Payment facilitators, also known as PayFacs, are quietly revolutionizing the heart of the digital economy. At the center of these changes is integrated financing, which involves the integration of payments, banking, and credit solutions into commerce platforms, including online stores and business software.
PayFacs enable merchants, commerce platforms, and software to integrate advanced payment features directly into their products. This integration means that end users can make payments seamlessly without leaving the merchant’s application, website, or software platform.
These are just a few of the findings presented in the report “The Economic Role of PayFacs and the Integrated Payments Revolution,” produced by PYMNTS Intelligence and Carat from Fiserv. This report analyzes how PayFacs enable integrated payments, changing the rules of the game for merchants and commerce platforms, and unlocking new sources of value for businesses.
PayFacs create new levels of end-user engagement.
PayFacs allow commerce platforms, business software, and other online businesses to embed payments into customer service processes and gain new sources of revenue from existing customers. For example, business software providers can offer subscription models or loyalty programs that are seamlessly integrated into their applications.
Businesses can monetize engagement in new ways that add value.
Monetizing end-user engagement involves creating a “mutually beneficial” situation for PayFacs and businesses in the ecosystem. The key is to align engagement strategies with revenue generation goals while providing additional value to end users.
PayFacs unlock new business models that enable reaching new customers.
PayFacs offer businesses the opportunity to embed payments and credit into customer service processes. This opens up new ways for these companies to reach new markets, customers, and regions on a scale. For example, companies that previously relied on wholesalers and distributors to reach end users can now reach consumers directly through websites and apps and collect payment directly from these new buyers.
The game has changed thanks to PayFacs. Smooth and integrated payment experiences are no longer exclusive to mega banks and tech giants. Download the report to learn more about how payment creators can help businesses leverage new growth and monetization possibilities through integrated payments.
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The source of the article is from the blog elperiodicodearanjuez.es