Integrated Payments: Overview of Payment Facilitation (PayFacs) for Vertical Software Companies скачать в хорошем качестве

Integrated Payments: Overview of Payment Facilitation (PayFacs) for Vertical Software Companies

Join us as we dive into the intriguing world of Payment Facilitators (PayFacs) within the integrated payments sphere. In this video, "Exploring Payment Facilitator Registration in Integrated Payments", we unpack the notion of a PayFac, its merits and drawbacks, registration processes, the associated responsibilities and costs, and the crucial legal requirements. Furthermore, we help you identify the right scenarios for a software company to consider becoming a PayFac. A PayFac is an entity that simplifies the merchant payment process by providing a unified access point to diverse payment methods, and often integrating flawlessly with the merchant's existing software. As a PayFac, software companies can gain control over the entire payment process, creating a seamless user experience, maintaining brand loyalty, and opening up new revenue streams. However, the journey to becoming a PayFac isn't all rosy. It requires a significant investment in infrastructure and technology, a heightened sense of responsibility for managing risk, and an understanding of regulatory compliance. The costs associated with becoming a PayFac, including registration fees, ongoing compliance expenses, and technology infrastructure maintenance, can be substantial. Throughout the video, we guide you through the registration process, outlining each step from assessing feasibility and selecting an acquiring bank, to implementing necessary technology and infrastructure. As a PayFac, your company will take on the tasks of merchant underwriting and onboarding, risk management, compliance, and customer support. Finally, we discuss the various compliance and legal requirements including PCI DSS, AML, KYC, and card network rules. We wrap up by sharing insights on when registering as a PayFac could be a strategic move for your software company. Whether you're a software company pondering on becoming a PayFac or just interested in learning more about the world of integrated payments, this video is a must-watch. Don't forget to like, share, and subscribe to our channel for more in-depth content. Drop your comments and questions below and we'll do our best to address them in future videos! Follow us on LinkedIn:   / nexiopayments   Visit our website: https://nex.io/ Read our blog: https://blog.nex.io/ Disclaimer: This video is intended for informational purposes only and does not constitute financial or legal advice. Consult with a professional before making any decisions related to becoming a payment facilitator. #PaymentFacilitator #IntegratedPayments #PayFac #paymentprocessing #payments #creditcardprocessing #paymentsolutions #embeddedpayments