Payment Facilitation as a Service
What is Payment Facilitation as a Service?
Payment Facilitation as a Service, offers software platforms the ability to both monetize payments and onboard new users instantly.
Essentially the platforms acts as a master merchant account and is able to set up sub-accounts for end users instantly.
The application users completes a simple application and in minutes can begin accepting credit, debit cards as well as ACH [in some cases].
This ability to board customers without having them apply for the traditional merchant account [that can take days and require supporting documentation like bank statements and tax returns] offers friction free onboarding. If instant onboarding is must Payment Facilitation is the solution.
Becoming a Payment Facilitator or PayFac can be a great fit for SaaS platforms offer a business management app. If there is a payment acceptance need Payment Facilitation bridges that gap.
One example would be a SaaS platform that provides HVAC providers an application that helps them manage their appointments, product inventory, driver route mapping, CRM and payments. The payment collection module is a part [ a very important one] of the SaaS platform offering. Prospective customers sign up for the platform and as part of that they provide business info and their bank account data.