5 would go to the reseller. io. It provides a technology, allowing to authorize transactions and, potentially, receive transaction settlement information. But like with any payment option, there are different Payfac models to choose from. An ISV can choose to become a payment facilitator and take charge of the payment experience. A payment facilitator allows sub-merchants under one master merchant to process payments easily, with less hassle. A Payment Facilitator, or PayFac, is a company that provides payment processing services to merchants looking to accept credit and debit cards. Chances are, you won’t be starting with a blank slate. What is a payment facilitator? A payment facilitator, also known as a “payfac” or payment aggregator, is a payment model that has grown tremendously over the past few years. Here are the best crypto payment gateway providers, including Coinbase Commerce, BitPay, and CoinGate. It used to take weeks to get a merchant account, but then Payfacs came around and simplified the enrollment process by creating a sub-merchant platform. One FTE is sufficient until $250M in processing volume, then you’d need to add more bodies. 6. , May 26, 2021 /PRNewswire/ -- PayFac-as-a-Service startup Tilled today announced the close of $11 million in Series A funding to empower software companies. June 26, 2020. PayFac is software that enables payments from one vendor to one merchant. Take the time to fully understand how PayFac works before committing to. Here are the main considerations when deciding between a PayFac and an ISO: Onboarding - the ISO onboarding process is usually. We support a variety of payment channels, so your customers can pay with the method of their. PayFac vs ISO: 5 significant reasons why PayFac model prevails. The PayFac model eliminates these issues as well. A three-party scheme consists of three main parties. With MONEI, you can diversify your omnichannel payment stack through a single platform. You may have also heard the name “Member Service Provider (MSP)”, which is the term Mastercard uses to call ISO. 99/ month 2 Ratings. Thus, it would arrange communication between both parties, the merchant and the acquiring bank. On the other hand, a PayFac is a company that simplifies the payment process for sub-merchants by providing a. It would open a sub-merchant account for the merchant and have a contract with the acquiring bank. They have to support slightly different feature sets. The Visa® merchant aggregation model covers all commerce types, including the face-to-face and e-commerce environments, and helps to increase electronic payment acceptance for merchantsFast, efficient boarding solutions that orchestrate third-party and internal systems to help you turn prospects to customers – face-to-face, on the phone, or online. With the exception of processors catering to high-risk industry, they also offer month-to-month billing. The easy-to-use and instantaneous nature of the Payment Facilitator makes it such a popular choice among merchants. A merchant acquirer or an acquiring bank is a bank that underwrites (and later funds) a merchant and (what is important) assumes the liability and risk, associated with credit card fraud and chargebacks. Avoiding The ‘Knee Jerk’. Sophisticated merchants need dedicated human experts. PayFacs perform a wider range of tasks than ISOs. For merchants, it is often cheaper and more convenient to use services of a PSP, rather than have different contracts with various payment gateways, processors and acquiring banks. ISOs may be a better fit for larger, more established businesses. Join our network of a million global financial professionals who start their day with etf. PayFacs have the master merchant account (or MID) as they register merchants on sub-merchant accounts while having a contract with the acquiring bank. With the growth of off-the-shelf PayFac offerings known as PayFac-as-a-Service (PFaaS) solutions, ISVs or VARs can get up-and-running fast with. Stripe is free to set up and the company does not charge a monthly or annual fee for its services. The term “merchant of record” refers to the entity that is legally authorized and responsible for processing customer payments —including credit and debit card transactions and digital wallet transactions —for goods or services on behalf of a business. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. Companies that provide software and other infrastructure for. “A payments facilitator (or PayFac) allows anyone who wants to offer merchant services on a sub-merchant platform. Payment facilitation helps. Join us on this captivating journey into the world of payments technology as we showcase our latest products and delve into the forefront of innovation. Many large banks, for example, issue credit. Independent sales organizations are a key component of the overall payments ecosystem. From recurring billing to payout, we’re ready to support you and your customers. The Job of ISO is to get merchants connected to the. While both types of merchant account providers can assist you with equipment and services, an ISO will provide you with your own merchant account, whereas a. Jun 29, 2023. A sub-merchant platform involves a Payfac that has been pre-approved for one master merchant account