Can you identify a major chord from a minor chord before deciding whether or not to join the group of enterprises that act as payment facilitators for niche markets? If you can, you have a great shot at a career in music. Are you a tall, muscular person? If so, you may excel as a basketball player. Do you have a head for numbers and organization? Possible career paths include software engineer, algorithm creator, or economist. In any case, one of the first steps for aspiring experts is to become genuine experts in their field.
Similar tendencies are seen in the merchant services industry. In particular, we get insight into which businesses have promising futures as Payment Facilitation As A Service. In addition, we can identify which businesses stand to gain the most from this shift.
So, what exactly are the characteristics and indicators that we’re discussing?
Characteristics of Future Payment Facilitator Businesses
Well, here are some of the most fundamental indicators that might help your company join the ranks of the payment facilitators:
- Your usual clientele has been with you for some time.
- You have at least a basic understanding of how to identify and vet potential customers.
- You may influence your clientele to an extent.
Those who buy from your company are reselling to their own consumers the goods and services they provide. In other words, they are not always the eventual consumers of the goods.
The Best Five Franchise Opportunities in the Payment Facilitation Industry
Do you make money by having franchisees resale your product or service concept? That’s wonderful news! You may soon become a PayFac. Franchisees might be thought of as prospective wholesalers.
Do you sell software as a third-party? Independent software vendors often have their own loyal clientele. They usually provide post-sale service as well, especially for software items. Therefore, they are likely to become PayFacs for their target markets. In particular if the software they offer is one that facilitates financial transactions.
Platforms offered as a service (SaaS)
The SaaS model meets all the requirements to qualify as a PayFac firm. Users of your SaaS platform are potential sub-merchants if you are a platform provider.
Web-based market places
Do you provide a service that facilitates the creation of virtual markets? Do many vendors participate in your marketplace’s affiliate program? How much of their money are you making off of them? How about increasing these fees in return for payment processing services?
Corporations that engage in investment and risk capital
Do you put money into new, innovative companies? How many different businesses fall under your wing and run their operations? Then why not become a PayFac for the businesses in which you have invested by consolidating your payment systems?
Of all, these are only some first thoughts. However, each and every one of these businesses meets the aforementioned standards. They also have another characteristic. They should expect to earn supplementary income from payment facilitation services. This is in addition to the standard pricing they pay for their staple items. It’s not only the “big five” that have the potential to make money as payment processors. Therefore, why not try it out?
The good news is that it’s not as hard to implement as you may assume. For would-be PayFacs, the white label payment gateway solution provides a risk-free way to test the waters. In addition, providers like Akurateco supply specialized payment facilitator services. They make it possible for the next generation of payment facilitators to ease the changeover.