The payment facilitator model is gaining credibility across the marketplace with three independent companies set to launch PF platforms and related functionalities in an effort to grow and accelerate their business reach.
Victory Square Technologies, a blockchain-centric company that funds and empowers entrepreneurs to innovate and implement blockchain solutions, recently acquired 31.35% of PayVida Solutions – an emerging payment processing company.
With this merger, Victory Square will now have access to PayVida’s payment acceptance and card issuance platform that enables merchants, channel partners and ISOs with instant ecommerce, prepaid card issuance, restaurant, retail and mobile smart terminal activations that are fully EMV and NFC compliant, according to the press release.
As part of this announcement, the company said that PayVida will be launching a global payment facilitator platform that will enable same-day funding of daily debit and credit commerce, tips and related payouts for merchants and staff. All funds will be made available on PayVida’s branded MasterCard.
Also following suit is New-York based United Thinkers – a payment management software provider slated to launch a new merchant onboarding gateway specifically targeting the PF market. With the UniPay gateway, facilitators can submit application data in a unified format via API and transmit directly to the acquirer for MID request, in addition to fully configuring the new merchant record once approval has been received. And should the application be declined, UniPay has functionality built in to reroute the application to an alternate acquirer, according to the press release.
“In today’s market we are witnessing the emergence of new payment facilitators, whose clients do not fall under the same MCC code,” explains United Thinkers President Eugene Kipnis, via the same release. “These facilitators can also have different risk portfolios, working with both high and low-risk merchants, as well as service merchants in different geographies. As the result, for their payment facilitation programs, they have to support acquiring relationships with more than one acquirer. This functionality may be difficult to implement from technical viewpoint. That is why we built the new logic, specifically for unified merchant onboarding,”
And finally, payments company ProPay announces the launch of their proprietary platform ProPay Payment Network. Specifically targeting the SaaS community, the new platform enables the movement of funds globally between marketplaces, affiliates, merchants, consultants and partners with one single point of integration. This includes flexibility when it comes to submerchant funding and available modifications that cater to the specificities of the business model, according to the press release.
“The ProPay Payment Network helps platforms and merchants capitalize on the movement of funds amongst participants,” says Mike Cottrell, Senior Vice President of ProPay, via the same release. “You work with one company to bring funds into the platform through our acquiring processing; then using a set of sophisticated API’s, we enable our partners to disburse funds to the appropriate party. We’ve been facilitating payments for decades, and these enhancements further our leadership in this space.”
These three companies offer additional exposure and credibility for the PF model as it continues to gain traction in the payments ecosystem – facilitating continued growth and a greater revenue stream for businesses worldwide.