Product: Payment Facilitator in a Box
Denver, Colo.-based Infinicept, launched in 2017, has created Payment Facilitator in a Box, a suite of payment acceptance services designed to help payment facilitators (payfacs) efficiently manage and scale their businesses. Co-founders Todd Ablowitz and Deana Rich described the framework as flexible, scalable and processor agnostic. The technology suite's essential tools and resources can be used collectively or individually, enabling payfacs to fully integrate the platform or choose from an expanded menu of services, they stated.
Payment consultants Ablowitz and Rich said the concept for Infinicept evolved over time, as they worked with other payfacs. They partnered with Christopher McNabb, Chief Executive Officer of iClassPro Inc., to build the technology stack, after helping him launch iClassPro's payfac. The project's success became a template for Infinicept, which leverages each partner's knowledge, connections and expertise.
"We knew if we could remove the pain points that come from developing a standalone platform and replace that with a robust suite of products that can smooth and accelerate the interactions across the payment facilitator ecosystem, we could create phenomenal value for ourselves and customers," McNabb stated.
Payfacs frequently underestimate the time, materials and effort required to embed payments into their service offerings, Ablowitz noted. Infinicept clients can choose to build their own platform, use the company's turnkey solution or selectively integrate its application programming interfaces (APIs) into their platforms. This freedom of choice and consultative support gives payfacs the creative latitude to build a frictionless experience for payfacs and their sub-merchants, he said.
Following are examples the company provided of its market-ready solutions:
"When your company or ISO adopts the payfac model, everyone can get you software," Ablowitz said. "What you don't always find are people who know what is happening in every region of the world. Deana and I have been to the Philippines, Romania, Poland and all over Southeast Asia, helping companies determine how these models work."
As a global service provider, Infinicept is well positioned to meet evolving demands, Ablowitz noted. The company is helping clients and channel partners meet complex organizational challenges as they grow and scale their businesses. "Payfacs have clearly outgrown basic merchant aggregation platforms," he stated. "As they increase in size and complexity, these companies require more nuanced services and support. We keep innovating, based on what we see all over the world."
Ablowitz expects efficiencies of scale to drive continued growth in the payfac market and predicts revenues will reach $4.4 billion in the next five years. "It is critical for payfacs to build sustainable, open-ended systems to easily integrate with any sponsor, processor, gateway or CRM," he said. "They need strong partners that can help them automate processes and create frictionless merchant acceptance, without taking a slice of their transaction revenue."
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