NMI PayFac Enablement. The strategic investment will enable a full suite of commerce experiences and engagement models for technology partners looking to. The Company's cable cloud services offer a white-labelled cloud-based solution for cable. As a critical element of our end-to-end telemedicine technology, Usio’s PayFac-in-a-Box solution simplifies the payment process, enabling the professionals we serve to focus on the delivery of. One pivotal player in this evolution is the payment facilitator—a concept that has reshaped the way businesses handle payments, making transactions accessible to businesses, smoother, and more efficient. 6 billion; Generated Diluted EPS of $0. In 2021, global payment facilitators processed over $500 billion in transactions – a 75% increase over the previous year and an 11x increase over the total just half a decade earlier. Payment connections for ISOs. 3% + 30 cents when the buyer keys in the transaction online. An acquirer licensed by Visa and Mastercard to operate only in the United States can’t serve merchants elsewhere. Something went wrong. To accept payments online, you need to connect at least one payment gateway to. What’s the difference between PayFast, PayPal, Payoneer, and Solid Payments? Compare PayFast vs. You own the payment experience and are responsible for building out your sub-merchant’s experience. By contrast, the PayFac directly. A payfac is a type of payment aggregator, but it typically provides a more comprehensive suite of services. Here you are able to edit your store name and update your address as needed. $35/user/month. NMI’s FACe technology allows ISVs to reduce overhead by removing the expense associated with creating their own Pay-Fac functionality. Gain competitive. PayFac® solutions, at your service Worldpay from FIS is your advocate for payment facilitator solutions. payment types. There are dozens of article we could point to, like the formal UK parliament report that shows ATMs declining 21% in number from July 2018 to May 2022, but it doesn’t make more than a grade school education to connect the dots here. 303. Types of merchant of recordA PayFac needs to process payments going both in and out to fund its sub-merchants. 2. Their ISO agent program is a top choice thanks to the company’s commitment to making it as easy as possible for agents to get merchants approved. Exact Payments is an expert in embedded payment solutions, enabling SaaS businesses to monetize payments through its turnkey PayFac-as-a-Service solution. . ·. Prepaid business is another quality business that is growing 20%, worth $2. com Release Summary ISOs, fintech innovators and technologists can now power payment acceptance across all points of. 0. Whether you’re a software provider or a new ISO or PayFac, once you start offering payment acceptance to your customers, it’s crucial to understand. Patrick Cuff, Vice President, Government Relations at Fiserv; @BrianMasseMP. Nuvei vs. Authorize. Their primary service is payment processing – the ability to accept electronic payments via debit and credit card. NMI CEO Roy Banks gives Karen Webster the inside skinny on a model that gave birth. Here is a step-by-step workflow of how payment processing works:Summary. Parties interested in joining the growing NMI team or learning about Matt and NMI’s unified commerce enablement platform are invited to meet at the upcoming Money20/20 conference being held at. To accept online card payments, you need to work with each of these players (either via a single payment service provider or by building your own integrations). PayFac. 01274 649 893. The Federal Reserve Board has announced price changes for 2024 that will raise the price for established, mature services by an. 82. Those sub-merchants then no longer have. This solution involves you partnering with either (1) an acquiring bank or (2) an acquirer and a payment facilitator vendor. UK domestic. is the future — we get you there now. Fortis provides the Service to you to facilitate payments to Sub-Merchant by card and direct debit payments (Canada only). Discover Canada's top cashback rewards app and earn cashback effortlessly on your everyday purchases. The PayFac would also need to hire a FTE to take exceptions and review these exceptions for risk. Embedded digital payments for businesses to pay and get paid. Their primary service is payment processing – the ability to accept. com. Global expansion. There are, however, situations when the payer is required to withhold. Grow your revenue by offering more value to your merchants using NMI’s full commerce enablement platform. Whether easy, complex or somewhere in between, we’ve got you. SwervePay. In this video, Natasha walks through how to set up your NMI payment gateway and highlights some important tools you can use to monitor. Click on the "Register" tab below to get started with TransLink; or if you're. 9% + 30¢. And with tools like the Dojo app, you can measure and manage your card payments from the palm of your hand. Certain platforms, like IRIS CRM, the industry’s leading payments CRM, also include private. Find the highest rated Payment Facilitation (PayFac) platforms in Mexico pricing, reviews, free demos, trials, and more. 