Payfactory was founded in 2021 by CEO Ruston Miles, a 23-year payments industry veteran previously known for starting payment and data security company Bluefin and architecting the company’s core PCI-validated point-to-point encryption (P2PE) solution. Seeing payment facilitation as the future of merchant acquiring, Miles envisioned a payment platform that would be faster, more secure and plug-and-play for ISV and SaaS providers.
This adaptable platform would enable each client to incorporate payment processing into their software with minimal work while benefiting from an attractive revenue sharing model. Payfactory was built with these objectives in mind, along with the following guiding principles: agility—a simple, fast payments integration for all software platforms; seamlessness—a frictionless, fast merchant account go-live process; and integrity—no sacrificing of human service and support for the sake of speed and flexibility.
As he reflected on Payfactory’s rapid growth—which was further accelerated by investor backing from Atento Capital, Cortado Ventures and Bluefin Payment Systems—Miles said the company is on the cusp of an evolving payfac revolution that is benefitting ISOs, ISVs and acquirers.
“Payfac can no longer be just passive plug-ins but must also be flexible and seamless, without sacrificing security and support,” he said. “Our embedded payfac model allows ISOs, agents and ISVs to know their merchants and reduce overall risk of merchant fraud while providing a product that can be quickly implemented with a lucrative revenue-sharing model.”
Miles went on to say that Payfactory is enhancing both its partner and customer portals to provide software partners even greater ownership of the processing relationship. These additional features are in line with the company’s self-service model, he stated, adding that additional product releases and strategic partner announcements are underway.
Payfactory currently employs 14 specialists, with near-term plans to further expand the team. The company’s go-to-market teams, led by Miles, include Josh Tietsort, head of finance; Angela Mayer, head of partner success; Melissa Migliore, head of payfac operations; and Jeremiah Remski, director of business development.
Payfactory representatives described the company’s integrated payment processing for ISV and SaaS platforms as gateway-friendly and compatible with any ISV’s current payment gateway, which they indicated can significantly speed time to market and increase flexibility.
Payfactory offers a preferred payment gateway option, which the company indicated can be implemented quickly with minimal effort through its suite of restful APIs. All transactions are backed by state-of-the-art tokenization, the company noted, with the option of leveraging PCI-validated P2PE for card-present payments to derive the highest level of security.
Remski additionally cited the following key partnership benefits:
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