with an acquirer, like TD. Global Electronic Technology, Inc. 4. The PayFac would also need to hire a FTE to take exceptions and review these exceptions for risk. A sub-merchant platform involves a Payfac that has been pre-approved for one master merchant account with an acquirer, like TD. A Payment Facilitator, PayFac for short, is simply a sub-merchant account for a merchant service provider. Established acquirers will likely have a process for passing the data; implementing what is needed to make that happen is the responsibility of the Payfac. Selecting the suitable operating model and payment service provider (“PSP”) partner is at the core of a payfac strategy. In the UK, however, workers have the right to one uninterrupted 20-minute rest break during the work. On the other hand, a PayFac is a company that simplifies the payment process for sub-merchants by providing a. In essence, they become a sub-merchant, and they face fewer complexities when setting. One classic example of a payment facilitator is Square. A PayFac can remove the long, arduous underwriting process and get merchants up and running quickly – in a matter of minutes versus a few days or even weeks. Managed PayFac. For instance, standard credit card transaction descriptor length is 22 characters at most. Difficulties with reasoning, problem-solving and decision-making. Payment aggregator vs. In this case, the ratio is quite high and the company is. It’s also possible to monetize transactions with both options. PSP = Payment Service Provider. payment processor What is a payment aggregator? A payment aggregator, also often referred to as a payment facilitator (payfac) or payment service provider (PSP) , is a financial technology company that simplifies the process of accepting electronic payments for businesses. The number of Payfacs is estimated to have grown by 13. Payment. Payment Facilitation as a Service, also known as PayFac as a Service or PFaaS, allows software platforms and SaaS providers the ability to act as a merchant account for their end users. As a PayFac, Segpay handles the sub-merchant onboarding and provides a fully managed payment processing solution. It provides a technology, allowing to authorize transactions and, potentially, receive transaction settlement information. Those sub-merchants then no longer have. November 10, 2021. A Payment Facilitator [Payfac] is essentially a Master Merchant that processes credit and debit card transactions for sub-merchants within their payment. 1) A PayFac always acts on sub-merchant’s (retailer’s) behalf, while an MOR might be the actual retailer. By adding their clients’ applications to the Clover App Market, merchants increase their sales and revenue, which helps the providers earn more as well. They offer merchants a variety of services, including. Processors follow the standards and regulations organised by credit card associations. PayFac or payment facilitator model allows you to add a new revenue stream to the profit you get from selling your core product. Instead of going through the lengthy and expensive process of setting up multiple integrations, you can save time and money by using MONEI to accept all the payment methods you’ll ever need. net is owned by Visa. As with all feature deprecations, PodSecurityPolicy will continue to be fully functional for several more releases. Sony claimed the PS2 was 70 and the Xbox was allegedly over 100. PayFacs take care of merchant onboarding and subsequent funding. Payment Facilitator (PayFac): 大商户模式，是商户而不是收单机构。. payment gateway; Payment aggregator vs. Payment is becoming more cashless than ever now as a massive number of transactions are digitally carried out through credit cards and e-wallets. It manages the transfer of funds so you get paid for your sale. #embeddedpayments #isvs #payfacmyth. To minimize the effects of progressive supranuclear palsy, you can take certain steps at home: Use eye drops multiple times a day to help ease dry eyes that can occur as a result of problems with blinking or persistent tearing. 6 Differences between ISOs and PayFacs. The ISO, on the other hand, is not allowed to touch the funds. Nonmotor (ie, cognitive or neuropsychiatric). This solution includes hosted payment pages; one-time, subscription, and one-click billing solutions; risk management; affiliate tools, and end-user customer support. The key difference between a payment aggregator vs. The payment facilitator model was created by the card networks (i. As PSPs must pay acquirers and banks and still have some profit margin, the fees can be higher than what can be directly negotiated with banks and acquirers. We understand the details of embedded payments and the options for building a solution that is secure, scalable and compliant. PS Vita. PayFac vs ISO. Payment Facilitator. payment processor; What is a payment aggregator? A payment aggregator, also often referred to as a payment facilitator (payfac) or payment service provider (PSP), is a financial technology company that simplifies the process of accepting electronic payments for businesses. Firstly, it has a very quick and easy onboarding process that requires just an. When you enter this partnership, you’ll be building out systems. For financial services. Non-pharmacological management