article thumbnail

ISV vs PayFac: The Similarities and Differences Between Independent Software Vendors and Payment Facilitators

Stax

It involves a complex ecosystem of financial institutions, including acquiring banks, payment processors, and card networks, alongside technology providers and regulatory bodies. Payment processors handle transaction authorization, settlement, and security, ensuring seamless and secure payment experiences.

ISVS 88
article thumbnail

How to Streamline Your SaaS Clients’ Merchant Underwriting Process—and Improve Adoption Rates

Stax

By hiring the services of a payment facilitator or processor, a business does not have to open its own merchant account. This system works very well for SaaS providers. Richard says you can make this step easier by familiarizing yourself with the underwriting process and requirements of your specific processor.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Is an ACH Payment Facilitator?

Stax

PayFacs typically partner with a payment processor or a bank to provide merchant services. This enables business owners to accept payments directly through their SaaS platform without needing a Merchant ID (MID)—as is the case with traditional merchant account providers.

ACH 88
article thumbnail

Creating a Standout Online Payment Form

Payment Savvy

Don’t forget to verify if the provider will integrate with any related management software on-hand. Set Up a Merchant Account – After choosing a software service provider, you should consider setting up a merchant account. Your software provider can assist you in finding a fully integrated solution.