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PayFac is short for Payment Facilitator or Payment Aggregator. The term refers to an individual or entity that accepts payments on behalf of other businesses. These businesses are commonly known as sub-merchants.
“PayFac has a major impact on OLB revenue recognition. It provides control over the money of merchants and adds more responsibilities in billings of services”
A few important pointers about PayFac
PayFac assumes the responsibility for Chargebacks, Fraud, KYC (Know Your Customer) and AML (Anti-Money Laundering).
We can underwrite new merchants very quickly (sometimes instantly).
We are responsible for PCI compliance.
We are registered with acquiring banks.
We have set up reserves to assume the risk.
We have software already built into SecurPay to handle all the requirements.
Yes, they are all on board. We also selected a new merchant acquiring bank to process the transactions and we anticipate a full transition — to that bank before the end of Q3.
Yes, we believe that will likely be the case
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OLBG is a comprehensive single solution for all the ways you sell across digital media (internet, mobile, corporate storefronts) and for driving up your in-store sales. It helps you to avoid the complexity of technology and integration of all these channels to drive revenue at lower costs. OLBG helps you create web and mobile storefronts, offer dynamic catalog and pricing information, and enable your target consumers to find and buy your products across all available channels.
With your online store powered by OLBG and our digital catalog that can be syndicated to your dealers and retailers, you can reach consumers across channels. OLBG enables you and your dealers to leverage digital channels such as the internet, mobile, and social media to promote your brand and sell your products directly online alongside physical stores.
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You can connect with OLB through a variety of our online social media tools.