PayFac or Payment Facilitation enables software platforms to both brand and monetize payment processing offerings while at the same time offering instant, hassle-free customer payments onboarding.

Many banks and Credit Unions now offer drive through only service to their customers and members.  This has created a spike in the number of in-bound phone calls for Credit Unions. For many this has resulted in a less than ideal member experience.

A Pay by Text Virtual Terminal offers medical offices the ability to communicate with patients in a non face to face environment. 2-Way messaging means your office personnel can text patients and interact using their computer screen ( Virtual Terminal) like their cell phone. 

SMS stands for Short Messaging Service, and primarily involves texting by phone. SMS Payment Solutions allow businesses to:

Disrupting the ACH and Credit Card settlement and funding process via a Funding Report

What does the new NACHA ruling around WEB ACH transactions really mean and why has it been implemented?

An ACH API integration enables a business or SaaS platform to automate ACH
payment processing and reconciliation. Any business that accepts recurring payments should leverage the ACH network for 2 compelling reasons:

ACH API Case Study:

For SaaS applications with payment needs, eg Rentlee, a landlord platform offering rent collection, Payment Facilitation as a Service allows the platform to act as a master merchant account. This allows landlords to be set up as sub-accounts and begin accepting rent payments instantly. In the past Rentlee would have had to spend hundreds of thousands of dollars and 6+ months to register with the card associations to act as a true Payment Facilitator.

What does a successful Credit Card Payment Integration look like?

Here are Top 9 Things to Look for from a Recurring Credit Card Payment Integration API

1-API availability: Does the partner offer a modern, elegant RESTful API

By integrating a Credit Card Payment Processing solution your application users gain the ability to accept credit and debit card payments from their end customer.

Pay by Text payment solutions offer businesses a simple, cost effective method to securely collect customer payments.

Best IVR Payment Systems: What to look for in your IVR Payment search

An IVR Payment Solution creates new customer option that allows customers to pay bills or invoices without involving business staff or resources. Customers dial into a  phone and connect to an automated IVR system that interacts via voice prompts with the caller, allowing them to pay amounts due without human interaction from the business side.

IVR Transactions: Interactive Voice Response for Inbound Customer Payment Transactions

IVR Transactions occur when customers call into an IVR Payment Solution.

IVR Payment Software: What are your options in your IVR Payment Solution search

IVR Payment  Software Solutions offer payment options that allow clients to pay bills or invoices via self service. Customers dial into a  phone and connect to an automated IVR system and interact via voice prompts, allowing customers them to pay amounts due without human interaction from the business side.

PCI Compliant IVR Payment Gateway Solutions – Interactive Voice Response for Phone Based Customer Payments

An IVR Gateway provides automated phone based payment acceptance solution for organizations.

PCI Compliant IVR Tokenization Solutions – Interactive Voice Response for Phone Based Customer Payments

Credit card data is required to be handled in a PCI compliant manner. IVR Tokenization is the process that securely exchanges full credit card number for a non-sensitive replacement value in an IVR Payment Solution.

IVR Billing - 24/7/365 Automated Customer Payment Center

IVR Phone Payments- 24/7/365 Automated Customer Payment Center

Payment Facilitator Provider: Who do you work to become a Payment Facilitator?

A Payment Facilitator or PayFac  acts as a the Master Merchant. The  Payment Facilitator role is to quickly and easily onboard their sub merchants or SaaS platform users to facilitate credit, debit card  and in some case ACH transactions for participants in their payment ecosystem. The Payment Facilitator is responsible for regulatory compliance and has financial risk of their sub-users.

In the past the only Payment Facilitator Provider offering was to become a  “True PayFac”. Becoming a true Payment Facilitator is expensive, time consuming and requires staffing to meet compliance and risk mitigation demands. In essence you become a payment business in addition to to your core SaaS offering.

Payment Facilitator Companies

A Payment Facilitator takes on the role of the  Master Merchant. The primary benefit to becoming a Payment Facilitator is that you can quickly and easily enroll your app users and enable processing of  credit, debit card and in some case ACH transactions .

As an example: A SaaS offers an invoicing solution eg QBooks. Businesses that want to leverage their invoicing solution complete a simple application and 15 minutes or so later they are approved and set up to accept customer payment. For our example let’s say the business name is “Best Landscapers”.  They applied and are now approved and ready to bill/invoice there customers using the QBooks platform.

Payment Facilitator versus Payment Processor : What’s the Difference