Read More. We’re not only a trusted partner for millions of businesses around the world; we’re innovators building a bold future for fintech. PayFac is more flexible in terms of providing a choice to. g. Obtain PCI DSS Level 1 certification. In this model, the white-label payfac provider takes care of the underlying technology, payment processing infrastructure, compliance, and risk. 3. fisglobal. Stripe By The Numbers. The PayFac would also need to hire a FTE to take exceptions and review these exceptions for risk. sub-merchant used to configure how to charge your sub-merchants for transactions (for example, by method of payment, by transaction type, a flat fee versus a percentage fee, etc. With an 11 year career in electronic payments and a lifetime passion for all facets of technology, Aaron was excited to join this rapidly growing company to focus on delivering a world-class experience. We have APIs for all business types, whatever your size or location and whether you take payments online or at point of sale. This manual is subject to change without notice and does not represent a commitment on the part FIS or any other party. Available Balance. Payfac’s immediate information and approval makes a difference to a merchant. 68), and full-year 2022 Adjusted EPS increased 2% to $6. Payfac-as-a-service is a turn-key payment facilitation model in which an external company provides businesses with the necessary tools and infrastructure to accept electronic payments, such as credit and debit cards, ACH, and echecks. Costs, including engineering, security, and maintenance are just a few expenses to consider when determining whether or not to offer payfac-as-a-service. ©2022 FIS. Small/Medium. Owning the sub-merchant. 3 billion of capital to. Embedded experiences that give you more user adoption and revenue. payment transactions they process are sent to Worldpay from FIS. Companies offering PayFac solutions for merchants include Fidelity National Information Services Inc. Establish connectivity to the acquirer’s systems. Enabling businesses to outsource their payment processing, rather than constructing and. The Payfac must also protect the payments system against data breaches by maintaining a secure environment and ensuring that its submerchants are meeting their security responsibilities. These banks are also known simply as issuers. Enabling businesses to outsource their payment processing, rather than constructing and. Adyen was a Payfac of Vantiv in the US) before eventually acquiring the scale, a good word-of-mouth reputation / customer confidence and all the necessary clearances / licenses to become a full-fledged integrated acquirer and processor in the majority of its. 5 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose of assisting you in using a Worldp ay, LLC product. Payments Players. , invoicing. Download PDF. Become a Payfac Enabler - enabling software & payments companies, and banks to manage their payment’s operations in a payment facilitation model. FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across. A payfac is a platform that intermediates payments between consumers, payment operators (card operators, banks, PSPs, etc. 1. Whether the need is to meet. Yes. PFs’ contracts with acquirers also hold them responsible for chargebacks. The payfac typically retains control over the merchant experience by providing instructions to the bank on how and when to pay out the funds, but the bank retains control of the money. , invoicing. PayFac Portal Operations; Creating a New Legal Entity Request; Adding a Sub-Merchant; Searching for Sub-Merchants; Viewing Sub-Merchants. Chapter 2 of the Worldpay eComm PayFac API Reference Guide “PayFac API Certification Tests” provides the data you use while testing. This report only applies to legal entities that have a sub-merchant funded through the Worldpay, and is produced daily. Uber corporate is the merchant of record. Worldpay produces the report on the 8th of each month. Funding Instruction. Each tier offers more in-depth information and/or analysis. Cross River 4. 13 Payfac jobs available on Indeed. Dynamic Payout Held Funding Instructions Report (U. For example: PayFac Sub-Merchant ID Merchant_25 becomes d_Merchant_25_2015_04-14. Track and receive real-time alerts within your merchant's businesses. Managing Director - Fintech Vertical Sales. Request A Demo. Businesses aren’t created all the same. FIS Reports Third Quarter 2022 Results. FinTech platform FIS has acquired embedded payment company Payrix to boost its eCommerce offerings to companies of all sizes in any industry through embedded payments via Software-as-a-Service. com PayFac Portal - Introduction. Before MAPP, she served as the SVP of Payfac and ISO Partnerships at FIS, overseeing growth of the channel. Excluding the impact of a large PayFac client, global volume increased 4% on a reported basis and 8% on a constant currency basis, US volume increased 7%, and transactions increased 3% as compared to the prior-year period. Not every bank is an acquiring bank. For example, a report produced on August 8th would contain data for July 1st through July 31st. 127. Learn more Crossover to crypto. The PayFac Merchant Onboarding Portal is a user interface based on the eCommerce iQ Reporting and Analytics framework and the Worldpay PayFac API that allows Payment Facilitators to easily add, edit, view, and search for legal entities and sub-merchants. If the Tax ID validation fails, it is indicated in the Legal Entity Background Check Results panel of the PayFac Portal. FIS Reports Third Quarter 2022 Results. Provides update on previously announced Enterprise Transformation Program. