Skip the mess and hassle of becoming a PayFac
To become a PayFac on your own, here are the things you must have and do before you earn one single dollar from processing:
Find a processor that will sponsor you as a PayFac with a member bank and the card associations.
Pass an extensive underwriting process.
- Cash Reserves
Put up significant cash reserves and personal guarantees with the bank or the processor. Secondarily, you must develop credit underwriting guidelines and anti-money laundering policies.
- Development Resources
You must have the internal technical resources required to manage settlement and funding to your downstream customers.
- Payment Expertise
Hire staff with payment experience in acquiring, risk and compliance, implementation, integration, support and operational infrastructure to support the day-to-day activities of the payments business.
Ensure that payments operations are in and remain in full compliance with PCI and other mandates from the card brands, which can cost hundreds of thousands of dollars annually.
But that all goes away simply by leveraging Usio’s PayFac-in-a-Box.
The most robust PayFac platform available
Avoid the risk, hassles, time and expense of custom development inside your software platform so your users can make payments.
- Quickly and efficiently create a custom, embedded and holistic payment solution through our suite of APIs.
- Automated on-boarding with one-click merchant acceptance. Board 100% of your existing users and all new customers moving forward.
- Average time from merchant application to approval is 9 seconds. All new approved merchants are boarded in less than 30 minutes. No one else can say that. No one.
- Generous recurring revenue share increases incremental revenue that goes straight to your bottom line.
- We cover all ongoing merchant support.
- Maintain full PCI-DSS compliance for merchants and developers.
- Get all the features and functionality of being a PayFac (payment facilitator) without the upfront investment, ongoing costs, risk, registration, or PCI and technical requirements.