Paypal is an example of a payfac, and while Paypal is highly convenient and can be great for specific business models, they do not work with certain industries that can be deemed high-risk. Shows the real-time balance of all PayFac accounts as of the date/time generated. A powerful payment gateway that supports an extensive combination of devices, and operating systems for point of sale payments. 30d+. With our solution, you can: Partner Connect enables you to instantly onboard your customers through an API and create customer accounts in minutes. S. Payfac is a contracted Independent Sales Organisation (ISO), so they have the responsibility to manage their own sales agents and underwriters and adhere to the rules of the card associations. A progressive, passionate work environment. You own the payment experience and are responsible for building out your sub-merchant’s experience. In chargeback situations where the merchant is accepting payments through a payment facilitator, that PF will sit between the acquirer and the merchant. Advancing the way the world pays. To log into the PayFac Merchant Onboarding system: Launch your browser and navigate to the following URL for access to the iQ Merchant Onboarding System: JACKSONVILLE, Fla. Stripe provides a way for you to whitelabel and embed payments and financial services in your software. Website. PayFac® solutions, at your service Worldpay from FIS is your advocate for payment facilitator solutions. ©2020 FIS. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. Early adopters and innovators have shown that. Fast, customizable portals, customer onboarding, and. Merchant Operating Instructions. Full time. If the Tax ID validation fails, it is indicated in the Legal Entity Background Check Results panel of the PayFac Portal. 46 If you encounter any issues during this timeframe, please contact GTSC at eCommercesupport@fisglobal. gov is successful. FIS is the world’s largest fintech, but don’t let our size fool you. All information whether text or graphics, contained in this manual is confidential and proprietary in formation of FIS and is pr ovided to you solely for the purpose of assisting you in using a FIS product. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. Last Update. This blog post explores. Generated Diluted EPS of $0. (formerly Vantiv), was the largest U. • Worldpay eComm PayFac API Reference GuideThe road to becoming a payments facilitator, according to WePay founder Rich Aberman, is long, expensive and technologically complex. A PayFac, or payment facilitator, was originally defined by Visa® and Mastercard® to describe the entity that is officially doing business with the card brands. (NYSE:NYSE:FIS) Q1 2023 Results Conference Call April 27, 2023 8:00 AM ETCompany ParticipantsGeorge Mihalos -. 0. Digital platform is both Scheme and PSP. ©2022 FIS. Davis@fisglobal. You introduce a Batch of funding instructions that include a reserveCredit transaction for $100,000 and four reserveDebit transactions as follows: Reserve Debit 1 - $30,000. FIS Reports Fourth Quarter and Full-Year 2022 Results •. Apply for a FIS Strategic Partnership Manager - PayFac job in Watkins, CO. Using the PayFac Portal. Funding Instruction. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. The information in the report is based upon the settlement transfer date. Payrix Acquired by FIS to Expand E-Commerce, Embedded Payments and Finance Experiences for SMB Merchants via Platforms. Infinicept provides the method by which to monitor for these transactions within its exception reporting capabilities. S. Thus, an ISO’s customers can access a wider range of processors, even if the onboarding experience is tedious. By using a payfac, they can quickly and easily. An amazing team dedicated to both the company’s mission and your success! Join us at Infinicept: A fast. Shows the bank activity, starting balance and ending balance of the PayFac FBO Settlement account for the previous day. Client Relations Account Manager, Senior - PayFac Developers FIS Feb 2022 - Present 1 year 9 months. Get Started. If you're going to be there and you want to discuss becoming a PayFac with. Mitigate risk, ensure compliant procedures, and employ best practice processes in your payments business. Stripe was founded in 2010 by two Irish siblings: then 22-year-old Patrick Collison and younger brother John, 20, positioning itself as the builder of economic infrastructure for the internet — launching their payfac flagship product in 2011. Learn moreIn this guide, we’ll explore what a payment facilitator (often abbreviated as payfac or PF) is, examine the considerations and costs of different types of payfac solutions, and identify. payment transactions they process are sent to Worldpay from FIS. Put our half century of payment expertise to work for you. 178. The backbone of a successful payments strategy is the right payments model. As the merchant of record, a PayFac can aggregate and process the card payments for as many “sub-merchants” as they would like underneath their umbrella. Call me on my cell at 904-571-5480, email Andrew. PayFac Dynamic Payout FAQs. Full-year 2022 GAAP Diluted EPS was $ (27. 