Payment Facilitation Project
If you want to start a payment facilitation project, you need to address two aspects – business and technical. Business aspect is more important, it concerns finding an acquiring partner. However, prior to moving on to technical issues, you have to clarify several important matters with the acquirer. As a payment facilitator, you need to know how exactly merchant onboarding and underwriting are going to be performed, and how MIDs are going to be assigned. You need to clarify, which kinds of reporting data you will need and which reporting formats are supported. If you are going to deal with multiple card-present transactions, then you need to select a payment terminal solution and check how it is going to be provisioned in acquirer/processor’s system. If, in addition to Internet connection you need some special connectivity channels, then it is useful to clarify the respective issues in advance as well. In a case you take care about all these matters prior to proceeding with the technical aspect, you can actually save a lot of time, money, and efforts.
If you want to learn more, you are welcome to read the article on the subject on Paylosophy.