Companies with a desire to become a payment facilitator face a long road and many challenges, but it may be possible for your company to meet those challenges if you know what’s expected and choose the right payment gateway solution. Payment facilitators take legal responsibility for money when it isn’t still in the hands of the buyer and isn’t yet in the hands of the merchant, so this role in facilitating payments couldn’t be more important.
An important part of the payment facilitator (PayFac) role is freeing the underwriter from myriad administrative tasks, including tedious tasks like account approval and sub-merchant funding. As the industry has evolved, software companies that previously worked with gateways realized they were giving away profits to third parties and wanted more control.
To become a payment facilitator so that you or your clients can accept payments online or in person with greater profit, your company needs a strong relationship with a payment gateway company — as well as many other kinds of arrangements in place. The best payment gateway is one that makes the process smooth and as simple as possible while providing you a robust range of features. Learn more about payment solutions — including the UniPay payment gateway solution and using it in your evolving role as a payment facilitator — from an article on the PayVisors business consulting company website.