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. PayFac | Payment Facilitator Solutions | Worldpay from FIS Award RecognitionFinix is now a registered payment facilitator (payfac). Payments Models. Becoming a Payment Facilitator or PayFac is often a great fit for SaaS platforms that in addition to a business management app also offers a payment processing solution as well as payment specific solutions, e. ) Easy Apply. In short, Payment Facilitation is an operating model that affects the acquiring side of the payment ecosystem. Tues. Worldpay Rate Increases Effective April 2023. A typical promising platform may be best served by a payfac-alternative model. 4. Companies offering PayFac solutions for merchants include Fidelity National Information Services Inc. Excluding the impact of a large PayFac client, global volume increased 4% on a reported basis and 8% on a constant currency basis, US volume increased 7%, and transactions increased 3% as compared to the prior-year period. Table 2 lists the timing of money movement to the PayFac FBO Settlement account for each payment type with respect to the activity day. Payrix Acquired by FIS to Expand E-Commerce, Embedded Payments and Finance Experiences for SMB Merchants via Platforms. 68), and full-year 2022 Adjusted EPS increased 2% to $6. Enter the appropriate information in each of the fields, as listed in the table, Adding a Sub-Merchant. A payment facilitator provider serves multiple merchants by. We would like to show you a description here but the site won’t allow us. Client Relations Account Manager, Senior - PayFac Developers FIS Feb 2022 - Present 1 year 9 months. Business software platforms typically solve a business problem for a merchant, such as appointment scheduling. com 208. 70. Worldpay, Inc. Russ Jones. What is a PayFac (Payment Facilitator)? A Payment Facilitator (PayFac) is a third-party service that lets merchants accept various forms of non-cash payments like credit/debit cards or digital payments. Reconciliation Report. The bank receives data and money from the card networks and passes them on to PayFac. • Worldpay eComm PayFac Portal User GuideOne of the main benefits to adopting the Payfac ® model is the increase in revenue you get from each transaction processed using your software. com. Leverage. eComm Dynamic Payout Information. JACKSONVILLE, Fla. On. 74. Determine root cause of failure and resubmit funding Instruction after issue resolved. As such, read on to discover how the PayFac model works, how to get the best out of it, and how your company can become a payment facilitator. worldpay . This solution involves you partnering with either (1) an acquiring bank or (2) an acquirer and a payment facilitator vendor. After clicking the Search button, the results panel appears below the Instruction Search. Enabling businesses to outsource their payment processing, rather than constructing and. The Commercial Growth Lead will be aligned to our Integrated Payments Referral and PayFac business segments to design, implement, and evolve growth strategy and its execution for those lines of. In many cases an ISO model will leave much of the underwriting as well as settlement and reporting to the acquiring bank. The PF may choose to perform funding from a bank account that it owns and / or controls. Research salary, company info, career paths, and top skills for Strategic Partnership Manager - PayFacThe 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 merchantsHere are the six differences between ISOs and PayFacs that you must know. We give you all of the tools you need for a successful payment facilitator program. Advancing the way the world pays, banks and invests™. Supports multiple sales channels. Generally Accepted Accounting Principles (GAAP) is the term. Sales Executive with experience in financial. ©2020 FIS. Proven application conversion improvement. Let FIS help you make the leap from traditional to digital assets across payments, banking and capital markets. Stripe was founded in 2010 by two Irish siblings: then 22-year-old Patrick Collison and younger brother John, 20, positioning itself as the builder of economic infrastructure for the internet — launching their payfac flagship product in 2011. , February 13, 2023--FIS® (NYSE:FIS), a global leader in financial services technology, today reported its fourth quarter and full-year 2022 results. Information in this manual is presented "as is" and neither FIS or any other party assumes responsibility for typographical errors, technical errors, or other inaccuracies contained in this document. Happy to chat and