PayFac (Payment Facilitator)
A company that onboards merchants under its own master account instead of sending each one to a bank.
A payment facilitator holds a master merchant account with an acquiring bank and onboards sub-merchants underneath it, which is why signing up for payments through a software platform can take minutes rather than weeks. The facilitator takes on underwriting and compliance responsibility for those sub-merchants. Most modern restaurant platforms with 'embedded' payments sit on a PayFac or a PayFac-like model, which is what lets the software and the money move as one system rather than two.
Related terms
See it in Opero
Opero runs POS, kiosk, QR, KDS, inventory, and payments on one platform — on the tablets you already own.