28), and fourth quarter Adjusted EPS decreased 11% to $1. - Fri. Payrix will work closely with you to configure the best solution for your unique needs. (FISV, GPN, FIS) and Networks (V, MA) because they have a meaningful prepaid and ACH business. The report is run hourly and held instructions are only shown for 14 days after being released. A PayFac sets up and maintains its own relationship with all entities in the payment process. EVENTS. An issuing bank is the bank that issued the credit or debit card to the customer. Settlement must be directly from the sponsor to the merchant. FIS United States2 hours agoBe among the first 25 applicantsSee who FIS has hired for this roleNo longer accepting applications. Logging in and Logging Out. In this session, we’ll guide you through the different players involved in the payments ecosystem, what they do, and where SaaS companies like yours. Specify the desired Date (one day maximum), Reporting Group, and Currency and. Provides update on previously announced Enterprise Transformation Program. An overall summary is provided at the top of the report, with detail panels. 127. Integrate in days, not weeks. PayFac® solutions, at your service Worldpay from FIS is your advocate for payment facilitator solutions. Seamless graduation to a full payment facilitator. Policies & Procedures Value Proposition. Infinicept Combines an End-to-End Payment Facilitator Platform with Unmatched Industry Expertise. The full-function platform has been designed to deliver Acquirers with a comprehensive Third Party Payment Facilitator programme, as well as a. The path to that connectivity has its hurdles, as acquirers, financial institutions (FIs) and PayFacs must consider the risks inherent in these nascent smaller businesses — although some of the. , February 13, 2023--FIS® (NYSE:FIS), a global leader in financial services technology, today reported its fourth quarter and full-year 2022 results. PayFac Portal Operations;The PayFac, he said, has emerged, and evolved from its 1990s underpinnings where merchant acquirers had handled that merchant enrollment, boarding, underwriting and even settlement. Third Quarter 2022. This appendix provides information on understanding data as it appears in Financial reports (Reconciliation Dashboard, PayFac Reconciliation Dashboard, Activity Report, Settlement Report, and Fee Report) when your organization uses the monthly billing model. This registration allows us to support software platforms that: Want to go live in days rather than months. ” Global, which also supports financial institutions in card issuing, saw that part of its business record $505 million in adjusted net revenue for the quarter. 71. Business software platforms typically solve a business problem for a merchant, such as appointment scheduling. Stripe provides a way for you to whitelabel and embed payments and financial services in your software. Solution: There are options to become a Payfac that don't require huge capital expenditures, such as leveraging solutions like Infinicept to do things. 3 billion of capital to shareholders. The PayFac would also need to hire a FTE to take exceptions and review these exceptions for risk. A PayFac is a third party services provider that acts as an intermediary between merchants and payment processors. 3 billion of capital to shareholders through share repurchases and dividends paid. Stripe provides a way for you to whitelabel and embed payments and financial services in your software. The following transaction type are available for your use: Funding Instruction PayFac Credit (FIPC) - used to move funds from the PayFac Settlement account to the PayFac Operating account. It needs to obtain a merchant account, and it must be sponsored into the card networks by a bank. Software users can begin. When you submit a set of funding instructions, we calculate your available balance as PayFac Settlement Account current balance + Reserve Debits (from funding instructions). PayFacs are essentially mini-payment processors. Card brand rules require the sponsor to monitor the Payfac’s compliance with operating rules and regulations and ensure the Payfac’s due diligence when boarding and overseeing submerchants. Before you begin the testing phase, your assigned Implementation ConsultantThe PayFac model thrives on its integration capabilities, namely with larger systems. com, or send me a Linked In message. The Account Summary report displays as shown below. By PYMNTS | March 29, 2023. Fueling growth for your software payments. This acquisition aligns with Payrix’s strategy to. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. 