brainstorm strategies. Set up merchant management systems. Announces first quarter and full-year 2023 outlook. Comprehensive health, dental, and vision benefits. Infinicept provides the method by which to monitor for these transactions within its exception reporting capabilities. , Deposits - Refunds). PayFacs are also responsible for most, if not all of the underwriting required. Strategic Partnership Manager - PayFac job. They. Integrate Evolve's payment service technology into your software platform and you can start offering your customers a seamless payments journey right away. 4 months ago. In this case, Worldpay requires the creation of Merchant IDs (MID) on the Core platform, even if the sub-merchant is only. Reality: While pioneers such as Stripe or Square had to build everything from the ground up, you don’t. Acquiring banks are members of card networks, such as Visa and Mastercard. With a payment facilitator, businesses can quickly and easily. When you submit a set of funding instructions, we calculate your available balance as PayFac Settlement Account current balance + Reserve Debits (from funding instructions). Put our half century of payment expertise to work for you. 30d+. It also needs a connection to a platform to process its submerchants’ transactions. Priding themselves on being the easiest payfac on the internet, famously starting. - Sat. We offer ISOs white-labeled PayFac-as-a-Service that is cheaper, faster to implement, and easier to integrate than any build-it-yourself alternative. , February 13, 2023 – FIS® (NYSE:FIS), a global leader in financial services technology, today reported its fourth quarter and full-year 2022 results. "We delivered fourth quarter. 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. Below are the login procedures to follow for both FIS employees and community members: For FIS Employees Only. Cardknox 5 ★. 10, 2022 /PRNewswire/ -- Finix, the payments technology company for software platforms, announced today that it has raised $30M in fresh capital, bringing the company's total. An example would be a SaaS platform that provides plumbers and home service providers an application that help them. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. Information in this manual is presented "as is" and neither FIS or any other party assumes responsibility for typographical errors, technical errors, or other inaccuracies contained in this document. Access e-Login using your SSO login and passwordRenew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. 01332 477 853. com, or send me a Linked In message. JACKSONVILLE, Fla. 9 Payfac jobs in United States. What SaaS & E-commerce Companies Need to Know About Payment Facilitator Regulations, and what key regulations. PayFac is a way for software applications to turn a traditional cost center into a revenue-generating business unit. . FIS has reported its fourth quarter 2022 earnings. This is known as frictionless underwriting. Payment. Effective April 2023, Worldpay is implementing a $0. UK domestic. PFs are responsible for their own PCI compliance. Apply online instantly. Prior to issuing 1099-Ks, it is the responsibility of the Payment Facilitator to provide and validate sub-merchant Tax ID information to ensure that the validation process performed by Worldpay through IRS. You may likely serve a diverse array of customers, from large enterprises to individuals on “freemium” plans. 292. Generally Accepted Accounting Principles (GAAP) is the term used to refer. Please contact your Fortis representative with any questions. Payfac Pitfalls and How to Avoid Them. 2. A payfac is a type of payment aggregator, but it typically provides a more comprehensive suite of services. Underwriting is a risk assessment practice that helps the PayFac entity understand the nature of the sub-merchant business and the risks involved in onboarding such a profile. Fiserv: Founded in 1984, they process 12,000 financial transactions per second across the card networks. PayFac Dynamic Payout Info A guide for payment facilitators to use our Dynamic. 46 If you encounter any issues during this timeframe, please contact GTSC at eCommercesupport@fisglobal. Complete ownership and control of your payments program. Integrate within a few days, onboard your merchants, accept payments and issue payouts. 10 fee for all Visa transactions with POS Entry Code (91) MSD. Businesses can create new customer experiences through a single entry point to Fiserv. An example would be a SaaS platform that provides plumbers and home service providers an application that help them. 6 billion. 