Have you ever wondered how businesses manage their payment transactions so seamlessly, ensuring swift and efficient processing? The answer lies in Payment Facilitators – the pioneers revolutionizing the payment industry. Let’s dive into some compelling statistics:
- The Payment Facilitator market is projected to grow at a CAGR of 31.8% until 2025.
- The PayFac market, which generated $2 billion in transaction revenue in 2018, is expected to reach $15 billion by 2025.
- The number of Payment Facilitators globally is predicted to surpass 4,200 by 2025.
Source Infinicept
These figures highlight the growing importance of Payment Facilitators in the digital payments landscape. So, what exactly is a Payment Facilitator, and how does it add value to your business?
What is Payment Facilitator or PayFac?
A Payment Facilitator (PayFac) is a service provider that enables businesses to accept electronic payments from customers. Acting as an intermediary between businesses (sub-merchants) and payment processors, a PayFac simplifies the payment acceptance process. They streamline onboarding for sub-merchants, reducing the time and effort needed to start accepting payments. Typically, PayFacs offer a consolidated platform for transaction processing, risk management, and settlement.
One of the key benefits of using a PayFac is that sub-merchants can avoid the complexities and costs of setting up their own merchant accounts. Instead, they leverage the PayFac’s infrastructure, enjoying faster onboarding, simplified underwriting, and consolidated reporting.
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What is Payment Facilitation?
Payment facilitation refers to the process of enabling and streamlining payment acceptance for sub-merchants or businesses. A Payment Facilitator (PayFac) acts as a middleman, providing a comprehensive solution that facilitating payments or transactions between customers and businesses. Key aspects of payment facilitation include:
- Streamlined Payments: Offering a seamless and efficient payment experience through a consolidated platform.
- Sub-Merchant Onboarding: Simplifying the process of accepting payments and reducing the complexity associated with direct merchant accounts.
- Risk Management: Implementing underwriting and fraud prevention measures to manage payment risks.
- Aggregated Payment Processing: Consolidating transactions from multiple sub-merchants, simplifying settlement and reporting.
- Value-Added Services: Providing services such as reporting, analytics, customer support, and integration assistance.
- Scalability and Flexibility: Allowing businesses to scale their operations without extensive infrastructure development.
How Monay, as a PayFac, Provides Payment Facilitation
Monay from Tilli Software is a trusted Payment Facilitator designed to simplify payment processes for businesses. Monay offers a comprehensive suite of features, including streamlined onboarding, extensive payment options, robust security measures, and scalable solutions. As a leading Payment Facilitator company, Monay ensures compliance with regulations and policies, providing businesses with multiple payment modes and ultimate convenience.
Benefits of PayFac for Merchants
- Faster and Easier Payments: Streamlined onboarding lets merchants quickly start accepting payments.
- Reduced Complexity: PayFacs manage complex tasks such as underwriting, compliance, and payment processing.
- Cost Savings: Merchants can avoid the expenses associated with setting up their own merchant accounts.
- Enhanced Payment Experience: PayFacs offer a seamless payment experience, boosting customer satisfaction.
- Scalability: PayFacs provide solutions that grow with the business, ensuring their payment processing capabilities can expand.
How to Choose the Best PayFac
Choosing the right Payment Facilitator company is crucial. Consider the following factors:
- Industry Experience: Ensure the PayFac has experience in your specific industry.
- Integration Options: Check for smooth integration with existing systems.
- Supported Payment Methods: Verify that the PayFac supports your preferred payment methods.
- Security Measures: Ensure the PayFac employs robust security measures.
- Pricing Structure: Understand the PayFac’s pricing model.
- Customer Support: Assess the quality of customer support.
- Scalability and Growth: Ensure the PayFac can scale with your business.
Discover Monay from Tilli Software: A Trusted and Leading Payment Facilitator
Welcome to Monay, the trusted Payment Facilitator by Tilli Software. With a focus on simplifying payment processes, Monay provides efficient payment processing capabilities, ensuring compliance and security. Monay stands out as a premier PayFac solution, catering to the evolving needs of businesses with a comprehensive range of features. Let Monay be your trusted partner in navigating the world of payments.