Recently, PYMNTS, a leading payments and commerce industry news site published a piece on PayFacs based on an interview with WePay co-founder Richard Aberman. Hyperbole aside, we want to examine Mr. Aberman’s view and provide some balance to the conversation for companies exploring payment facilitation.
If you’ve considered becoming a Payment Facilitator (PayFac) for your SaaS customer base, you’re familiar with the term “KYC,” or Know Your Customer. As the payment processing industry continues its trend of explosive growth, however, KYC might be more accurately termed “CYA.”
Payment Aggregation, or Payment Facilitation (Payfac) offers SaaS companies the ability to provide another layer of service to their users by acting as a Master Merchant for ACH payment processing. For tech-savvy SaaS platforms that have the resources to deal with compliance and risk mitigation issues on behalf of their users, Payfac is an attractive […]
Recently, PYMNTS, a leading payments and commerce industry news site published a piece on PayFacs based on an interview with WePay co-founder Richard Aberman. Hyperbole aside, we want to examine Mr. Aberman’s view and provide some balance to the conversation for companies exploring payment facilitation. 
So you want to be a PayFac? The 1 question you must answer 
If you’ve considered becoming a Payment Facilitator (PayFac) for your SaaS customer base, you’re familiar with the term “KYC,” or Know Your Customer. As the payment processing industry continues its trend of explosive growth, however, KYC might be more accurately termed “CYA.” 