of PSP is as important as pharmacological treatment and should be implemented early. We have APIs for all business types, whatever your size or location and whether you take payments online or at point of sale. In this article, we explore various forms of payment facilitation, the commercial opportunity for payfacs, the maturation process of select payfac models, and the key features and functionalities to look for in PSPs. Technology used. For large payment facilitators. PSPs act as intermediaries between those who make payments, i. PSP-E1000. And as we already learned, Americans generally tend to take few breaks away from their desks. You own the payment experience and are responsible for building out your sub-merchant’s experience. A PSP is a company that offers merchants a range of payment processing solutions. Customer contribution margin = $50 – $30 = $20. Get super-fast and super-secure online payments from just about anywhere in the world with South Africa’s most-loved payment platform – letting you get on with the business of running your business. Becoming a PSP [Payment Service Provider] lends itself well to some businesses that fall into the software provider. One downside is, they have limited control over disbursement. Payment Service Provider (PSP) is like a Pay-Fac, but where you get your own Merchant Account (meaning your business passes credit check / underwriting process). We have defined three distinct categories: global, international, and regional PSPs. Beyond PSPs, companies exclusively positioned as payment service. On the other hand, a PayFac is a company that simplifies the payment process for sub-merchants by providing a. It used to take weeks to get a merchant account, but then Payfacs came around and simplified the enrollment process by creating a sub-merchant platform. What is a payment facilitator (PayFac)? Essentially, PayFacs use the acquiring license of another company to provide payment services to sub-merchants. 3. But regardless of verticals served, all players would do well to look at. PayFacs are generally more suitable for smaller businesses or those looking for a streamlined, integrated payment platform with faster funding times. It used to take weeks to get a merchant account, but then Payfacs came around and simplified the enrollment process by creating a sub-merchant platform. Progressive supranuclear palsy (PSP) is a complex condition that affects the brain. Global Electronic Technology, Inc. Embedding payments into your software platform is a powerful value driver. This can include card payments, direct debit payments, and online payments. It’s used to provide payment processing services to their own merchant clients. In this sub-merchant model, Payfac has a master merchant account under which merchants are signed up, as sub-merchants. Payment Facilitator. Coinbase Commerce: Best For Integrations. In this article,. LTV = $20 / (1 – 75%) = $80. Discover how REPAY can help streamline your billing process and improve cash flow. Mastercard PayFac Models: The Ins and Outs of the “Big Two” Payment Facilitator Programs. the right payments technology partner. Lean on our payments expertise and offer your customers an end-to-end solution. It brought a brighter screen, earning it the nickname "PSP Brite," and a slightly better battery. June 26, 2020. Discover Adyen issuing. 1. So, the main difference between both of these is how the merchant accounts are structured and organized. ISOs. Don’t let this be you. Payfacs have continued to gain prominence and have been adopted by ISVs to create a more dynamic user experience. Discover flexible, scalable solutions that fuel your growth and transform the payments experience to delight your customers. See Bambora: PayFac vs Gateway vs Merchant Account PSPs In-between an ISO and a Pay-Fac. Indeed, PayFac model is a beneficial solution for merchants, acquirers, and, of course, payment facilitators themselves. Risk management. In other words, ISOs function primarily as middlemen (offering payment processing), while PayFacs are payment facilitation. The most trusted payment integration. Here’s how: Merchant of record. It could be a product that is yet to reach the buyer,. If your platform needs to operate internationally and support sub-merchants in other regions, partnerships with local acquirers, gateways, and other service providers may be. Evaluate how your customers experience your AR process. PSP-1000. One classic example of a payment facilitator is Square. ISOs may be a better fit for larger, more established. The terms aren’t quite directly comparable or opposable. Overall responsibility for the P & L and ultimate growth of PayFac channel within Integrated Payments. All ISOs are not the same, however. Core from WePay gives you the tools to become a Payment Facilitator (PayFac) on Chase's payments infrastructure. In other words, processors handle the technical side of the merchant services, including movement of funds. What are the differences between payment facilitators and payment technology solutions, and how do you know which is right for your business? Nowadays, more software platforms are realizing the. If you are a high-risk. Global PSPs have a physical presence in at least four regions (as defined in our research), three of which are North America (US), Europe, and China. Region. This is a clear indicator that fraud monitoring should be a priority in 2022 and beyond, and why it’s vital to work with a PayFac like. When it comes to choosing between a PayFac and an ISO, the best option depends on your business's specific needs and preferences. e. It is characterized by motor symptoms caused by α-synuclein-mediated dopaminergic cell loss and iron overload in the substantia nigra (SN) of the midbrain (). Functions of an HSM. Payments for software platforms. 