How to Become a Payment Facilitator

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United Thinkers updated its popular white paper on becoming a payment facilitator

New York, NY – (April 27, 2020): United Thinkers, a New-York based commercial open-source Payment Management Software company has improved its evergreen white paper “Becoming a Payment Facilitator” in response to the present-day market challenges.

United Thinkers has updated its popular free-to-download white paper, explaining prospective payment facilitators, how to proceed with their quest towards becoming full-fledged PayFacs in the most efficient way. Integration of payment handling functionality into core products of many businesses is now a global trend. And payment facilitation is a lucrative income source, especially for software companies, franchisors, venture capital firms, online marketplaces, and others. However, becoming a PayFac is not an easy task to accomplish. It calls for lots of strategizing and involves many important details you should keep in mind. Some people need to understand who payment facilitators are and why the concept is growing in popularity among many categories of companies. Others want to know the key aspects and challenges of becoming a PayFac. Those, who have already made some advances on the way to implementation of PayFac model, might want to improve payment experience for their sub-merchants and their respective customers. So, if you are somewhere along the way to becoming either a full-fledged or a white-label payment facilitator, then the document is a must-read for you. You can download the updated white paper here.

The white paper text is divided into parts. Each of them is dedicated to specific issues, regarding your transition to payment facilitator model. Introductory sections of the document define the PayFac concept and outline the differences between PayFacs, ISO, PSP, and other intermediary entities. Then the white paper sets forth the key steps preceding and following the underwriting of a PayFac by an acquiring bank. People often ask about the approximate cost of becoming a PayFac, so there is a separate section with the respective estimates of all the cost items, associated with PayFac model implementation. Finally, the document describes use cases of particular tasks a prospective payment facilitator has to deal with: legacy payment system replacement, supporting several processing platforms, EMV terminal solution implementation, and some others.

The original version of the document was published several years ago. Since then it was downloaded by hundreds of readers across the globe. The present update is intended to harmonize the white paper with other materials, prepared by United Thinkers team, and to bring it in line with United Thinkers’ efforts on improvement of its offering for PayFacs. Primary target audiences of the white paper include (but are not limited to) large-size software vendors that decide to become payment facilitators; wholesale ISOs; investment companies; online marketplace owners; large corporations and holdings that need to consolidate processing volumes of their channel partners, affiliates, portfolio members, and departments under a unified payment platform.

“Payment facilitator model grows in popularity and attracts new categories of businesses with every coming year. As a result of economic recession 2020, many businesses might decide to go online, boosting the demand for payment facilitation services. For our company payment facilitators represent an important customer segment, so our updated white paper on how to become a PayFac should provide relevant and useful guidelines for both novices and professionals,” says United Thinkers president, Eugene Kipnis. “In addition to the white paper, we have compiled a short quiz for prospective PayFacs, just to let them know where they stand. Besides that, we have already launched special programs for full-fledged and white-label payment facilitators, as well as discounted acquirer integration offers for PayFacs. Plus, you can always request free consultations with out payment experts to learn how PayFac model should work in your particular case”.

About UniPay

The appeal of the UniPay Platform is the open-source nature, affordable cost, robust omni-channel feature set, as well as the advanced API’s and wide variety of Code Samples for easy integrations.

The components of UniPay are UniCharge, UniBill, and UniRead Modules (www.UniPayGateway.com):

UniPay Gateway platform has numerous APIs, its own EMV terminal solution, and mobile solution. It is integrated with all major processors and payment facilitation platforms in North America.

To receive more information, please contact Info@UnitedThinkers.com

About United Thinkers ( www.UnitedThinkers.com )

United Thinkers is an enterprise software development company that specializes in payment gateway technology development. The UniPay Gateway is the company’s flagship product. For more information about payment processing vision of UniPay, please visit our blog at www.Paylosophy.com

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How to Become a Payment Facilitator обновлено: April 28, 2020 автором: Katherine Pensatori

About UniPay Gateway

UniPay Gateway is the accomplished payment gateway software, being flexible and customizable it meets the requirements of the most demanding clients.

The choice of UniPay gateway is the choice of the reliable, time and industry tested payment solution, which can help your business to become more competitive and profitable.

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