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What Is an ACH Payment Facilitator?

Stax

Clearly, ACH transactions are one of the fastest-growing modes of electronic payments in the world. TL;DR A payment facilitator (PayFac) is essentially a SaaS vendor or software provider that enables its users (businesses) to accept online payments from their customers through the platform itself.

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

Stax

FIS Global reports that in Norway, Sweden, and other Scandinavian countries, more than 90% of transactions processed at point-of-sale (POS) in 2023 were cashless. Further, Statista projects that the value of global digital transactions will exceed $11 trillion in 2024.

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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. A high chargeback rate and high transaction volumes can be suspicious for a small business which can lead to applications being rejected.

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How to Choose the Best Bookkeeping App for Your Business

Stax

Keeping a meticulous record of all your financial transactions gives you a good picture of the state and health of your small business and makes life easier come tax time. However, recording your daily financial transactions manually can be a very tedious and mistake-prone process. Let’s dive in.

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Mobile Devices Take On SMB FinTech Functionality, Usability

PYMNTS

Or, vendors package their software in a way that forces them to keep purchasing more software to use in other areas of their business. So they end up with 20 different pieces that are not integrated.” “Small businesses, in most cases, need the same things large businesses do,” said Charles. ”