通过作为主商户账户操作，支付服务商有能力加入子商户。之后子商户可以利用支付服务商与收单银行的现有关系以及 PayFac 的处理技术，以便使用自己的处理账户快速启动和运行。 支付服务提供商（PSP，payment service provider, PSP）是指向商家提供支付服务的公司。What are the pros and cons of becoming a PayFac vs. One major advantage the Nintendo DS and 3DS have over the PSP is touchscreen support. 1 Overview–principal versus agent. PSPs, Payment Facilitators, and Aggregators. If your rev share is 60% you can calculate potential income. Identify gaps in your AR practices to understand where you have room to grow. However, they do not assume financial. ) paying Toast, or Revel, or Clover FOREVER is a tough pill to swallow. The smartest way to get you paid. Sony. Read article. Payment aggregator vs. ISOs often provide a range of services, including equipment sales or leasing—for example, point-of-sale (POS) terminals —transaction processing, and customer service. Companies like NMI and Spreedly are. But for this purpose, it needs to build a strong relationship with an acquirer that will underwrite it as a PayFac. A Managed PayFac is a payment monetization model in which a company gets most of the benefits of a full Payment Facilitator but without the same level of liability or risk. Segregated accounts are legally segregated from the firm's assets, meaning the company cannot use the funds stored to conduct business operations. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. accounting for 35. The Traditional Merchant Onboarding Process vs. or by phone: Australia - 1300 721 163. PayFac vs ISO: 5 significant reasons why PayFac model prevails. Each ID. Payment method Payment method fee. For their part, FIS reported net earnings of $4. Adyen not only operates as a full-stack Payment Service Provider, but also gives its customers a true omnichannel solution to accept payments anywhere in the world. It would open a sub-merchant account for. There’s not much disclosure on the ‘cost of sales’ (i. 0x. Merchant of record vs. Instead of each individual business needing to set up its own merchant account, a process that can be time-consuming, the payfac effectively “rents out” merchant account functionality under its larger master merchant account. Onward!IndexCode Connect: FIS Code Connect is an API Marketplace or API Gateway, which provides one-stop access to all APIs across FIS. Blog. Hips is a complete omnichannel payment gateway and platform for businesses, ISV's and ISO's that want to offer their customers payment terminals or online payment services. The risk is, whether they can. The arrangement made life easier for merchants, acquirers, and PayFacs. Merchants onboarded by a payfac are called "sub-merchants". Another option to generate a profit from payments is to consider becoming a referral partner for an existing payment facilitator. A PayFac, or payment facilitator, is a merchant services model that streamlines the merchant account enrollment process by onboarding a merchant as a sub-account under the PayFac’s master account. Nonprofits and cultural institutions rely on their payment systems and gateways to support their donation, membership, and ticketing payments. PayFacs are based on the merchant aggregator model created by Visa and MasterCard to provide support for payment card acceptance in marketplaces. The payment processor also typically provides the credit card machines and other equipment needed to accept credit card payments. This model is ideal for software providers looking to. Payfac or Payment Processor—Which is Right for You? A decent rule of thumb is that if your business does less than $1M per year in revenue, the convenience and simplicity of a payment facilitator may make sense. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. a Payment Service Provider (PSP), aka a Payment Facilitator (PayFac). Kubernetes 1. The principal versus agent guidance in ASC 606 applies to revenue arrangements that involve three or more parties and is applied from the perspective of an intermediary (for example, a reseller) in a multi-party arrangement. In essence, the device stores the keys and implements certain algorithms for encryption and hashing. As well as reducing the administrative burden for sub-merchants, PayFacs have the flexibility to completely customize their payments program. Vantiv. “Sponsoring Payfacs is a relationship between the bank the Payfac and the hundreds or thousands of downstream merchants underneath the Payfac,” Spalinger said. 20 (Processing fee: $0. PayPal using this comparison chart. multiple times a day within fixed settlement windows. PayFacs have the master merchant account (or MID) as they register merchants on sub-merchant accounts while having a contract with the acquiring bank. Then the PayFac needs to build a number of other tools or go