Is it time to become a payment facilitator and choose the best payment gateway to make more money on payment processing? This is a question which many companies ask themselves every day. Is your company one of them? Maybe, you have already considered the prospect of becoming a PayFac and answered the question affirmatively.
The biggest challenge about becoming a PayFac is, perhaps, finding the proper technology. We can bet, many of you did experience difficulties while making a choice or are still searching for the best technological solution. And how many of us have tried to implement new payment solutions only? If you are experiencing the challenges regarding becoming a PayFac, keep reading.
Just like any other company that handles electronic payments, a payment facilitator needs to register with an acquiring bank and find a payment gateway partner.
The primary function of a payment gateway is to perform smooth payment data exchange between merchants and payment processors. If you are a payment facilitator, your payment gateway provider has to meet some additional PayFac-specific requirements.
Here are 4 simple tips to follow if you are a PayFac looking for a gateway:
- Support for MCC codes. Your payment gateway has to support all types of businesses (also called merchant category codes) your merchants belong to. Examples of business types (and respective MCC codes) include restaurants, fitness centers, tech support companies, and even medical cannabis vendors.
- Support for target currencies and geographies. If you are targeting multiple countries and geographies, your payment gateway should support them all. For example, if your merchants come from both the US and Canada