1. PayFac Portal Overview. Richard Drake is a Senior Strategic Partner & Manager, Payfac Developers at FIS Global based in Jacksonville, Florida. A guide to accepting card payments efficiently and smoothly – use it to ensure you receive prompt payments to your bank account and protect your business by minimising the risk of fraudulent activity and threats. gov is successful. Sales Executive with experience in financial. The payfac stands in place of the merchant for the purpose of credit and debit card rules, maintaining submerchant accounts for its merchant customers and touching the money in the settlement funds flow. PayFac | Payment Facilitator Solutions | Worldpay from FIS Award RecognitionStrategic Partnership Manager - PayFac job in 8500 Governors Hill Drive, Cincinnati, OH 45249, United States of America | Sales jobs at FIS GlobalStrategic Partnership Manager - PayFac job in 8500 Governors Hill Drive, Cincinnati, OH 45249, United States of America | Sales jobs at FIS Global careers. Those sub-merchants then no longer have. (NYSE: FIS) through recently acquired payment company Payrix and JPMorgan Chase & Co. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. Most relevant. Excluding the impact of a large PayFac client, global volume increased 3% on a reported basis and 6% on a constant currency basis, US volume increased 5%, and transactions increased 3% as compared to the prior-year period. Pillar 2: Transaction monitoring The PayFac protects against possible fraud by monitoring every transaction that is processed through the platform. Please follow Worldpay and FIS. Fiserv: Founded in 1984, they process 12,000 financial transactions per second across the card networks. Additional benefits we offer our. Hourly, Mon. Typically, it’s necessary to carry all. eComm Dynamic Payout FAQs. 3. Handling payments doesn’t need to be a costly and lengthy exercise. So, what should new sponsor banks consider? First, the bank must determine the type of payment facilitator business models it plans to support, says Dan Spalinger, VP of Global Advisory Services for Infinicept. ) Easy Apply. Fourth quarter GAAP Diluted EPS was $ (29. com 49A white-label payfac, also known as payfac-as-a-service, is a business model in which a company uses a third-party payfac platform to offer payment processing services under its own brand name. Strategic Partnership Manager - PayFac job in 8500 Governors Hill Drive, Cincinnati, OH 45249, United States of America | Sales jobs at FIS Global careers. PayFac Portal Operations. Type Of Hire. PayFac Operating account receives funds, but movement to Sub-merchant account fails. FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across. Our partners are consultants, payment processors, card networks, banks, and other providers who offer a variety of services and expertise to solve complex customer needs. 3. This is achieved in several ways. PayFac offers clients a choice if they wish to pay by cheque or bank transfer. 41 and Adjusted EPS of $1. November 3, 2022. Explore our articles, reports, videos and. $125K - $150K (Employer est. Becoming a Payment Facilitator or PayFac is often a great fit for SaaS platforms that in addition to a business management app also offers a payment processing solution as well as payment specific solutions, e. Leverage your professional network, and get hired. Payfacs work by having a master merchant account (and a master MID) through its relationship with acquiring banks. The number of payment facilitators will grow rapidly in the coming years. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. • The sponsoring acquirer reviews the Payfac on an annual basis. Want to become payfacs themselves someday. 01332 477 853. Reserve Debit 2 - $50,000. A PayFac can remove the long, arduous underwriting process and get merchants up and running quickly – in a matter of minutes versus a few days or even weeks. The PayFac Fee reports is a Managed Payout report containing financial data for fees assessed to Sub-merchants enabled for Sub-merchant Funding. As of April 1, 2023, merchants using Worldpay from FIS may notice some transactions with a new or increased Transaction Risk Fee (TRF). $125K - $150K (Employer est. 71. Table 3 shows the timing of Funding Instruction delivery. For example, an artisan who sells handmade jewelry online may find the process of setting up their own merchant account daunting or unnecessary, given their lower transaction volume. The following scenarios (and others) are all possible:The Payfac revenue funnel is a high-level, back-of-the-envelope style model that is useful when making decisions about where to invest resources in a Payfac. FIS Reports Third Quarter 2022 Results. The Reconciliation report view of the PayFac Reconciliation Dashboard provides an overall summary for the Payment Facilitator in the top summary panel, and summaries in the form of tabs. Our suite of tools and services offers a choice of funding options, settlement, revenue generation, and risk management capabilities for payment facilitators. Worldpay produces the report daily and only applies to PayFacs using the Managed Payout solution. Fidelity National Information Servcs Inc. FIS United States2 hours agoBe among the first 25 applicantsSee who FIS has hired for this roleNo longer accepting applications. Stripe provides a way for you to whitelabel and embed payments and financial services in your software. Fourth quarter GAAP Diluted EPS was $ (29. For more detailed information about the cookies we use, including their