through compliance processes, like becoming PCI Level 2 certified, but as soon as they reach. These include SaaS providers, investment firms, franchise owners, online marketplaces, and others. Link. A payment processor is the service responsible for communicating between the merchant, credit card company and banks. There are some native RetroArch cores for vita. Agree on Goals and Metrics. What is a payment facilitator? A payment facilitator, also known as a “payfac” or payment aggregator, is a payment model that has grown tremendously over the past few years. Square has been one of the most disruptive technology companies in the past decade, yet they recently caught the media’s attention for the wrong reason. Find a payment facilitator registered with Mastercard. Our suite of tools and services offers a choice of funding options, settlement, revenue generation, and risk management capabilities for payment facilitators. Payfac conducts oversight on all the transactions on its platform to ensure that all payments operate under legal and network regulations. PSP vs PS Vita - Back View. Payments designed to. International PSPs are present in at least two regions, and regional PSPs are present in one region. Stripe and Square are two examples of well-known PayFacs that are incredibly popular with business owners in a wide variety of industries. Instead of each individual business needing to set up its own merchant account, a process that can be time-consuming, the payfac effectively “rents out” merchant account functionality under its larger master merchant account. The acquirer will then pass the information to Mastercard to run the check, and the results will be passed back to the Payfac. It would open a sub-merchant account for the merchant and have a contract with the acquiring bank. VikingCloud offers cloud-native predictive algorithms and innovative technologies help keep your organization safe. Both offer companies a means of accepting and processing payments, and while they may appear to be the. 2CheckOut (now Verifone) 7. Welcome to "Embedded: Unveiling Payments Latest Innovations," the revolutionary podcast brought to you by Fortis. You own the payment experience and are responsible for building out your sub-merchant’s experience. Two, there's a big touchpad on. Payfac可以对接一些子商户. It's rather merging into one giving the merchant far better control. Instead of each individual business. The payment facilitators themselves: which are companies providing the necessary infrastructure and allows their sub-merchants to accept payments via credit card. That is why a standard gateway offering, a gateway for software platforms, and a PayFac payment gateway differ from each other. ISOs never directly touch a merchant’s money as the money will flow directly from the payment processor to the merchant’s merchant. A recent Nilson report found that fraud rose more than 6% (exceeding $10 billion) in 2020 from 2019, with the U. There's not a huge amount to look at on the back of the PSP and PS Vita. Instead, all Stripe fees. Palsy is a disorder that results in weakness of certain. Marketplace vs ecommerce platform: What's the difference? Read article. A payment facilitator (or PayFac) is a payment service provider for merchants. Since the start of COVID-19, Square has begun to hold back 20 to 30 percent of some of their client’s revenues for up to 4 months. We would like to show you a description here but the site won’t allow us. If you are an existing Bambora customer who needs assistance there are our support guides that can be found here. Whatever works best for them. The PayFac executes all the tasks a payment processor needs to onboard a client and gives the ISV a seamless experience. Financial services businesses have a range of specific needs. Becoming a Payment Aggregator. a Payment Service Provider (PSP), aka a Payment Facilitator (PayFac). Payment tokenization is the process of replacing sensitive payment data, such as the primary account numbers (PAN) of a debit or credit card, with a unique digital identifier, called a token. Jun 29, 2023. Gross revenues grew considerably faster. What is a payment facilitator? ISO vs PayFac . Third-party integrations to accelerate delivery. A payfac as a service partner provides the infrastructure you need to offer payments to your customers in the form of a white-labeled solution. this new series on Embedded Commerce and debunking the PayFac myth. responsible for moving the client’s money. In contrast, PayFacs have one or two processor relationships and onboard ISVs as referral agents. Benefits and criticisms of BNPL have emerged on several fronts. Without a. One of the key differences between payment aggregators and payment facilitators is the size of sub-merchants they are servicing. Beyond PSPs, companies exclusively positioned as payment. Some stay where they are (like, again, Uber or Amazon), while others decide to implement the PayFac model. Each of these sub IDs is registered under the PayFac’s master merchant account. Those sub-merchants then no longer. Becoming a payment facilitator is a change to your operational and support models, has and it pays long-term benefits. +2. Managed PayFac or Managed Payment Facilitation – The 2023 Guide. UK domestic. If it services