Payrix Payfac as a Services Review

Payrix Payfac as a Services Review 2022

Payrix is an innovative financial technology firm established in 2015 and specialises in allowing SaaS-based platforms to incorporate payments and financial technology within their products to improve the experience of making payments for small and medium-sized businesses (SMBs). You will find more information about this technology in Payrix Payfac as a Services Review 2022. Let’s get started!

What Does Payrix Payfac Offer?

The Payrix solution is intended to function as an end-to-end platform that gives payment facilitators the ability to swiftly incorporate payment acceptance into their services while maintaining their independence. 

The company’s primary focus is on working with Independent Software Vendors (ISVs) interested in collecting payments and ISOs interested in following the PF business model. It manages all aspects of the PF experience, from onboarding and underwriting merchants through regulatory requirements, gateway services, payments, and chargebacks. Some of the essential information about Payrix Payfac are:

Overall Summary of Payrix Payfac’s Payment Processing Services
Headquarter  Atlanta, GA 
Contract 3 years 
Service Charges  $500 monthly charges 
PCI Fee Undisclosed
Online Complaints  10+
Service Support  Yes

 

Payrix Payfac Origin, Headquarters, and Owners

Payrix is a privately owned firm with its headquarters in Atlanta, Georgia. Providence Strategic Growth and Blue Star Innovation Partners are its primary investors. Since 2008, Payrix co-founder Benny Silberstein and his business partners have successfully administered an ISO. The company has around 200 employees and gained around $50.0 million over the years.

Important News in History

The global leader in financial technology, FIS® (NYSE: FIS), has announced that it has improved its integrated payments strategy by purchasing Payrix, situated in Atlanta. This purchase is in line with FIS’s aim to extend its e-commerce solutions to firms of all sizes, and in any sector, by integrating payments capabilities inside Software-as-a-Service (SaaS) platforms. It helps to ensure that this strategy will be successful. FIS has continued to develop its strategic financial capabilities and products in global e-commerce since the company completed its acquisition of WorldPay in 2019.

What is Payfac?

Small and medium-sized enterprises (SMEs) have found traditional Payfac systems to be a useful tool for accepting online payments since the late 1990s. As a result, banks’ onboarding requirements have historically been geared toward bigger organizations that could handle the time-consuming, expensive, and difficult legacy setup procedures.

Many networks and platforms now provide online services for businesses to help them accept payments. It is no longer necessary for merchants to have direct connections with acquiring banks or online payments to use these platforms’ payment capability to distinguish their offering and increase stickiness.

Services Offered by Payrix Payfac

Using a conventional Payfac solution, Payrix opens a merchant bank account and obtains a merchant identification number (MID) to capture and aggregate payments for a collection of smaller merchants, commonly referred to as sub-merchants. Payrix Payfac incorporates payment systems into their products and registers their master MID with an acquiring bank.

  • PCI Compliance

It ensures that the platform complies with the standards of the Payment Card Industry (PCI) and that all sub-merchants accept payments from clients in a manner that is PCI-compliant.

  • Sub-Merchant Monitoring

It ensures that sub-merchants are subjected to screening and verification to fulfill the Know Your Customer (KYC) program’s criteria and the US Office of Foreign Asset Control (OFAC). It also monitors the activities of sub-merchants to prevent money laundering and the funding of terrorist organizations. When doing business abroad in the United States, there are many additional compliance standards and procedures to consider.

  • Quick Payment Processing

You can get the progress you want without going through the uncomfortable stages of development. By providing solutions for card-present, card-not-present, mobile, and electronic wallet payments, the fully integrated and API-first technological platform makes payment facilitation fast and easy to handle.

  • Portals, client onboarding, and underwriting that are quick and fully customized
  • Protection for both you and your partners in terms of billing and finance
  • Management of the portfolio that is both simple and thorough
  • Easy Transactions

Payrix Payfac makes it easier to process payments, allowing you to devote more attention to your clientele. Enhance the capabilities of your company by using our cutting-edge automation services:

  • Straightforward servicing of the payment lifecycle
  • Customers may be easily onboarded and underwritten
  • Take use of more sophisticated features to handle settlements, financing better, invoicing, and fees
  • Leverage the expertise of our experienced risk management professionals to offload your risks and weaknesses
  • High-risk Merchants

Instead of preventing you from realizing your goals, the appropriate payment solution should work to advance you toward them. Payrix assumes responsibility for the inherent risks, complexities, and infrastructure buildouts associated with in-house payment management. Your ability to concentrate on your clients and the expansion of your company is facilitated by the solution.

  • Completely white-labeled for the benefit of your clients
  • Simple registration that is both pre-built and modifiable
  •  Instantaneous onboarding of merchants
  • Enable card present/card not present payment acceptance
  • Card Processing

The payment processors known as Payrix Payfac are responsible for authorizing transactions and submitting them to the relevant card networks. Additionally, they settle monies from the financial institution responsible for issuing the credit card used in the transaction. Integration between a Payrix Payfac and a payment processor is required for the system to function effectively. In such a case, transactions will not be routed appropriately.

Pricing & Fee of Payrix Payfac

It offers two subscription plans:

Payrix Premium Payrix Pro
Payment Revenue (%) 0.75 to 1.25 0.5 to 1.0
Annual Revenue $75K to $125K $50K to $100K
Risk Full Liability Hybrid
Customer Onboarding Fully Integrated White Label
Technology Investment Low Low
Control High Medium

 

Final Verdict

Since FIS acquired Payrix Payfac from an investor group in 2015 to earn more revenue, it is on the right track. It provides good merchant account services to its customers along with reliability. However, according to some of the users, the subscription plans are quite expensive, which negatively affects the company’s image on the internet. Overall, it is an above-average merchant account provider. 

Contact

(855) 672-9749