Frequently Asked QuestionsHow do Payment Facilitators Work?
The payment facilitator (PayFac) owns the master merchant identification account (MID). In order to process transactions, the acquirer or merchant must apply for a merchant account. This includes an application with 7-8 key data points, an underwriting process, approvong the pricing agreement, and integrating the latest payment technology.
During the aaplication/onboarding process, the data points are evaluated by an underwriting tool and approved or declined in real-time. If everything looks good, the payment gateway is opened and the merchant is boarded as a sub-merchant under the PayFac‘s master merchant ID.
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