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. Accordingly McKinsey thinks ATMs will decline at 6% a year through 2025. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. Small/Medium. Adam brings over 20 years of experience to Payroc ’ s executive team and is one of the original founders of Payroc in 2003. Discover the latest NMI company news, press and updates in top payments industry publications. In order to understand how. PayFac-as-a-Service allows B2B software companies to enjoy all the benefits of becoming a Payment Facilitator without any of the hard work or upfront investment. GETTRX Zero; Flat Rate; Interchange; Learn. The address section is powered by Google, so you will be given a drop down of addresses to select from and save. Naval Combat. The three kinds of subscription payment processors. A PayFac collects minimal data up front and supplements it with other real-time data to get merchants up and running, literally, in minutes. In episode 5 of NMI's Payments Playbook, Leaders in Payments podcast host Greg Myers sat down with Maast Chief Product Officer Ernie Moran to discuss the convergence of software and financial. Integrated per-transaction pricing means no setup fees or monthly fees. Global expansion. Much like the great Oklahoma land rush of 1889, many acquirers are quietly staking their claim to new opportunities as processors increase their willingness to. Become a PayFac with little or no IT resources. A payment facilitator (or PayFac) is a payment service provider for merchants. The issue is priced at ₹122 per share. But to banks and merchants it means something very different. Most payments providers that fill. The payfac model is a framework that allows merchant-facing companies to. 10 Ratings. Protect your sellers from fraud, and increased costs – with the ACME fraud shield. Release Summary. ISOs are an exceptionally important part of the payments ecosystem, serving a critical role that supports both their processing partners and their merchants. Its products and services include Edmission (phy-gital) Learning Centre, JumpTalk (VoIP), online payment facilitation (PayFac) services, infrastructure as a service - hydra Web solutions and corporate and public wi-fi mesh services, and TUG Digital. 99% uptime availability with transaction response times of less than 1 second. Exact handles the heavy. NMI payment facilitator enablement (FACe): a one-stop solution . An ISO is a company that resells merchant services on behalf of its payment processing partners. PayFac Dynamic Payout Same Day Funding FAQs Frequently asked questions on same day funding transaction types available in the Dynamic Payout funding model. The first step in becoming a Payfac is ensuring that you will achieve a positive ROI from doing so. 2 min read. IRIS CRM enables agents to sign merchants up for payment gateway services through NMI, along with NMI’s full suite of value-added services. The ISO acts as an intermediary between the merchant and the payment processor, taking care of merchant recruitment, sales, and. Revolutionize Business. We enable payments for over 3,200 partners and over 260,000 merchants around the world. Businesses that process more than $80,000 in sales per month may qualify for discounted rates. Start your full commerce journey Get started today. Instead of each individual business needing to set up its own merchant account, a process that can be time-consuming, the payfac effectively “rents out” merchant account functionality under its larger master merchant. A sponsor may be a bank themselves or may be a bank authorized entity that. For their part, FIS reported net earnings of $4. Payfacs are registered independent sales organizations (ISOs) that have been sponsored by an. ISVs still rely on a simple referral model for monetizing payments. With expert problem solving and flexible technology tools, Cliq played the middle man between IT and finance to build a system that synthesized data from multiple sources for accurate, real-time. Electronic Transactions Association (ETA) @ElecTranAssoc. ISOs are companies that resell merchant services on behalf of payment processors, handling merchant acquisition and ongoing service. Braintree became a payfac. Search. Find the highest rated Payment Facilitation (PayFac) platforms in India pricing, reviews, free demos, trials, and more. We help customers accept card payments, trade securely and get paid fast. com. 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. Sometimes a distinction is made between what are known as retail ISOs and. ACME has you covered, handling all compliance, regulations and fraud prevention so you don’t have to. Payment Facilitation-as-a-Service. The ISO is an intermediary signing up the merchants for the acquirer’s payment processing services. com. Let’s break this down. Understanding the Payment Facilitator model The payment facilitator model was created as a way of streamlining business’ processes in a way that would allow them to accept electronic. Block 1, Blanchardstown Corporate Park, Dublin 15, D15 AKK1. Settlement must be directly from the sponsor to the merchant. 