Company: Network Merchants Inc.
Network Merchants Inc. created FACe (short for FACenablement), a comprehensive payment enablement platform designed to address the unique requirements of payment facilitators (payfacs). The solution, tightly integrated with NMI's payment gateway, provides a full suite of complementary features, value-added services and essential resources. Payfacs can use FACe to speed their time to market while having the freedom to focus on their customers and sub-merchant service offerings, the company stated.
NMI's FACe platform is ideally suited for existing payfacs; the platform is also conducive for companies that are entering the space. The best candidates for FACe are ISOs, value-added resellers and similar companies that have a good understanding of risk management, according to NMI.
Unlike traditional merchant services providers, payfacs offer flat pricing and almost immediate merchant account approvals, both of which have proven popular with merchants. Payfacs use simplified application, underwriting process and boarding models that spread risk across numerous sub-merchants within a centralized "master" merchant account, making payment processing accessible to a broader segment of merchants.
No longer exclusively serving micro-merchants, payfacs can provide significant benefits to owners of large and small businesses who are interested in simple, expeditious payment processing. Industry experts at NMI said they identified this shift in the market and saw the need for enterprise-scale support among new and existing payfacs.
"When they register as payment facilitators, some payfacs don't realize they need to build infrastructure to support payment facilitation," said Roy Banks, Chief Executive Officer at NMI. "The failure-to-launch rate can be very high among recent payfac registrants, as a significant number of them abandon the overwhelming and expensive task of building this infrastructure."
Banks saw a need for a payfac-enablement platform that could help partners get to market quickly while eliminating the need to build an expensive support and processing infrastructure. NMI created a ready-to-deploy infrastructure designed to support a broad array of tasks related to sub-merchant management. These features, tightly integrated with the company's payment gateway platform, include boarding, know-your-customer (KYC) compliance, accounting, billing, chargebacks, reporting and online statements.
NMI's FACe is a flexible, scalable platform designed to support payment facilitators and their growing base of merchants. The company listed the FACe platform features as follows:
NMI emphasized that FACe is designed to help payfacs efficiently run their businesses and reduce their go-to-market time. The platform offers an array of value-added services for boarding and servicing merchants, eliminating the need for payfacs to invest in support and processing infrastructures. NMI's support services include many compliance and certification factors, helping the company's payfac partners optimize security and mitigate risk, the company added.
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