What Is a PayFac (Payment Facilitator)? A Payment Facilitator (PayFac) acts as a merchant services provider, enabling businesses to quickly set up electronic payment solutions. By partnering with PayFac, you can
A payment facilitator, or PayFac, is a payment service provider (PSP) that enables merchants to accept and process electronic payments via sub merchant accounts. They open merchant accounts with a merchant acquirer and onboard businesses as sub merchants to facilitate online and POS transactions. Us...
A payment aggregator, also often referred to as apayment facilitator (payfac)orpayment service provider (PSP), is a financial technology company that simplifies the process of accepting electronic payments for businesses. While the term is commonly used interchangeably with payfac, they are different ...
What is a PayFac? Essentially, PayFacs use the acquiring license of another company to provide payment services to sub-merchants. First, a PayFac needs to establish a partnership with an acquiring bank, and get sponsorship to process payments for sub-merchants. It then needs to integrate payme...
A tax lien is a claim imposed by law upon property or other assets to ensure the payment of taxes. Here's what you should know.
Ecommerce businesses rely on electronic transactions to charge customers for products and services. The increased volume of electronic transactions has also resulted in an increase in fraudulent activities. What types of fraud are there? There are multiple methods of payment fraud: ...
What are the benefits of working with a payment facilitator? There are extensive benefits associated with payment facilitators. Firstly, the onboarding/sign-up process is far quicker than you’d experience with a payment processor. This is because payment facilitators can approve an account within ...
Aggregated:An aggregated, or aggregator, is a type of merchant offered by a PSP and is also known as a payment facilitator account. In this scenario, the PSP essentially operates a master merchant account, which pools the funds of multiple sub merchants and then distributes them in accordance...
A merchant account is a type of business bank account that is used to process electronic and payment card transactions. Merchant accounts are provided by acquiring banks, often through payment processors or independent sales organizations (ISOs). Because merchant accounts are required to process credit...
Because Checkout.com is a full end-to-end payments solution, it includes the functionality of a merchant account, acquirer and payment gateway all in one. This is backed by a wide range of other benefits to optimize payments. With Checkout.com as your payments provider, you have an all-...