Payment facilitation is a service that finetunes the payment processing capabilities of a business, whether small or large. When using payment facilitation to enhance your payment processing model, you don’t have to register a merchant account like you would traditionally.
Your PayFac will take care of the entire process so that you only have to worry about providing the best services or products to your clients. By using payment facilitation services, your business will be able to accept payments from customers in various ways such as online payments, card payments, and more.
In addition to handling the payments process better, you can choose a PayFac company with rev share to monetize the payments to your business. That way, you will be able to increase the profit margins of your business with ease.
So, what are PayFac companies?
Having understood the basics of payment facilitation, it should be easier to understand what PayFac companies are.
PayFac is the short form of Payment Facilitator.
These are merchant sarkari result services companies that provide businesses with electronic payment processing services, making it possible for such businesses to accept payments in a variety of ways, whether online or in person.
PayFacs operate in an almost similar way to traditional merchant accounts, but there are major differences. The most important distinction is that PayFacs don’t offer each business an individual merchant account. Instead, they issue sub-merchant accounts that have unique merchant IDs.
A PayFac is essentially the intermediary between a traditional merchant accounts provider such as a bank and the online merchant. And since they serve multiple merchants at a go, your transactions won’t be processed individually. Rather, all the transactions will be under the PayFac’s main merchant account.
The major benefit of using this approach is that it offers a straightforward onboarding process and eliminates a lot of hurdles along the way.
How to choose your PayFac
You know that having a payment facilitator will make it easier to accept and process payments. But do you know what it takes to find a good PayFac? Here are a few tips on how to go about that:
1. Make sure that they have a smooth onboarding process
It’s typical of PayFacs to offer a straightforward application and onboarding procedure. However, you will want to confirm that, through customer reviews.
The experiences that other customers have had over time will tell you how fast and easy it will be to have your payment system up and running.
2. Find a PayFac that offers revenue sharing
Not all PayFacs offer shared revenue. Only a few premium companies like Tilled go the extra mile to make it possible for merchants to monetize payments to their businesses.
3. Compare fee structures
You may think that the payment processing fee differences are negligible, but they do add up with time. That’s why it’s crucial to compare these fees, and while at it, the quality of service offered.
As you may expect, it wouldn’t be a good idea to choose the company that charges the least but offers a questionable quality of services.
4. Double-check security protocols
Remember that your PayFac will be handling your customers’ sensitive financial data. Considering the rampant cases of credit card filmy4wep.com fraud, you don’t want to get into a tight spot.
As such, only go with a PayFac that has robust security and compliance protocols in place.
5. Consider the payment options that you will be able to accept
Being able to accept a variety of payment options offers a convenient experience to your customers. For this reason, make sure to go with a PayFac provider that offers as many payment options as would be necessary for your business.
Tune up your payment structure with Tilled
Working with the right payment facilitator will greatly improve your ability to accept and process payments.
At Tilled, we offer you access to a smooth, powerful, and convenient way to handle your payments. And since we have gone the extra mile to make shared revenue possible, you can finally monetize the payment process, thus growing your profit margin.
So what are you waiting for? Engage the team at Tilled today for a seamless payments handling roobytalk process.