303. Fed to Raise Payment Services Prices 1. Payment processing up and running in weeks. Proven payment technology helps businesses pay and get paid so they can focus on what matters most. The conference call can be accessed live over the phone by dialing +1. Payfacs work by having a master merchant account (and a master MID) through its relationship with acquiring banks. If the merchant fits the requirements, PayFac onboards is a sub-merchant under the master MID. ** The processing rate for Square Invoices is 3. Most ISVs who contemplate becoming a PayFac are looking for a payments. Turning the card, PayFac continues to generate strong growth, 27% for the quarter, as Greg will discuss, it's been a busy quarter of increasing penetration with existing ISVs, implementing new. Our APIs enable you to build and scale end-to-end payments experiences, from instant onboarding to global payouts, and create new revenue streams—all while having Stripe handle payments KYC. They are an aggregator that often (though not always) have already. TINLEY PARK, IL —August 17th, 2020 – Payroc LLC and its affiliates (“Payroc”), a leading merchant acquirer and global payment processing organization, announced today that their Canadian Integrated. Most European/U. Proven payment technology helps businesses pay and get paid so they can focus on what matters most. 18 (Interchange (daily)) $0. Grow your revenue by offering more value to your merchants using NMI’s full commerce enablement platform. Full-year 2022 GAAP Diluted EPS was $ (27. The world of payment processing has its fair share of acronyms, and two of the most popular are PayFac (Payment Facilitator) and ISO (Independent Sales Organization). org. 3 Ratings. The PayFac uses an underwriting tool to check the features. Grow your revenue by offering more value to your merchants using NMI’s full commerce enablement platform. 2. The growth in the number of payfacs, and in the payment volume passing through them, is reshaping key relationships within the payments ecosystem. To get up and running with FACe, an ISV first needs to register as a Pay-Fac. We are the hub of activity for financial institutions, networks, payments companies, fintechs, and technology innovators. IRIS CRM enables agents to sign merchants up for payment gateway services through NMI, along with NMI’s full suite of value-added services. Enabling businesses to outsource their payment processing, rather than constructing and. 847. Afterpay online payments. 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. | NMI is a leading global payment enablement platform, processing more than $180 billion in payments annually. NMI has also launched, FACe, facilitation enablement. Our mobile, fixed and unattended options are all certified with leading processors. NMI By signing up with NMI as a reseller, you can offer your merchants complete payment solutions that enable them to begin selling right away; Authorize. NCMI. 916. Their installation is virtually automatic. 2 Sheraton St. Increase revenue. Essentially, a payfac is a company that allows its customers to accept electronic payments using their platform. 6638. You can use the theme offered by your payment service provider to display your Hosted Checkout interface. 2M) = $960,000 annually. ETA is payments technology. Bulgaria. Compare price, features, and reviews of the software side-by-side to make the best choice for your business. Exact Payments handles the heavy lifting for payment operations, allowing software businesses to grow their revenue, valuation and improve product stickiness while increasing customer. The amount earned on any given transaction is minuscule, but even the tiniest residuals have the potential to add up fast. Once a recipient’s Digital Check arrives in their. Paya ACH and Agreement Express, an NMI company, have teamed up to deliver a better merchant onboarding experience to partners. 1. However, they do not assume. There are numerous PayFac-as-a-service benefits. The 2023 Nonprofit Email Report. A nautical mile is based on the circumference of the Earth and is used by sea and air navigators. Compare price, features, and reviews of the software side-by-side to make the best choice for your business. Embedded experiences that give you more user adoption and revenue. A Comprehensive Welcome Dashboard. Once a sub-merchant has been through the onboarding process it is down to the PayFac to control payments adhering to the rules. The PayFac aggregates transactions and sends them to its processor, keeping operations streamlined. A Digital-Era Model. BC Ferry: Washington - Bellingham - Victoria - British Columbia Travel and Adventure Vacations. 0. payfac transaction fee and payment processor/ merchant acquirer fee Transaction data Present card for payment Goods or services Authorization and transaction data $10 (Bill cardholder) $10 (Pay bill) Transaction data $0. Compare the best Payment Facilitation (PayFac) platforms in India of 2023 for your business. By using a payfac, they can quickly. on-ramp, off-ramp and NFTs. Transaction Monitoring. While payments companies are garnering ~4x revenue multiples, companies like Finix and Infinicept sell SaaS subscriptions. Paya is the partner you can trust to make it easier to drive revenue and retention with market-leading ACH and check products and services. A solution built for speed. 