Demand for online payments is not slowing down, and software providers are seeing the benefits of embedding payment technology into their platforms. By providing this much-needed service, they can increase client tenure, attract new clients and increase the valuation of their company.
So the question is not whether or not to embed payments, but how to do it. This quiz will help you decide whether or not your business should become a registered payment facilitator or work with a third-party partner.
- Embedded Payments: The Premium Way for Software Platforms to Offer Payments
- What Software Providers Should Know About Embedded Payments for Their Platforms
- The 6 Things Software Platforms Need in a Global Payment Solution
Frequently Asked Questions
What is a payment facilitator or payment service provider (PSP)?
A payment facilitator, also known as a payment service provider (PSP), provides a merchant account (MID) and receives settlement from the acquirer to pay the merchant. A payment facilitator offers services to accept credit and debit cards and may offer additional payment methods such as direct debit, online bank transfers or eWallets.
What is payfac-as-a-service?
Payfac-as-a-service is a hybrid option for software providers that want to embed payments into their platforms. It allows platforms to leverage a payments partner’s technology to facilitate payments for their clients without taking on the full risk of becoming a registered payment facilitator.