a large number of merchants and partners with multiple acquirers, then it still gets its justly earned revenue share. What many don’t know, however, is that merchant service providers (MSPs), payment facilitators (PayFacs), and payment service providers (PSPs) can benefit from opting for custom Clover POS integration solutions as well. The terms payment service providers (PSP), payment facilitators, and payment aggregators can have slightly different meanings depending on the region, but they refer to similar. the scheme and interchange fees). Cincinnati, Ohio Area. The payment facilitator, or “PayFac”, model of merchant acquiring is growing extremely rapidly. Put simply, the acquiring bank is the bank on the merchant end of the transaction, and the issuing bank is the cardholder or consumer’s bank. To describe the usage of the PSP among adult ADA-treated patients with psoriasis in Europe and the associated impact on patient outcomes: Clinical outcomes: PGA and remission status: Higher percentage of remission (80. Independent sales organizations (ISOs) are a more traditional payment processor. 支付服务商 (PSP): 商户的支付对接合作伙伴。. Nice to be able to offer “Either Or” to merchants, tho the subscription side DEF more lucrative in the long-term. The PSP is no longer manufactured, but you can find used models on eBay and other places selling previously owned electronics. PayFacs perform a wider range of tasks than ISOs. 3. 00 Retains: $1. Before offering customers payment methods from popular card networks (Visa, Mastercard, etc. A payment processor serves as the technical arm of a merchant acquirer. e. For SaaS providers, this gives them an appealing way to attract more customers. Is a Payment service provider and payment gateway the same?PayFac vs ISO: Key Differences. Payfac as a Service providers differ from traditional Payfacs in that. However, they do not assume. Types of merchant of recordIn the current downturn, said Mielke, the PayFac or ISV that is diversified will be better positioned to weather the storm. First, a PayFac needs to establish a partnership with an acquiring bank, and get sponsorship to process payments for sub-merchants. But in the real world Gamecube was above the PS2 and close to Xbox in performance. When it comes to choosing between a PayFac and an ISO, the best option depends on your business's specific needs and preferences. 1. Who Gets Involved in the PayFac Scene? There are five main elements which compose the payment facilitator landscape. Malaysia. Examples of Sponsor Bank in a sentence. This crucial element underwrites and onboards all sub. May 1, 2023 In this article, we’ll attempt to cover almost everything you need to decide which payment solution is right for you: a Payment Facilitator or a Payment Processor. add some widgets. One of the critical differences between payment processors and payment facilitators is the underwriting/approval process. The Payfac Solution Provider (PSP) handles all of the underwritings, setting up of accounts, development of integrations with processors, connections with gateway partners (if applicable), the. on demand when end-of the day settlement message is received. Is a Payment service provider and payment gateway the same? Both ISOs and PayFacs make payment processing more accessible for small and high-risk businesses by acting as intermediaries. A PSP, on the other hand, charges a variable fee in addition to the fixed fee. The former, conversely only uses its own merchant ID to process transactions. 0x for the implied LTV/CAC. It would register the merchant on a sub-merchant account and it would have a contract with the acquiring bank. Typically, it’s necessary to carry all. Marketplace vs ecommerce platform: What's the difference? Read article. transaction execution. See Bambora: PayFac vs Gateway vs Merchant Account PSPs In-between an ISO and a Pay-Fac. Connecting customers to trustworthy payment options is a win-win for you and your customers. Payfacs typically don’t perform their underwriting for weeks to months after. In essence, PFs serve as an intermediary, gathering. 1. An ISV can choose to become a payment facilitator and take charge of the payment experience. What SaaS & E-commerce Companies Need to Know About Payment Facilitator Regulations, and what key regulations. On the other hand, a PayFac is a company that simplifies the payment process for sub-merchants by providing a. Overall responsibility. Payment Service Provider (PSP) is like a Pay-Fac, but where you get your own Merchant Account (meaning your business passes credit check / underwriting process). Thus, it. There are two main options when it comes to choosing a PayFac: a payment service provider (PSP) or an independent sales organization (ISO). It also needs a connection to a platform to process its submerchants’ transactions. While both services provide the same basic. Settlement is generally done: once a day at a fixed time. Aug 10, 2023. Collect key details about your business. FinTech innovators love the payment facilitator (PayFac), a shift that WePay co-founder Rich Aberman outlined in Episode 1 of the Payment Facilitators series with Karen Webster, CEO of PYMNTS. PayFacs provide a similar service to standard merchant accounts, but with a few important differences.