A Payment Facilitator, Also Known As Pay-Fac, Is A Third-Party Solution Provider That Processes Online Payments For Businesses
When you’re launching an e-commerce site, it’s tempting to build your own payment platform. After all, the more functionality your platform includes, the more likely you’ll be able to compete with larger online retailers. While this is true, building and maintaining a payments system is expensive and time consuming.
If your business grows quickly or if its needs evolve over time (which they will), it’s a good idea to use a third-party solution provider instead of building everything yourself.
Payment facilitators reduce the burden on businesses of integrating into multiple payment network
Businesses don’t have to worry as much about integrating into various payment networks thanks to payment facilitators. This is due to the fact that they offer a variety of services out of the box, including end-to-end payment processing and reconciliation, charge-back management, fraud prevention, settlement management, and reporting.
Payment facilitators allow businesses to focus on their core competencies while allowing them to rest assured that payments are being processed smoothly and efficiently at all times.
Payment facilitators also provide a single point of contact for merchants through which they can access everything they need in one place — this includes 24/7 customer service as well as integrations with popular shopping carts like Magento and Shopify.
The payment facilitator model is especially beneficial to small online businesses because it gives them the ability to go to market faster
The payment facilitator model is especially beneficial to small online businesses because it gives them the ability to go to market faster. Not only does a PayFac help you accept payments, but they also take care of fraud prevention, charge-back management and customer service inquiries.
PayFac is perfect for those who want to start accepting payments right away without having to worry about collecting and processing the funds themselves. This arrangement helps smaller companies compete with larger competitors by providing them with access to sophisticated technology that’s usually reserved for larger companies with bigger budgets. It also makes it easier for small businesses get paid: PayFac collects all of your customer’s data from your website so you don’t have to manually enter it yourself when making deposits into your bank account!
Payment facilitators give merchants greater control over their business, their customers and the payments process
A payment facilitator gives merchants greater control over their business, their customers and the payments process. Payment facilitators are third-party solution providers that act as intermediaries between consumers and merchants. By providing a reliable platform for online transactions, they offer businesses a secure way to accept payment online or via mobile devices.
The payment facilitator has control over the payment process. They handle all customer data while giving merchants access to up-to-date information about their sales performance at any time of day or night. This allows them to make informed decisions regarding inventory levels and staffing requirements in order to meet customer demand more efficiently than ever before possible with other forms of online transaction processing platforms (OBPP).
A PayFac offers many benefits for small businesses and their e-commerce sites, including lower fees and faster time to market
A PayFac offers many benefits for small businesses and their e-commerce sites, including:
-Low fees. Online payment processing can be expensive, but a PayFac allows you to pay lower rates due to its volume of transactions. It also helps you avoid the high cost of building your own payment infrastructure in-house.
-Faster time to market. A PayFac allows you to focus on your core business instead of worrying about how to process payments online. The solution provider will handle everything related to payments on your behalf, allowing you to launch your new e-commerce website or app sooner than ever before!
-Greater data security & control over business/customers/payments process.
In summary, payment facilitators are a great solution for small businesses looking to integrate with multiple payment networks. They offer many benefits for merchants and their customers, including lower fees, faster time to market and greater control over the payment process.