accepting payments.
PayFacs streamline the onboarding process for sub-merchants, reducing the time and effort required to start accepting payments. They typically provide a consolidated platform or service that handles various aspects of payment acceptance, including transaction processing, risk management, and settlement.
One of the key advantages of using a PayFac is the ability for sub-merchants to bypass the traditional complexities and costs associated with establishing their own merchant accounts. Instead, they can leverage the infrastructure and capabilities of the PayFac, benefiting from faster onboarding, simplified underwriting, and consolidated reporting. … Read More About Payment Facilitator
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