purpose . Account Balance Report. com, or send me a Linked In message. FinTech innovators love the payment facilitator (PayFac), a shift that WePay co-founder Rich Aberman outlined in Episode 1 of the Payment Facilitators series with Karen Webster, CEO of PYMNTS. This model is ideal for software providers looking to. Talk to an expert. PFs’ contracts with acquirers also hold them responsible for chargebacks. A guide to accepting card payments efficiently and smoothly – use it to ensure you receive prompt payments to your bank account and. Join them and get access to exclusive. Easy access to real-time merchant data and reporting. Processor relationships. PayFac Dynamic Payout FAQs This document is intended to answer frequently asked questions related to PayFac Dynamic Payout, which is a method of distributing funds primarily to your sub-merchants and yourself. Lance McCord Senior Vice President. 10, 2022 /PRNewswire/ -- Finix, the payments technology company for software platforms, announced today that it has raised $30M in fresh capital, bringing the company's total. 15 paid company holidays per year. Underwriting is a risk assessment practice that helps the PayFac entity understand the nature of the sub-merchant business and the risks involved in onboarding such a profile. ; For now, it seems that PayFacs have. Global expansion If your platform needs to operate internationally and support sub-merchants in other regions, partnerships with local acquirers, gateways, and other service providers may be necessary. In contrast, PayFacs have one or two processor relationships and onboard ISVs as referral agents. Choose a sponsoring acquirer and register with them as a Payfac. A PayFac collects minimal data up front and supplements it with other real-time data to get merchants up and running, literally, in minutes. 03. Personal. B2B checkout to process all B2B transactions online & offline | payout instantly | automate complex money. Announcing Enterprise Transformation Program targeting. 4 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose. Billions of People and Trillions of Transactions Define the PayFac Opportunity in Emerging Markets. Let FIS help you make the leap from traditional to digital assets across payments, banking and capital markets. A payment facilitator, commonly known as a payfac, occupies one of the central roles within the payment processing ecosystem, yet it causes significant confusion. Our fully integrated, API-first technology platform makes payment facilitation quick and manageable by offering: Card-present, card-not-present, mobile and e-wallet solutions. PayFac Portal - Introduction. Unlike an ISO, the funds are initially settled into the PayFac account, and it is up to the. Obtain PCI DSS Level 1 certification. Merchants apply directly to PayFacs, making the PayFac responsible for the entire application and onboarding process, in contrast to ISOs, who generally pass merchant information on through their processing partners’ boarding portals and are hands-off from there. The first is the traditional PayFac solution. The report highlights the fee amount billed to the Payment Facilitator and attributed to the activity of their. Not every bank is an acquiring bank. Generally Accepted Accounting Principles (GAAP) is the term. Beginning of dialog window. Township of Howell. Dynamic Payout Held Funding Instructions Report (U. PayFac | Payment Facilitator Solutions | Worldpay from FIS Award RecognitionAll information whether text or graphics, contained in this manual is confidential and proprietary in formation of FIS and is pr ovided to you solely for the purpose of assisting you in using a FIS product. “It’s very clear that the PCI buck stops at the payment facilitator,” Bucolo said. 6 billion. Part of the reason for that is the sheer volume of terms used to describe some of the approaches to the space, like PayFac ®, payment facilitator, merchant of record (MOR), embedded. On an organic basis, revenue increased 5% as compared to the prior-year period. These banks are also known simply as issuers. Full time. Instead of taking basis points on a transaction, which is the classic dumb-dumb payments mindset, the SaaS model gets them an ~8x revenue multiple. The report is run hourly and held instructions are only shown for 14 days after being released. With an 11 year career in electronic payments and a lifetime passion for all facets of technology, Aaron was excited to join this rapidly growing company to focus on delivering a world-class experience. Our suite of tools and services offers a choice of funding options, settlement, revenue generation, and risk management capabilities for payment facilitators. Excluding the impact of a large PayFac client, global volume increased 5% on a reported basis and 8% on a constant currency basis, US volume increased 7%, and transactions increased 4% as compared. This solution involves you partnering with either (1) an acquiring bank or (2) an acquirer and a payment facilitator vendor. 