What is a Payment Facilitator or a PayFac?

Payment facilitators, or PayFacs, play a pivotal role in modernizing payment processes, bridging the gap between businesses and payment processors. These intermediaries streamline onboarding for sub-merchants, offering centralized platforms that handle various payment functions. By embracing PayFacs, sub-merchants evade the complexities associated with setting up individual merchant accounts, benefiting from expedited onboarding and simplified procedures. Payment facilitation encompasses creating seamless payment experiences, streamlining onboarding, mitigating payment risks, consolidating transactions, and delivering supplementary services. Merchants reap the rewards of accelerated payments, reduced complexity, cost efficiency, enhanced experiences, and scalability through PayFac partnerships. Choosing an ideal PayFac entails assessing industry expertise, integration capabilities, payment method support, security protocols, pricing models, customer service quality, scalability, and growth potential. Monay, Tilli Software's premier PayFac solution, stands as a beacon of compliance, offering diverse payment options, and championing user convenience.