Like most busy business owners, dealing with accounting, merchant services and reconciliation is a major pain. Payfac Pete is constantly looking for ways to simplify and improve these processes, so he can get paid quickly and keep his focus on what he loves- his business and his customers.
One day, Pete got a notification that an easier way to process electronic payments was available- through the business management software he is already using! Pete was ecstatic. After clicking through an email link, reviewing a quick Terms and Conditions page and clicking to accept the terms (like how you’d accept the Apple terms for the latest software version on your iPhone), his new merchant account is approved!
Wow, Payfac Pete can’t believe his luck! Pete says, “I remember the process to get my last merchant account, so I could process transactions through software was one of the biggest pains I have ever experienced! First, I was told to get a merchant account with a gateway, so I needed a “VAR” sheet and my software provider told me it had to be . So, I called up my banker and said, ‘Can you get me a merchant account?’ She said sure, no problem, and the next day sent me a 46-page agreement to fill out that I didn’t know what half the words meant. I think I spent about 3-hours reading through it and trying to fill it out before finally calling my banker and having her walk me through it line by line which took another 45-minutes. Then she said I should be setup in a day or two …ten days later the bank called to ask me to send them a copy of my driver’s license as it had expired. Then, four more days later I got an email with my merchant account number. Now I reached out to my software provider with it and they told me I must go get an or “gateway” account…20-minutes on hold and they inform me I am going to be charged $10/mo and $.10/transaction to use this “gateway” …what a scam!!! Once I finally got my gateway credentials and passed everything over to my software provider they say they will configure the payments into my account for a small development fee of $250! Fast-forward four more days and I am finally up and running! Now I just am a few hundred dollars poorer, spent three weeks I will never get back chasing this around, and have two more system usernames and passwords to remember…” Fortunately, this nightmare is over after a quick 30-second daydream and Payfac Pete is very happy this is NOT his reality today!!
Payfac Pete’s integrated payment processing adventure was simple and straight forward. Not only does he get to process transactions with a simple flat rate that is guaranteed to never tier-out or charge-up his merchant account fees he didn’t have to setup a separate gateway account or go through a lengthy underwriting approval process. He is also now able to login to his one software system and not only schedule appointments, look up and manage customer invoices, and reconcile accounts, but he can also process credit and ACH payments through the same portal! His office staff is pleased because now Pete worries less about managing the businesses’ finances and they have more time to focus on customer retention, redecorating the office, and ordering cool new customer giveaways. Everyone is happy, and the business thrives.