3 billion of capital to. Company Name: FIS Global Job Description Position Type : Full time Type Of Hire : Experienced (relevant combo of work and education) Education Desired :. Returned $1. “There is a higher risk for the horizontal Payfac than there is for a Payfac selling software to doctors’ offices that costs $50,000 to install. Adyen grew gradually, initially starting as a Payfac of larger payments groups (e. We give you all of the tools you need for a successful payment facilitator program. , invoicing. Table 2 lists the timing of money movement to the PayFac FBO Settlement account for each payment type with respect to the activity day. PayFac clients want a fast and easy experience, from the moment they contact a PayFac for services, to the onboarding process, to the compliance checks after they have been onboarded. A relationship with an acquirer will provide much of what a Payfac needs to operate. With Payrix Pro, you can experience the growth you deserve without the growing pains. eComm Dynamic Payout Information. They use the PayFac’s merchant account to process their transactions, and they pay a fee to the PayFac for this. 68), and full-year 2022 Adjusted EPS increased 2% to $6. Enabling businesses to outsource their payment processing, rather than constructing and. 3. Legal Entity and Sub-Merchant Creation Process; Background Check Options; Accessing the PayFac Portal. New York, NY $150,000 - $180,000. Increased revenue 3% on a GAAP basis and 5% on an organic basis to $3. “The profac gets the benefit of the payfac model but none of the [administrative] pain that comes along with the model. Payment. From the iQ Bar of the Merchant Onboarding Page, click the Operations icon and select PayFac Portal. Companies offering PayFac solutions for merchants include Fidelity National Information Services Inc. The PF may choose to perform funding from a bank account that it owns and / or controls. a merchant to a bank, a PayFac owns the full client experience. A Payment Facilitator, or PayFac, is a sub-merchant account used by merchant service providers to provide payment processing services to their own clients, known as sub-merchants. To manage payments for its submerchants, a Payfac needs all of these functions. Sending money to Bank accounts. jobs at. It offers a system capable of processing payments, providing multiple means for completing a transaction, such as credit cards, debit, e-wallets, instant transfers, bank transfers, and cash in one. Let FIS help you make the leap from traditional to digital assets across payments, banking and capital markets. ,), a PayFac must create an account with a sponsor bank. Priding themselves on being the easiest payfac on the internet, famously starting. PayFac Tax ID Validation Report. Players. 65. Our suite of tools and services offers a choice of funding options, settlement, revenue generation, and risk management capabilities for payment facilitators. PayFacs are also responsible for most, if not all of the underwriting required. Also, it’s essential to mention that PayFac is a Mastercard model, while the one for Visa is a payment service provider. Let FIS help you make the leap from traditional to digital assets across payments, banking and capital markets. FIS. You own the payment experience and are responsible for building out your sub-merchant’s experience. SaaS platform: A software-as-a-service (SaaS) platform is a business that develops and sells cloud-based software via a subscription model. PayFac Portal Operations; Creating a New Legal Entity Request; Adding a Sub-Merchant; Searching for Sub-Merchants; Viewing Sub-Merchants. I am ending my journey with FIS, what an amazing 11 years going back to Fifth Third Processing Solutions. View this and more full-time & part-time jobs in Watkins, CO on Snagajob. Instruction Search enables Payment Facilitators using Dynamic Payout to find information on sub-merchant funding instructions processed by Worldpay, including credits and debits for Payment Facilitator, sub-merchant, reserve, and vendor (credit only) accounts. Increased revenue 3% on a GAAP basis and 5% on an organic basis to $3. A Payment Facilitator or PayFac simplifies merchant account enrollment which allows smaller companies to quickly gain the upper hand. Before offering customers payment methods from popular card networks (Visa, Mastercard, etc. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. This chapter provides detailed information on using the PayFac Portal and contains the following sections: You can also. • start operating. If your platform needs to operate internationally and support sub-merchants in other regions, partnerships with local acquirers, gateways, and other service providers may be. Identifying these incidents via the Infinicept system quickly is an easy first step to take in halting such. Card brand rules require the sponsor to monitor the Payfac’s compliance with operating rules and regulations and ensure the Payfac’s due diligence when boarding and overseeing submerchants. But they are also responsible to make sure that their submerchants comply with the PCI standards. payfac. Payfacs do not have access to those funds. Payfac’s immediate information and approval