3. You can also view the PayFac Tax Id Validation Report, available through the Scheduled Secure Report (SSR) service, to determine if a Legal Entity Tax ID Validation has failed. With Payrix Pro, you can experience the growth you deserve without the growing pains. g. PayFac, which is short for Payment Facilitation, is still a relatively new concept. Carat drives more commerce. An amazing team dedicated to both the company’s mission and your success! Join us at Infinicept: A fast. Cardstream Group, which operates Europe’s fastest growing independent white label Payment Gateway, has announced the arrival of its significant new white label PayFac-as-a-Service to the market. Global Acquirer Risk Standards Review. Strategic investment combines Payfac with industry-leading payment security . All information whether text or graphics, contained in this manual is confidential and proprietary in formation of FIS and is pr ovided to you solely for the purpose of assisting you in using a FIS product. Billions of People and Trillions of Transactions Define the PayFac Opportunity in Emerging Markets. Shows the bank activity, starting balance and ending balance of the PayFac FBO Settlement account for the previous day. The operations and functionalities described do not apply to previous versions of the PayFac API. Adyen was a Payfac of Vantiv in the US) before eventually acquiring the scale, a good word-of-mouth reputation / customer confidence and all the necessary clearances / licenses to become a full-fledged integrated acquirer and processor in the majority of its. Step 2: Segment your customers. Paypal is an example of a payfac, and while Paypal is highly convenient and can be great for specific business models, they do not work with certain industries that can be deemed high-risk. Please follow Worldpay and FIS. To be deemed compliant with PCI, businesses must first undertake assessments to determine where their. Choose a sponsoring acquirer and register with them as a Payfac. Before you begin the testing phase, your assigned Implementation ConsultantThe PayFac model thrives on its integration capabilities, namely with larger systems. Webinar Recap: Deconstructing the Myths About the Payfac Model – March 2023 Webinar Recap: Deconstructing the Myths of Becoming a Payfac – December 2022 Webinar Recap: Underwriting & Risk 101 – November 2022A solution built for speed. ©2020 FIS. Form IL 505-I. Gretchen provides strategic advisory across the payments ecosystem. Shows the real-time balance of all PayFac accounts as of the date/time generated. 6 billion. In the PayFac model, banks that monitor PayFacs are called Acquiring Banks. The payfac stands in place of the merchant for the purpose of credit and debit card rules, maintaining submerchant accounts for its merchant customers and touching the money in the settlement funds flow. Corporate Gateway account login (MAI). 3 billion of capital to shareholders. Flexible work from home policy. only) - contains data about instructions initially held after an FIS Compliance review. PayFac® solutions, at your service Worldpay from FIS is your advocate for payment facilitator solutions. Worldpay, Inc. We carved out a $2 billion payments business in ’10 and grew it consistently above. e. Especially valuable for platforms and marketplaces looking to payout users faster in a preferred. They’re also assured of better customer support should they run into any difficulties. Access Worldpay uses cloud-based, RESTful JSON APIs for simple integration of online payments. PayFac | Payment Facilitator Solutions | Worldpay from FIS Award RecognitionStrategic Partnership Manager - PayFac job in 8500 Governors Hill Drive, Cincinnati, OH 45249, United States of America | Sales jobs at FIS GlobalStrategic Partnership Manager - PayFac job in 8500 Governors Hill Drive, Cincinnati, OH 45249, United States of America | Sales jobs at FIS Global careers. With payfacs, merchants are assigned a sub-merchant ID in which all of these sub-merchants are registered under the payfac’s master merchant account. From development to operations, our experts perform all the heavy lifting, so you can start monetizing. They use the PayFac’s merchant account to process their transactions, and they pay a fee to the PayFac for this. A PayFac will smooth the path. (Features subject to change and may be subject to risk review and approval). spend nearly $10 billion a year on tech. Excluding the impact of a large PayFac client, global volume increased 3% on a reported basis and 6% on a constant currency basis, US volume increased 5%, and transactions increased 3% as compared to the prior-year period. George Mihalos - Head, Investor Relations. For more information on legal entity processing and the Worldpay PayFac API, see the latest version of the Worldpay eComm PayFac Integration Overview Guide and the Worldpay eComm PayFac API Reference. Early adopters and innovators have shown that. ” Global, which also supports financial institutions in card issuing, saw that part of its business record $505 million in adjusted net revenue for the quarter. This manual is subject to change without notice and does not represent a commitment on the part FIS or any other party. It also provides additional revenue from their transaction fees. PayFac is a way for software applications to. To log into the PayFac Merchant Onboarding system: Launch your browser and navigate to the following URL for access to the iQ Merchant Onboarding System: JACKSONVILLE, Fla. