Tuesday, December 12 2023
Are you looking for some practical guidance on how to become a payment facilitator? Well, we’d tell you this first – it requires commitment, skills, and the ability to take a good amount of financial risk. If you’re someone willing to take the leap of faith, then this guide is just for you. Remember, those that successfully navigate through the challenges, primarily financial, when on route to becoming payment facilitators enjoy great rewards. In this detailed post, we will give you a bird’s-eye view of what you need to be a successful payment facilitator. Also, we will tell you some differences between payment facilitator vs payment processor. That said, let’s dive right in: Payment Facilitator vs Payment Processor: Before we dive into the ‘who and what’ of the payment facilitation, let’s talk about payment facilitator vs payment processor. This will ensure everybody reading this is on the same page. So, the main difference between both of these is how the merchant accounts are structured and organized.
Now you know the basics of payment facilitator vs payment processor, we can move towards the topics you are the most interested in: Who Can Become a Payment Facilitator? Professional payment facilitators can remove most of the hurdles that arise when setting up customers for payment acceptance while also offering a closely integrated experience to users. So if you’re a Point-of-sale systems provider, a merchant acquirer, or ISO, having a product/service you want to combine with the payment facilitation model, you are well-equipped to be a facilitator. This is especially beneficial for ISOs working in a low-risk niche where they get recurring billing like property management. They can easily take the financial risk of becoming a payment facilitator. How to Become a Payment Facilitator – Do You Have What it Takes? Now that you know who can become a payment facilitator let’s talk about what it takes to be one. Remember, it’s not just an expensive area to step into; it also requires a wealth of knowledge and special skills to go through the process and build your payment facilitation business. Therefore, unless you are an ISO, as mentioned above, you will be trying to learn the ropes of a very complex business model without the advantage of prior knowledge. To help you understand things further, we have given a bird’s-eye view of things involved in the process:
Furthermore, it’s not a finite process that you need to go through once to become a payment facilitator. You will have to keep investing your time and money on an ongoing basis. Keep in mind, when you’re operating as a payment facilitator, all the payments your sub-merchants process are your responsibility. As for the cost, your initial investment would likely be in the six figures, and in the long run, you’ll have to spend even more than that. Seems Challenging? Here’s a Simple Solution - Partner Up With a Payment Facilitator: If you’re still reading this post, then it means you are looking for something that doesn’t come with so many roadblocks and requirements. Something that’s flexible and can help you become a payment facilitator without shelling out big bucks. Well, the great news is that there is a solution – partner up with a payment facilitator like Shaw Merchant Group. With us as your reliable partner, you won’t have to go through the scary and overwhelming process mentioned above. You will not have to be responsible and accountable for hundreds of sub merchants. Also, you will get most of the benefits of a payment facilitator without having to be one from scratch. Just partner with Shaw Merchant Group and use our registered payment facilitation platform. You can use it to establish your own unique offering in the market— no need to break your bank and set up everything from the scratch. We’ll help you set everything up at minimal costs while ensuring you enjoy most of the benefits of being a payment facilitator. The gist is, with us on your side, you’ll be able to focus on your main business while also reaping the juicy benefits of operating as a payment facilitator. You can learn more about how to become a payment facilitator using Shaw Mrchant Group's platform and save a lot of money and enjoy a range of benefits. Feel free to get in touch with us today – let’s make you a payment facilitator so you can enjoy more freedom and greater profits In today's digital age, payment processing has become an essential part of any business that sells goods or services online. With the rise of e-commerce and mobile payments, the demand for payment processing services has never been higher. One type of payment processing model that has gained popularity in recent years is the white label payment facilitator, also known as a payfac. White label payment processing refers to a system where a company provides payment processing services to other businesses under their own brand name. The white label provider handles all the backend processing while allowing the client to maintain their brand image and customer relationship. 1. Brand Recognition: By offering payment processing services under their own brand name, businesses can increase brand recognition and loyalty among their customers. 1. Understand the needs of small businesses: Small businesses have unique requirements when it comes to credit card processing. Make sure you have a clear understanding of their pain points and how your credit card machines can address them. 1. Create a compelling pitch: Highlight the benefits of your credit card machines, such as fast transaction processing, secure payments, and customizable features. 1. Network: Attend industry events, trade shows, and networking meetings to connect with small business owners. 1. Payment facilitators can generate revenue from transaction fees, set up fees, and monthly subscription fees from merchants. 1. Payment facilitators provide merchants with a seamless payment processing experience, including fast transaction processing, secure payments, and customizable features. 1. Payment facilitators can scale their operations quickly and efficiently by onboarding new merchants and expanding their service offerings. White label payment processing, selling credit card machines to small businesses, and becoming a payment facilitator all offer unique opportunities for businesses to increase revenue, improve customer experience, and achieve scalability and growth. By understanding the benefits of each of these strategies and developing a solid sales strategy, businesses can capitalize on the growing demand for payment processing solutions in today's digital economy. |
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