Payment facilitators – also known as Payfacs – operate in cooperation with acquiring banks, card networks, and the regulators who oversee the payments system. All of these entities share a responsibility to protect the security and safety of the payments ecosystem, and Payfacs are a unique operating category with their own associated requirements. Where…Read More
One of the main benefits to adopting the Payfac® model is the increase in revenue you get from each transaction processed using your software. But of course, there is also cost involved. So naturally, any company considering the option needs to make sure the investment they’ll make in the Payfac model makes sense financially. So…Read More
Whether you’re in person or online, using a card account to pay for goods and services is deceptively simple. You input your account details into the yoga studio’s form and usually within seconds, your pass is paid for. The only thing standing between you and unlimited tree poses is your level of motivation.Read More
Whenever any transaction is initiated, it travels first through an entry point that connects the merchant’s systems to the rest of the payments ecosystem. That entry point is known – appropriately – as a payment gateway.Read More
When you’re on the acceptance end of payments transactions as a merchant or a payment facilitator, you’re likely most familiar with the role of acquiring banks.
But there’s another banking entity that plays a crucial role in card transactions: the issuing bank.
The difference between merchant acquirers and payment processors can sometimes be confusing. Both entities are critical partners for merchants and payment facilitators. And the terms, particularly the term acquirer, are often used interchangeably. But they are not the same thing.Read More
Before onboarding merchants, all payment providers are responsible for conducting due diligence on those merchants to verify their identities and to guard against fraudulent or criminal activity.Read More
In the traditional world of payment processing, a salesperson might go directly to merchant locations, applications in hand, seeking to sign up new customers. If they were successful, the process to onboard that customer could take weeks while the merchant completed and submitted a lengthy application, the payment provider completed underwriting, and payment devices were delivered to the merchant and set up.Read More
While payment facilitators are known for their ability to reduce friction and to quickly underwrite and onboard new merchants, not all merchants are created equal. Some require more due diligence and ongoing risk monitoring than others.Read More
Whether a transaction originates online or in person, completing it safely requires connecting to and securely sharing data among merchants, banks and card networks. Payment processors are the technology companies that sit in the middle of this process.Read More