A Payment Facilitator is a service provider for merchant service prover that simplifies the merchant account enrollment process. Payment Facilitators can quickly onboard merchants because they are onboarded as sub-merchants of the Payment Facilitator, not the Payment Processor.
The alternative is to partner with a Payment Processor, but that process can be complicated and may take weeks before being underwritten for a merchant account.
List of Payment Facilitators
You can view all of the Payment Facilitators by checking the websites of Visa and Mastercard.
If you are a Software as a Service (SaaS) platform, Finix is a great choice as a Payment Facilitator. If you are a merchant and process payments in the food space, Toast is a great choice.
Payment Facilitator or Payment Processor
When searching for a solution to process credit cards, selecting a Payment Facilitator is usually the right answer. While you may pay slightly higher fees, they typically can approve you very quickly, and the experience can be seamless from start to finish.
However, partnering with a payment processor may save you significant fees if you are a high-volume merchant. You should budget for a long approval time and integration work into your existing system.