If you’re a software platform provider, chances are that you’ve heard of PayFac-as-a-service. To understand what it’s all about, it’s important to learn more about payment facilitation.
So, what is payment facilitation?
In simple terms, this is the process of enabling merchants using a given platform to accept payments from customers without having to register merchant accounts.
A payment facilitator (PayFac) is essentially an intermediary between the customer and the merchant. They allow platform providers to offer seamless payments without needing to go through lengthy registration processes or risk exposing their customer data.
Then what is PayFac-as-a-service?
PayFac-as-a-service (PFaaS) is a service that enables platform providers to quickly set up and manage payment facilitation.
This type of service eliminates the need for the platform provider to develop their own payment technology. That way, they can focus on other aspects of their business.
As one of the best PayFac-as-a-service providers, Tilled strives to make this process as seamless as possible so that you can quicken your time to market.
When would you want to use PayFac-as-a-service?
If you are wondering whetherFac-as-a-service, here are some of the most common scenarios where it can be beneficial:
1. You are a small-to-medium-sized company
For smaller or less established companies, setting up a payment gateway requires upfront costs and resources. PayFac-as-a-service can help you quickly launch and manage payments without the need to invest in expensive infrastructure.
With PayFac-as-a-service, you can pass on the payment processing responsibilities to the PayFac, and rest assured that nothing will go wrong.
2. You have a limited IT team
If you’re a software platform provider with a limited IT team, PayFac-as-a-service can help you quickly set up payments without having to hire additional staff. Your IT team does not have to invest a lot of time and energy into building and managing a payment gateway.
3. You have multiple products or services to offer
If you’re offering more than one product or service, and need to enable customers to make payments for each of them, PayFac-as-a-service is a great way to simplify the payment process.
You can use one system to manage all of your payments, without having to worry about different payment methods for each product or service.
4. You are looking to expand your reach
PayFac-as-a-service can help you quickly expand your reach and enter new markets. With a reliable payment system in place, you can easily accept payments from customers around the world without having to worry about different types of payment methods.
5. You want to improve security
With PayFac-as-a-service, you can rest assured that your customer’s sensitive data is secure. You don’t have to worry about storing or processing confidential information on your own systems. Plus, the payment facilitator will be responsible for any potential fraud.
6. You would like to monetize payments
You probably have not thought about it this way, but PayFac-as-a-service can actually help you make money.
Firstly, some PayFac providers offer revenue-sharing opportunities to their customers. This means that you can earn a percentage of the payment processing fees. This is especially beneficial for platform providers that generate a high volume of payments.
Secondly, PayFac-as-a-service can increase customer loyalty as customers know they can make payments quickly and securely. This could lead to more repeat customers, resulting in even greater profits.
As you can see,
PayFac-as-a-service is a great way to quickly and easily set up payments for your software platform without having to invest in expensive infrastructure or hire additional staff.
With Tilled’s input, you can rest assured that your payment processing needs are taken care of so that you can focus on other aspects of your business.
So, if you’re looking for a reliable payment facilitator, get in touch with Tilled. We have the perfect payment solution for your business needs