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. You can process payment transactions on both platforms, if you need the capabilities of both. Increased revenue 3% on a GAAP basis and 5% on an organic basis to $3. This table shows the merchant platforms supported by the EpicPay Gateway and a general summary of features offered by each. PayFac Portal Operations;The PayFac, he said, has emerged, and evolved from its 1990s underpinnings where merchant acquirers had handled that merchant enrollment, boarding, underwriting and even settlement. Russ Jones was named a strategic adviser for Infinicept in April 2021. The fee, coming from a Visa assessment,. Advancing the way the world pays, banks and invests™. PayFac Portal Overview. 4. 4 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose. was provided. Typically, it’s necessary to carry all. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. Stripe provides a way for you to whitelabel and embed payments and financial services in your software. FIS: Founded in 1968, this financial technology company facilitates the movement of roughly $9 trillion annually and is one of the main connections between issuing banks and the. 4 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose of assisting you in using a Worldp ay, LLC product. Richard Drake is a Senior Strategic Partner & Manager, Payfac Developers at FIS Global based in Jacksonville, Florida. The Add Sub-Merchant screen appears, as shown in Adding a Sub-Merchant. Lance McCord Senior Vice President. (NYSE:FIS) through recently acquired payment company Payrix and JPMorgan Chase & Co. 176. That means they have full control over their customer experience and the flexibility to. (formerly Vantiv), was the largest U. To manage payments for its submerchants, a Payfac needs all of these functions. FIS through recently acquired payment company. Fidelity National Information Servcs Inc. Obtain appropriate PCI certification, if needed • transmitting and processing card data). 3. Stripe provides a way for you to whitelabel and embed payments and financial services in your software. In 2018, payment. Submerchants: This is the PayFac’s customer. A Payment Facilitator or PayFac simplifies merchant account enrollment which allows smaller companies to quickly gain the upper hand. Accept in-person paymentsSAN FRANCISCO, Aug. It also must be able to. All su ch information is protected by copyright laws and international treaties. For more detailed information about the cookies we use, including their purpose . You own the payment experience and are responsible for building out your sub-merchant’s experience. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. Merchants apply directly to PayFacs, making the PayFac responsible for the entire application and onboarding process, in contrast to ISOs, who generally pass merchant information on through their processing partners’ boarding portals and are hands-off from there. In comparison, ISO only allows for cheque payments. PayFacs are essentially mini-payment processors. November 3, 2022. business with a unique Payfac identifier. The former CFO at Shopify, Jones is a seasoned financial and business leader with nearly 40 years of experience. Fast forward to today, Lightspeed has become a payment facilitator (“payfac”) under its ‘Lightspeed Payments. com. FinTech platform FIS has acquired embedded payment company Payrix to boost its eCommerce offerings to companies of all sizes in any industry through embedded payments via Software-as-a-Service. Website. S. 6 All information whether text or graphics, contained in this manual is confidential and proprietary in formation of FIS and is pr ovided to you solely for the purpose of assisting you in using a FIS product. Generated Diluted EPS of $0. Call me on my cell at 904-571-5480, email Andrew. The core payfac digital ledger, with its pay-in / pay. Sponsoring payment facilitators allows you to increase your customer base and expand into new markets. A PayFac provides their merchants with the entire payments flow from payment processing through settlement, reporting, and billing. The growth in the number of payfacs, and in the payment volume passing through them, is reshaping key relationships within the payments ecosystem. 52 per common. The PayFac, he said, has emerged, and evolved from its 1990s underpinnings where merchant acquirers had handled that merchant enrollment, boarding, underwriting and even settlement. gov is successful. -- (BUSINESS WIRE)--Feb. Pillar 2: Transaction monitoring The PayFac protects against possible fraud by monitoring every transaction that is processed through the platform. Payfacs do not have access to those funds. For the best experience, members of our developer community need to login to securely use all of our community features. Reserve Debit 3 - $20,000. The Account Summary report displays as shown below. Effective April 2023, Worldpay is implementing a $0. Code Connect gives access to every category of APIs like Banking, Card Management, Fraud, Payments, Capital Markets and Wealth. Move and manage money Route payments,. Put our half century of payment expertise to work for you. They aid those that want to embed payment services into their software to capture new. Company Name: FIS Global Job Description Position Type : Full