The payment facilitator model is exploding because of the vast number of small to medium sized merchants who like their lives uncluttered by multiple partners trying to help them run their business, including those that enable them to accept electronic payments. They want the simplicity of valuable services as well as payment ability, and not from two vendors.
But becoming a payment facilitator is no picnic; who’s there to help potential payment facilitators who are hesitant to take on the maze of underwriting, compliance, fraud risk, and monitoring despite the growing evidence that market share and revenue can be gained?
In this week’s paymentfacilitator.com podcast, Steve Blentlinger, chief strategy officer and co-founder of processor Payline Data Services, shared his company’s role as cavalry, riding to the rescue of prospective payment facilitators who just can’t get themselves to make that final step of doing instead of thinking. In March Payment Data Services began testing a platform to guide those eager yet fearful software companies to the bright side of payment facilitating.
Ten companies bravely signed on, and Blentlinger said there may be openings for more in the fall as the company hopes to offer the platform publicly in early 2017. It’s sort of in the spirit of Payline Data Services to want to help others through a rough time; the company is known for its charitable donations, sending a portion of each transaction it processes to its Payline Giving Program, which shares with charities and causes in the communities it works in and partners with.
The investment Payline is making in the platform says it all about what the company thinks of the payment facilitator model.
“There’s pent-up demand,” Blentlinger said.