What is the meaning of payment facilitation?

Payment facilitators, commonly known as PayFacs, serve as intermediaries between businesses (sub-merchants) and payment processors, simplifying the acceptance of electronic payments. They streamline the onboarding process for sub-merchants, offering consolidated platforms that handle transaction processing, risk management, and settlement. By leveraging PayFacs, sub-merchants bypass traditional complexities and costs associated with establishing merchant accounts, benefiting from faster onboarding and simplified underwriting. Payment facilitation involves creating seamless payment experiences, simplifying onboarding processes, managing payment risks, aggregating transactions, and providing value-added services. Merchants partnering with PayFacs enjoy faster payments, reduced complexity, cost savings, enhanced payment experiences, and scalability. Choosing the best PayFac involves considering factors like industry experience, integration options, supported payment methods, security measures, pricing structure, customer support, scalability, and growth. Monay, offered by Tilli Software, stands out as a trusted payment facilitator, prioritizing compliance, offering multiple payment modes, and ensuring ultimate convenience for users.