Navigating the Path to Payment Facilitation
RPY provides step-by-step assistance, deep payments expertise and the guidance you need to become a payment facilitator. Our team understands the complex process of becoming a payment facilitator and can provide the analysis and insights to help you build and implement a profitable program.
Software companies are realizing they can generate more revenue, improve financial governance over pricing, and better support their customers by becoming a Payment Facilitator. As a result, payment facilitation has become the fastest growing payments model over the past decade. From 2009, when rules were first established, to 2020, over a thousand organizations have registered as payment facilitators globally.
Payment facilitation gives you more control over underwriting, onboarding and settlement to your customers. From simplified pricing to an easy online merchant application process and service, your customers will interface with your organization exclusively. The stringent compliance requirements associated with AML, customer screening, and KYC must be met prior to approval as a payment facilitator and, after that, be routinely managed.
We work as a team to ensure every client has access to:
“Payment facilitation has become the fastest growing payments model over the past decade.”
Approval and Registration as a Payment Facilitator
We provide a detailed project plan and services to help our clients to become approved and registered as a payment facilitator. We help you parse through which questions to ask and get fast, actionable answers. RPY Innovations understands the complex process of becoming a payment facilitator, but also where and when urgency is needed. To simplify the process, we use flow-down decisioning.
The application process to become a payment facilitator is detailed and time consuming. Banking institutions, the entities that have the power to grant approval, are barred from providing assistance because of the conflict of interest that would create. This is where payment facilitation services and solutions can build a bridge between your current business and your growth into a payment facilitator (PFac, PayFac, PF). We impart decades worth of knowledge and expertise to assist you in getting certified to be a payment facilitator. Our streamlined process reduces the timeline for application submission and underwriting.
Policies and Procedures
Prior to your payment facilitator application being submitted for approval, your company will need to implement various policies and procedures in order to be in compliance with Card Brand and government regulations. RPY Innovations is your partner in these crucial steps: we don’t sell you generic policies that won't fit your company's business; we create custom policies specific to your needs and business practices.
Once you go through the process with us, your policies will be reflective of your business’ unique identity and will be applicable to your specific workflow, making them more meaningful and effective. The outcome of our hands-on approach is that your employees will follow the new policies better and with more confidence.
Problem Solving
As your payment facilitation application moves towards acceptance and your policies and procedures are put in place, we may uncover additional areas to address. RPY can help you resolve any issues along the way. We use an array of tools, including diagrams, spreadsheets, and flowcharts to visualize your concerns in a collaborative environment, helping steer your team towards success in becoming a payment facilitator company.
We have the knowledge and experience to label every aspect of this journey, put everything in its correct place, and codify it. By the end of the process, your team will be more comfortable and able to resolve issues as they arise.
Education and Training
RPY has created an operational guidebook that helps your team uncover additional unknowns and troubleshoot solutions. This, coupled with the education we provide, empower you with the knowledge you need to stay compliant and profitable as a payment facilitator. Often payment facilitators envision having to hire a number of new employees, but RPY can help you invest in your current personnel so they can gain new capabilities.
As part of our payment facilitation services, we teach them the skills they need to know with clear and effective sessions, including Payments Essentials and Policy Training. Most importantly, we help your team members understand their new obligations, beginning with familiarizing everyone with a payments vocabulary that enables everyone to communicate effectively.
Remittance Requirements
Often, managing the remittance of funds can be the key reason a Payment Facilitator company is successful. For example, a payment facilitator that works with a school system has a variety of payment requirements for items as varied as lunch programs, athletic tickets, and band trips, to name a few. Funds that are collected must go into a variety of accounts, as the money belongs to different groups within the single organization.
RPY is experienced in helping companies address the complexities of payouts and reconciliations inherent in such a system.
Your sellers and sub-merchants might not be homogeneous. They might have different levels of chargebacks and even more variances in how they accept payments. RPY brings decades of PayFac consulting experience and an agile skillset to help you manage this complexity, supporting you in solving problems for your clients.
Marketplaces
While the payment facilitator (PayFac) model has grown in popularity as a way to board merchants quickly and with minimal friction, the marketplace model can be more suitable to businesses who want to globalize their seller organization without being incorporated in every country or having an acquirer for each one. Under the marketplace model, a consumer will interact with your brand only.
You will have sellers, not submerchants, and your company is the brand for everybody who sells a product under you.
Promotion of your brand is key to success, as is controlling the customer service experience. If a consumer has an issue with a purchase, they will take it up with your company, not the individual seller.
