For companies that are looking to become a PayFac, effective management of payment operations and risk are critical to thriving. As payment technologies continue to advance and regulations develop, having a deep understanding of the associated responsibilities and various aspects that shape the payment environment are important in addition to program monetization and adherence to the regulatory rules.

Compliance is a critical area that demands meticulous attention. PayFacs are entrusted with the management and mitigation of complex challenges, including underwriting, fraud prevention and merchant due diligence. There are multiple steps to consider before becoming a PayFac and onboarding new merchants. In addition to adhering to industry standards and legal obligations, designing a streamlined strategy and effective onboarding processes are key to driving a successful program.

In this next module, we will delve into these essential aspects to help equip businesses with knowledge and insights needed to capitalize on the vast opportunities presented by becoming a PayFac.