makes a difference to a merchant. Pillar 1: Onboarding and underwriting The PayFac handles all of the compliance checks on new merchant applications and ensures that they are safe to bring onto the platform. Worldpay, Inc. 10 fee for all Visa transactions with POS Entry Code (91) MSD. Payment facilitation, or “payfac,” continues to grow in popularity among software providers and is designed to facilitate payment card acceptance without requiring individual merchants to go through the lengthy process of establishing traditional merchant accounts. Full visibility into your merchants' payments experience. business with a unique Payfac identifier. At Revision Legal, we protect businesses that thrive online, and understand the connections between law, technology, and business. Obtain PCI DSS Level 1 certification. Position Type. Proactively identify abnormal transaction activity, fraud, and illicit payments. 71. Escape will cancel and close the window. If the merchant fits the requirements, PayFac onboards is a sub-merchant under the master MID. With payfacs, merchants are assigned a sub-merchant ID in which all of these sub-merchants are registered under the payfac’s master merchant account. Cardstream Group, which operates Europe’s fastest growing independent white label Payment Gateway, has announced the arrival of its significant new white label PayFac-as-a-Service to the market. With a. Worldpay Rate Increases Effective April 2023. The PayFac manages regulatory compliance, merchant onboarding, funding to bank accounts, and more on behalf of sub-merchants. So naturally, any company. Learn how #WorldpayforPlatforms is helping SaaS property management platform, ResMan, take up residence as a #PayFac…No two payments journeys are the same. Payrix by FIS is a modern platform that provides Payments Facilitation (PayFac) as a service with a full suite of payments and risk management services built for vertical Saas companies. Logging in and Logging Out. All su ch information is protected by copyright laws and international treaties. 01274 649 893. Private Sector Support. The report details the reconciliation to the Payment Facilitator for non-sub-merchant funded transactions. FIS Reports Third Quarter 2022 Results. :; Who we serve. If you have additional questions or need clarification of any answers contained in this document, please contact your Worldpay. Our suite of tools and services offers a choice of funding options, settlement, revenue generation, and risk management capabilities for payment facilitators. A payment facilitator (or PayFac) is a payment service provider for merchants. Sponsoring payment facilitators allows you to increase your customer base and expand into new markets. In short, Payment Facilitation is an operating model that affects the acquiring side of the payment ecosystem. Each time you create a Legal Entity/sub-merchant, Worldpay performs background checks to assist you in vetting your client, as required by government and network regulations. Get in touch for a free detailed ROI Analysis and Demo. FISWelcome to Fintech Insights. A payfac is a platform that intermediates payments between consumers, payment operators (card operators, banks, PSPs, etc. , February 13, 2023 – FIS® (NYSE:FIS), a global leader in financial services technology, today reported its fourth quarter and full-year 2022 results. They. eComm PayFac API Reference Guide Document Version: 3. FIS/WorldPay Payfac. 5 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose. The PayFac aggregates transactions and sends them to its processor, keeping operations streamlined. Companies offering PayFac solutions for merchants include Fidelity National Information Services Inc. • Worldpay eComm PayFac Portal User GuideOne of the main benefits to adopting the Payfac ® model is the increase in revenue you get from each transaction processed using your software. (NYSE: FIS) through recently acquired payment company Payrix and JPMorgan Chase & Co. This report only applies to legal entities that have a sub-merchant funded through the Worldpay, and is produced daily. , Deposits - Refunds). This guide applies only to Payment Facilitators who have updated their Worldpay PayFac API to V12. (NYSE:FIS) through recently acquired payment company Payrix and JPMorgan Chase & Co. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. Richard Drake's Phone Number and Email. We offer ISOs white-labeled PayFac-as-a-Service that is cheaper, faster to implement, and easier to integrate than any build-it-yourself alternative. Payfac-as-a-service is a turn-key payment facilitation model in which an external company provides businesses with the necessary tools and infrastructure to accept electronic payments, such as credit and debit cards, ACH, and echecks. 68), and full-year 2022 Adjusted EPS increased 2% to $6. Sponsors: Sponsors are the combination of an acquiring bank and a payment processor. 3. ©2021 FIS. A PayFac will smooth the path. A PayFac can remove the long, arduous underwriting process and get merchants up and running quickly – in a matter of minutes versus a few days or even weeks.