By Shannon LeDuff, SVP of Sales & Business Development, Nuvei
If you haven't already noticed a new trend striking the payment processing world, you need to keep your eye on up and coming payment facilitators. Payment facilitation is a new type of technology that started out as a means of making payment processing more accessible for the little guys but has quickly risen through the ranks to become a serious player on the world stage. These payfacs, as they're called, made a swift and decisive attack on the traditional ISOs of the world and now the industry is being forced to change.
The biggest change that has come about with the modern payment facilitator is the ability to roll payment processing into any organization's backbone software. Instead of needing separate software and hardware to interface with users, small and mid-sized businesses are able to quickly accept payments via mobile apps, over the phone or even online. There is little need for outside support.