Article covers what payment facilitator is, how the payment facilitation model works, and the benefits of leveraging third-party payment facilitation expertise.
What is a Payment Facilitator and Why They are Key for Growing Companies? Payment facilitators are a central pillar of successful businesses, and in this guide, we’ll cover everything there is to know about the topic.
Here are some of the key points we will cover:
What is a payment facilitator?
How does the payment facilitation model work?
What are the primary functions within payment facilitation?
What are the challenges of becoming a payment facilitator?
What is PayFac as a service, and how can it help companies overcome common payment facilitation challenges?
What is a payment facilitator? A payment facilitator, also called a PayFac, is an entity that helps companies accept electronic payments from customers via multiple channels by quickly onboarding them as submerchants. Thus, the company can use the PayFac’s infrastructure to easily collect payments from its customers while the PayFac manages all administrative and technical aspects of the infrastructure.
How does the payment facilitator model work? The payment facilitator model simplifies the way companies collect payments from their customers. It also helps onboard new customers easily and monetizes payments as an additional revenue stream.