What are Payment Facilitators or PayFacs?

Category: Technology

Looking for the best payment facilitator to power your business and elevate the payment processing experience? Look no further! Leverage Monay PayFac from Tilli Software and unlock a world of seamless payment processing! Payment Facilitators, also known as PayFacs, are service providers that enable businesses to accept electronic payments from customers. They act as intermediaries between businesses (referred to as sub-merchants) and payment processors, simplifying the process of accepting payments. PayFacs streamline the onboarding process for sub-merchants, reducing the time and effort required to start accepting payments. They typically provide a consolidated platform or service that handles various aspects of payment acceptance, including transaction processing, risk management, and settlement.