8. Exact handles the heavy. Exact handles the heavy lifting of payment operations so software businesses can grow their revenue and valuation while improving product stickiness and customer satisfaction. It has a high level of customization and allows users to pay using many methods. PayFac-as-a-Service (PFaaS) models like our Cardknox Go solution deliver tremendous value to businesses that want to integrate payments into their offerings, including instant merchant onboarding, more control over the customer experience, and increased earning potential. • It operates in a highly competitive segment with many big players. 1 billion for 2021. A recent survey by Provident Bank found that 67% of small to medium-sized businesses believe a recession may be coming in 2023, primarily due to inflation, supply chain issues and rising wages. NMI's full commerce platform can help you increase your revenue and offer more value to your merchants. Improve acquisition, usage and activation with instant money movement. An ISO, or independent sales organization, is a company that resells payment services to merchants on behalf of a payment processor or acquiring bank. Nick Starai of gateway tech company NMI told. com. From 2003 through 2011, Adam ’ s role was focused on the development of larger and more complex eCommerce merchants, which remains one of. ETA members power our economy through secure, reliable, and. Crypto. First popularized by firms like PayPal and Square, the payments facilitator (payfac) model is reshaping the payments ecosystem, allowing nonpayments companies that adopt it to participate more fully in the payments revenue stream. Here are some of the features: 1. Compare Braintree vs. One of the main benefits of the payment facilitator model is the increase in revenue you get from each transaction processed using your software. The symbol for nautical mile is M or NM or nmi. Accelerate your growth with instant. payment facilitator (payfac) MoRs and payfacs both play significant roles in the ecommerce payment process, but their responsibilities and the scope of their services differ. NMI | 28,701 (na) tagasubaybay sa LinkedIn. Payfac can be attractive to ISVs as it facilitates instant merchant account approvals, also known as frictionless boarding. In fact, NCR’s spinout ATM business. Varanium Cloud IPO date is fixed, The IPO will open on September 16 and will close on September 20, 2022. What is a payfac? - Quora. FortisPay announces two acquisitions to offer PayFac capabilities and expand into new markets. The program, sponsored by Discover Global Network, provides ETA YPP scholars with mentors from leading payments companies, complimentary access to ETA industry events, and. Since that time, he has operated in multiple capacities to serve the company. View Software. PayFacs are businesses that resell merchant services on behalf of a payment processor, lightening the processor’s load and earning a slice of every transaction fee – known as a residual – in the process. Also known as a “PayFac” or merchant aggregator, a payment facilitator is a third party agent that contracts with an acquirer to THE ACQUIRER A Visa Client licensed to provide card acceptance services. If you have a long or complicated checkout process, a fraction of customers will fall off. Payfac® lite (aka managed Payfac or Payfac-as-a-Service) Shared risk model; Payment facilitator sponsorship; Provide a fresh tech stack to support the needs of software / ISV partners as your primary channel partners (the acronym ISV, which stands for “independent software vendor,” is often used for software providers). While there are many benefits of integrating to a Payfac, two of the most notable are frictionless onboarding and risk, liability and costs associated. Exact Payments is an expert in embedded payment solutions, enabling SaaS businesses to monetize payments through its turnkey PayFac-as-a-Service solution. Contact our Internet Attorneys with the form on this page or call us at 855-473-8474. On the one hand, these services unlock purchasing power, helping customers manage their finances. Victoria is the capital city of the Canadian province of British Columbia, on the southern tip of Vancouver Island off Canada's Pacific coast. We’ll help you bring your payfac experience to market fast, with operational readiness and tools for your payments strategy. Another related business model is payfac enablement, fintechs that specialise in enabling software or other non-payment companies to become payment facilitators. Stax Connect accelerates and radically simplifies the integration of an intelligent payments infrastructure so that software companies are able to go to market faster, monetize payments, and deliver the best end-to-end experience in their industry. 