To become a Payment Facilitator (PayFac), start by understanding the role, which involves aggregating multiple merchants under a single Master Merchant Account. Ensure compliance with legal and regulatory requirements, including PCI DSS and KYC/AML standards. Partner with an acquiring bank to process payments. Develop or integrate a payment gateway to handle transactions. Implement robust risk management systems for fraud and chargeback monitoring. Streamline the onboarding process for sub-merchants, including vetting and underwriting.
Once established, launch your PayFac services and focus on scaling by adding more sub-merchants and expanding your service offerings.