Lesson Category: Mod 4

4 Review

SUMMARY 1. Two merchant account solutions a business can set up a payment processor account and a payment facilitator account (PayFac) 2. Control over account, lower rates on higher volumes, and tech options are among the benefits of having a payment processor merchant account. 3. For merchants with low transaction volumes, it would cheaper to use …

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RISK OF USING STRIPE OR SQUARE

RISK OF USING STRIPE OR SQUARE Most people have experienced or heard of Stripe or Square closing down a business. This is not an uncommon occurrence. Most merchants will say that the reason was the type of business. While this may be true to some degree, there are other factors at play that Stripe or …

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PAYMENT FACILITATOR (PAYFAC) ACCOUNT

PAYMENT FACILITATOR (PAYFAC) ACCOUNT A sub-merchant account for a service provider to provide payment processing services to their own merchant clients. Benefits Expedited merchant approval process Small online application Boarded as a sub under a master account Risk is held by the PayFac Solutions like Square, Stripe and PayPal are PayFac’s. When does a PayFac make …

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PAYMENT PROCESSOR

PAYMENT PROCESSOR Traditional merchant accounts that businesses are used to with standard rates and fees. The merchant account is set up with a specific merchant identification number. The merchant account is held between the business, the acquirer, and service provider Benefits Lower transaction rates for higher volumes processed. Connect directly to an acquirer for business owned merchant …

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WHY USE A PAYMENT PROCESSOR

WHY USE A PAYMENT PROCESSOR FOR A STANDARD MERCHANT ACCOUNT? More control of merchant account. Lower rates and fees when processing higher volumes. Understand risk parameters and work with merchants. More options for equipment and software technologies. Better technical and customer support. Direct relationship manager or salesperson to work with More options with value added …

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