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In recent years, payment facilitators, or PayFacs, have emerged as an innovation in the online payment industry. They have been enabling online merchants and eCommerce stores with a quick and easy way to receive online payments.
A payment facilitator, in a nutshell, is an organization that functions as a master merchant of a card publisher/network. They facilitate payments on behalf of other businesses, the sub-merchants.
With more businesses shifting their operations online and selling their products and services on eCommerce stores, payment facilitation is now a very lucrative business opportunity with a huge potential market and high profitability.
In this guide, we will discuss how to become a payment facilitator and start your own payment facilitation business.
Understanding the Payment Facilitator Model
As briefly discussed above, a payment facilitator approach allows an organization to become a master merchant or a merchant of record, which in turn can board other businesses …