Just what is a Payment Facilitator?
Payment Facilitator is a hot new buzz word in the credit card processing industry, but there seems to be a lot of confusion about what the phrase actually means. What a Payment Facilitator actually does isn’t that complicated. The gist of Payment Facilitation is actually contained in its name. A Payment Facilitator…get this…facilitates payments for a bunch of merchants that use a platform provided by the Payment Facilitator.
That said, there are a LOT of services that you’re going to need to perform for merchants before they’re able to use your software, and most Payment Facilitators do a lot more than run cards onto a bunch of merchant accounts. While we probably can’t help you understand the specific businesses that you are an expert in, ProPay CAN provide you with everything you’re going to need to help merchants get money to those businesses.
ProPay’s ProFac solution includes a bunch of services that you might never have considered, and this site describes them all. Keep in mind that if you aren’t a Payment Facilitator, some of these sections may not apply to you. Then again, nobody ever said you can’t process for yourself either.