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. With 15 partner banks, 24/7 US. Please login below to access your Merchant portal, NMI Partner portal, WebMIS control panel or USAePay console. Compare the best Payment Facilitation (PayFac) platforms in Africa of 2023 for your business. Evolve as you scale. Review By Dilip Davda on September 12, 2022. . Grow and optimize your business and elevate payment experiences to secure commerceStripe Terminal makes it easier to build your point of sale and own your checkout experience, including creating customized email receipts or reader splash screens. What is a PayFac (Payment Facilitator)? A Payment Facilitator (PayFac) is a third-party service that lets merchants accept various forms of non-cash payments like credit/debit cards or digital payments. The ISO, on the other hand, is not allowed to touch the funds. Discover Adyen issuing. This is known as frictionless underwriting. This article is part of Bain's report on Buy Now, Pay Later in the UK. Whether you're an ISO (independent sales organization), ISV (independent sales organization), PayFac (payment facilitator), Bank or anyone else in the industry, this whitepaper is a must-read if you’re looking to maximize your payment capabilities and build a strong partnership with your payments provider. NMI closes strategic Creditcall acquisition. Get in touch for a free detailed ROI Analysis and Demo. It provides a technology, allowing to authorize transactions and, potentially, receive transaction settlement information. A payment facilitator (or PayFac) is a payment service provider for merchants. Independent sales organizations are a key component of the overall payments ecosystem. But to banks and merchants it means something very different. 9997. 4% and 15 cents per transaction or similar; when. Compare price, features, and reviews of the software side-by-side to make the best choice for your business. 01274 649 893. OneBill has been helping SMBs, SMEs, and large enterprises to reduce billing errors, compliance risk and drive greater efficiency with an end-to-end billing and revenue management solution fully integrated with some of the world’s leading solutions. The PayFac vs payment processor is another common misconception. A bank account opened in the end-user’s name. As such, read on to discover how the PayFac model works, how to get the best out of it, and how your company can become a payment facilitator. 752. Full commerce. Start your full commerce journey Get started today. Exact Payments handles the heavy lifting for payment operations, allowing software businesses to grow their revenue, valuation and improve product stickiness while increasing customer. 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. Next, let's look at an example showing the work and calculations that are involved in converting from kilometers to nautical miles (km to nmi). In between, there are overhead costs associated with moving those funds around. Most important among those differences, PayFacs don’t issue each merchant. Let’s examine the key differences between payment gateways and payment aggregators below. Canada. In fact, they broke the mSubscribe or log in to read the rest of this content. Denver — August 8, 2022 – Infinicept, a leading provider of embedded payments software, today announced the launch of Infiniport, a single, open payment operations capability enabling clients to interface with any processor or alternative payment rail they. 847. Benefits and criticisms of BNPL have emerged on several fronts. Explore ratings, reviews, pricing, features, and integrations offered by the Payment Gateways. net; Merchant of Record Exact Payments is an expert in embedded payment solutions, enabling SaaS businesses to monetize payments through its turnkey PayFac-as-a-Service solution. But, we see a rapid rise of the deployment of Payfac Lite operating models where thePayFac or payment facilitator model allows you to add a new revenue stream to the profit you get from selling your core product. NMI Logins. Our automated solution reduces onboarding time by 70%, enabling ISOs. As such, read on to discover how the PayFac model works, how to get the best out of it, and how your company can become a payment facilitator. Create. This was an increase of 19% over 2020, with. Patrick Cuff, Vice President, Government Relations at Fiserv; @BrianMasseMP. NMI’s PayFac enablement tools provide automated sub-merchant onboarding and account management, KYC reporting, automated chargeback. Then, when you factor in fraud and average transaction acceptance rates, the pool shrinks even more. Cards and wallets. ·. Exact Payments, a leader in embedded payment solutions for SaaS businesses, enables them to monetize payments with its turnkey PayFac as a Service solution. 