With the rise of the “sharing” economy, companies across industries are increasingly acting as payment facilitators, building frictionless commerce capabilities for their customers.
As customers have come to expect a seamless payment experience, these companies – from ride sharing to home rentals – need a trusted partner to enable commerce. That’s why today First Data (NYSE: FDC), a global leader in commerce-enabling technology, announced the availability of the First Data Global PFAC™ solution, which offers unmatched capabilities and scope for payment facilitators.
With First Data’s Global PFAC solution, payment facilitators have access to a single integration interface, enabling their merchants to easily authorize transactions in more than 150 currencies worldwide, and settle in 17 currencies.
“Payment facilitators need to be nimble, agile, and have access to proven technology to achieve global scale, especially as eCommerce has opened the door for companies to do business worldwide,” said Shane Fitzpatrick, global head of eCommerce at First Data. “First Data’s Global PFAC solution empowers merchants to do business wherever they want, whenever they want, while streamlining the administrative burden of enabling payments around the world.”
The Global PFAC solution is structured into two programs to make it easy for payment facilitators to manage the payment needs of their customer base. For payment facilitators seeking to serve smaller customers with a more streamlined approach, the Single MID Program allows them to manage all merchants with one account. The Multi MID Program is designed for payment facilitators who would like to use separate accounts for each customer, as well as access additional First Data products and services.
Additional benefits of First Data’s Global PFAC solution include:
• First Data’s easy integration and fast boarding for payment facilitators’ clients
• Comprehensive payment options
• Industry-leading security and fraud detection solutions
• Underwriting services
• Robust reporting
• Periodic reviews of transactional rates and pricing
• Currency conversion and a range of payment methods, allowing consumers to shop and pay in the currency and method of their choice
Global PFAC enhances First Data’s robust eCommerce portfolio, which includes a range of solutions for businesses of all sizes. Earlier this year, First Data announced the acquisition of Acculynk, a technology company with unique debit routing capabilities that help merchants reduce their total cost of payment acceptance. First Data’s eCommerce portfolio is available across the First Data client landscape, from multinational corporations to sole proprietors operating online stores.