Payment Facilitation as a Service | PayFac as a Service
What is Payment Facilitation as a Service or PayFac as a Service?
Payment Facilitation as a Service or as it commonly known PayFac as a Service, offers software platforms the ability to both monetize payments and onboard new users instantly.
Essentially the platform acts as a master merchant account and is able to set up sub-accounts for end users instantly.
The application users complete 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 a must then PayFac as a Service andPayment Facilitation is the solution.
Becoming a Payment Facilitator or PayFac can be a great fit for SaaS platforms that offer a business management app. If there is a payment acceptance need, Payment Facilitation bridges that gap.
An 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.