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. This relationship ultimately allows them to get registered as a payment facilitator, begin onboarding new customers, and allows those customers to begin accepting payments. It is possible for a payment processor to perform payment facilitation in-house. We enable payments for over 3,200 partners and over 260,000 merchants around the world and across the entire commerce ecosystem: online,. GETTRX named title sponsor of Pro Stock and Pro Stock Motorcycle Callout races | NHRA “GETTRX is proud of our increased presence with the NHRA,” GETTRX…Universal PayOps Software Powers the Shift to ‘Get Payments Going Your Way’. Payroc partners with NMI to provide a seamless payment experience for its ISVs, ISOs, and Payment Facilitators expanding to Canada. Exact Payments handles the heavy lifting for payment operations, allowing software businesses to grow their revenue, valuation and improve product stickiness while increasing customer. 5 miles: 100,000 nmi: 115,078 miles: 250,000 nmi: 287,695 miles: Related Units. Banking relationships matter: Whether a subscription provider is acting as an ISO or PayFac or simply passing leads on to an acquirer in a referral arrangement matters. In contrast, PayFacs have one or two processor relationships and onboard ISVs as referral agents. Over the next five years, payment facilitators are expected to process more than $4 trillion in global gross payment volume, representing a 28. When you’re using PayFac as a service, there are two different solution types available. What is a payment facilitator (PayFac)? Essentially, PayFacs use the acquiring license of another company to provide payment services to sub-merchants. Even within the payments industry, ISOs and the role they play are. The vessel (max capacity 5200 passengers plus 1730 crew) was scheduled for an inaugural visit to Victoria BC on June 8, 2018. Whether you’re a software provider or a new ISO or PayFac, once you start offering payment acceptance to your customers, it’s crucial to understand. Episode 8 of NMI's Payment Playbook podcast is live! Join us to hear from the Director of Product Management for Agreement Express (an NMI company), Darryl Cumming. Caleb Avery Payfac-as-a-Service empowers software companies to create an embedded payments experience that is delightful, transparent, profitable, and stupid simple 😎Moov is a licensed Processor directly connected to each payment network, which is unique in our space. This table provides a summary of the Length or Distance units within their respective measurement systems. 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. Players should aim at multiplying and. 30 Transaction fee per agreement with merchant $9. Create new revenue. Our full commerce enablement platform can deliver exactly that — a speedy and painless payment facilitation process that enables you to instantly create both a merchant account and platform account in a single step. Compare the best Payment Facilitation (PayFac) platforms in Mexico of 2023 for your business. We handle billions of dollars every year for forward. First, a PayFac needs to establish a partnership with an acquiring bank, and get sponsorship to process payments for sub-merchants. Become a Payfac Enabler - enabling software & payments companies, and banks to manage their payment’s operations in a payment facilitation model. A Payment Facilitator or PayFac simplifies merchant account enrollment which allows smaller companies to quickly gain the upper hand. The bank may request more detailed KYC data. Scaling alongside rapid growth: Expanding into a new region means accessing a new, untapped customer base. NMI’s ISO payment gateway offers the features and services. Payment facilitators (PayFacs) are companies that provide merchant services to businesses in various industries. 传统上,由于其被视为会控制买家和卖家之间的资金流动,所以增加支付功能需要一个平台或交易市场在卡组织那里注册并保持支付提供商(或 payfac)身份。如今,在不成为支付提供商的情况下,也能够轻松添加大多数平台和交易市场所需的支付功能。 支付网关A few weeks ago, NMI's Payment Playbook host Greg Myers sat down with Inktavo CEO James Armijo to talk about all things embedded payments. 40/share today and. A payment facilitator (PayFac) is a business that creates a master account and onboards clients through its merchant identification (MID). Compare the best Payment Facilitation (PayFac) platforms of 2023 for your business. Business software platforms typically solve a business problem for a merchant, such as appointment scheduling. ISOs are an exceptionally important part of the payments ecosystem, serving a critical role that supports both their processing partners and their merchants. These payfac enablers generally do not focus on end. The choice between a PayFac and a payment processor depends on your business needs, industry, and desired level of support. Stay informed with the latest payment processing news and press. Find the Right Online Payment Gateway. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. Release Summary. Much like the great Oklahoma land rush of 1889, many acquirers are quietly staking their claim to new opportunities as processors increase their willingness to underwrite PayFacs. NMI arms itself for a tougher economy with acquisitions, partnerships Jan 03, 2023 Fears of a recession are looming. 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. Payment Facilitators offer merchants a wide range of sophisticated online platforms. NMI is a leading global payment enablement platform, processing more than $180 billion in payments annually.