Pivotal Payments announced last week that its PayFac Connect platform is now registered with Visa and Mastercard as fully complying with the card brands’ payment facilitator guidelines.
Pivotal’s platform enables software companies and other organizations to integrate payments acceptance into their processes. It activates payment processing for their submerchants immediately upon signup.
The solution then aggregates transaction processing for its clients’ submerchants and handles the risk management associated with accepting payments, including compliance with regulations and network rules.
GlobalOnePay, Pivotal Payments’ global acquiring and technology division, announced the launch of the solution last summer.
“Many software as a service providers, app developers, online marketplaces and platforms do not have the personnel, knowledge or background to become payment facilitators, yet can benefit from offering payments as a revenue-generating, value-added service,” Tedd Huff, VP, Product for GlobalOnePay, said in a press release.
“Becoming a PayFac also entails bearing the risks and oversight inherent with payment processing. Choosing a payments-as-a-service platform such as PayFac Connect minimizes costs, time and risk while maximizing the opportunity to profit from a direct payment acceptance solution,” he said.
The PayFac Connect platform is white-labelled, so the submerchant experience features the client organization’s brand. It also provides automated underwriting tools, transaction reporting and analytics, chargeback handling and submerchant funding.