Now that economic recession, spurred by pandemic-induced lockdowns, is underway, many brick-and-mortar (or partly brick-and-mortar) businesses are going online. Ability to smoothly process electronic payments becomes the question of life-or-death for many companies.
As merchants strive to improve their existing payment processing mechanisms or implement new ones, demand for high-quality merchant, referral, and payment facilitation services is growing. Consequently, intermediary entities, such as ordinary, wholesale and “next generation” independent sales organizations (ISO), value-added resellers (VAR), payment facilitators (PayFac), and payment service providers (PSP), are also undertaking efforts to improve customer experience for their respective portfolio members. Even the largest actors, such as major processors and merchant acquirers are wondering, which aspects of their activities they should tweak, and how, in order to retain their revenues.
When it comes to payment processing, each of the listed types of merchant services industry players has its own problems, needs, and tasks. A merchant needs to find the best acquiring, processing, and gateway partnership to support its type of business for a reasonable price. An ISO wants to keep reselling merchant accounts to the applicants and maintain an optimal set of partnerships with acquirers, gateways, and PSPs. A PayFac needs to organize effective support of the whole sub-merchant lifecycle and keep its rightful residual revenue share. A PSP needs to be able to organize smooth merchant onboarding and underwriting for all target MCC codes, payment types, currencies, and geographies. The common need is seamless exchange of payment and reporting data during transaction processing.
These are just general considerations. If you are completely new to the payment processing world, but want to know more, here is a fun-to-watch video that covers the basics. If you need targeted advice concerning your particular use case now, don’t hesitate to contact our payment experts at UniPay Gateway website. Armed with more than a decade of experience within the industry, they will be happy to help you find a solution.