time Type Of Hire : Experienced (relevant combo of work and education) Education Desired :. In this way, the merchant is protected from losing their money if the payfac goes out of business for some reason. Table 3 shows the timing of Funding Instruction delivery. Returned $1. Obtain Payments Institution (PI) or Electronic Money Institution (EMI) license if needed (Europe-specific) Build your. merchant acquirer ranked by. 5 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose. In this session, we’ll guide you through the different players involved in the payments ecosystem, what they do, and where SaaS companies like yours. As of April 1, 2023, merchants using Worldpay from FIS may notice some transactions with a new or increased Transaction Risk Fee (TRF). Select Fee Profiles. The payment facilitator, or “PayFac”, model of merchant acquiring is growing extremely rapidly. Public Sector Support. For the best experience, members of our developer community need to login to securely use all of our community features. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. Full visibility into your merchants' payments experience. What is a payfac? A payfac or PF, short for payment facilitator, makes it possible for you to accept payments from customers in a variety of ways, including card payments, direct debits, local payment. To create a new Legal Entity Request: From the iQ Bar of the Merchant Onboarding Page, click the Operations icon and select PayFac Portal, as shown: Select Add Sub-Merchant. As the merchant of record, a PayFac can aggregate and process the card payments for as many “sub-merchants” as they would like underneath their umbrella. Merchant Operating Instructions. FIS Reports Third Quarter 2022 Results. Click on a link in the table to navigate to the desired screen. Announces first quarter and full-year 2023 outlook. 178. Now, go ahead and create an account, so you can stop paying card fees, start getting your money instantly without waiting for payouts, and use your savings for something else to make your business thrive. Specify the desired Date (one day maximum), Reporting Group, and Currency and. Fidelity National Information Servcs Inc. 46 208. Payfac is a contracted Independent Sales Organisation (ISO), so they have the responsibility to manage their own sales agents and underwriters and adhere to the rules of the card associations. Infinicept Combines an End-to-End Payment Facilitator Platform with Unmatched Industry Expertise. Partner Connect is an all-in-one solution for Payment facilitators, offering instant onboarding, automated funding and white-labeled reporting. In this way, the merchant is protected from losing their money if the payfac goes out of business for some reason. 28), and fourth quarter Adjusted EPS decreased 11% to $1. Solution: There are options to become a Payfac that don't require huge capital expenditures, such as leveraging solutions like Infinicept to do things. Worldpay is facilitating big moves. PayFacs provide a similar service to standard merchant accounts, but with a few important differences. 5 billion, and. 03. A guide to accepting card payments efficiently and smoothly – use it to ensure you receive prompt payments to your bank account and. We power more registered PayFacs and PayFac as a a service companies than anyone else #worldpayforplatforms #payfac Payrix Why Visa Says PayFacs Will Reshape Payments in 2023Embedded Finance Series, Part 3. fiserv. Announcing Enterprise Transformation Program targeting. PayFac Portal Operations. FIS United States2 hours agoBe among the first 25 applicantsSee who FIS has hired for this roleNo longer accepting applications. Returned $1. While the PF can control the merchant experience by directing how the funds are to be paid out. Universal PayOps Software Powers the Shift to ‘Get Payments Going Your Way’. The report details the reconciliation to the Payment Facilitator for non-sub-merchant funded transactions. Each report contains data for the prior month. Fundamentally, the term refers to an acquiring bank – the bank that holds the merchant’s account, accepting the deposits from the merchant’s transactions. Take Uber as an example. The PayFac model allows a single entity to become the “merchant of record” and board sub-merchants with fewer data requirements and scrutiny. It also needs a connection to a platform to process its submerchants’ transactions. One FTE is sufficient until $250M in processing volume, then you’d need to add more bodies. A Payment Facilitator or PayFac simplifies merchant account enrollment which allows smaller companies to quickly gain the upper hand. Payment Facilitator Global Opportunity Analysis and Industry Forecast. was an American payment processing company and technology provider. It offers a system capable of processing payments, providing multiple means for completing a transaction, such as credit cards, debit, e-wallets, instant transfers, bank transfers, and cash in one. Before offering customers payment methods from popular card networks (Visa, Mastercard, etc. Global expansion 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 necessary.