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NewProducts
Company: Banks saw a need for a payfac-enablement platform
Network Merchants Inc. that could help partners get to market quickly while
Product: eliminating the need to build an expensive support and
FACe processing infrastructure. NMI created a ready-to-deploy
Website: infrastructure designed to support a broad array of tasks
www.nmi.com related to sub-merchant management. These features,
Contact: tightly integrated with the company's payment gateway
support@nmi.com platform, include boarding, know-your-customer (KYC)
compliance, accounting, billing, chargebacks, reporting
Ready-to-deploy and online statements.
infrastructure One platform, infinite possibilities
for payfacs NMI's FACe is a flexible, scalable platform designed to
support payment facilitators and their growing base of
N etwork Merchants Inc. created FACe (short for merchants. The company listed the FACe platform features
FACenablement), a comprehensive payment as follows:
enablement platform designed to address the
unique requirements of payment facilitators • One-stop payment processing: FACe provides an
(payfacs). The solution, tightly integrated with NMI's pay- all-in-one processing solution designed to accept
ment gateway, provides a full suite of complementary fea- an array of payment schemes including electronic
tures, value-added services and essential resources. Payfacs checks and Visa Inc., MasterCard, Discover Financial
can use FACe to speed their time to market while having Services and American Express Co. cards.
the freedom to focus on their customers and sub-merchant
service offerings, the company stated. • Payment gateway integration: FACe is seamlessly
integrated into NMI's Payments Enablement
NMI's FACe platform is ideally suited for existing payfacs; platform, which provides a range of payment
the platform is also conducive for companies that are gateway features and services relevant to ISOs and
entering the space. The best candidates for FACe are ISOs, payfacs alike.
value-added resellers and similar companies that have
a good understanding of risk management, according to • Expedited, real-time merchant boarding: The FACe
NMI. onboarding kit, with KYC integration, automates
the new account activation process. Payfacs can log
The changing 'FACe' of acquiring into a secure web portal to create a sub-merchant
account and gateway account in a single step.
Unlike traditional merchant services providers, payfacs
offer flat pricing and almost immediate merchant • Sub-merchant billing and settlement: The FACe
account approvals, both of which have proven popular platform will charge credit card processing and
with merchants. Payfacs use simplified application, gateway fees set by payfacs and route settlements
underwriting process and boarding models that spread directly to sub-merchant bank accounts.
risk across numerous sub-merchants within a centralized
"master" merchant account, making payment processing • Enhanced reporting features: FACe provides
accessible to a broader segment of merchants. detailed reporting to payfacs and sub-merchants.
Reports include consolidated statements for payfacs
No longer exclusively serving micro-merchants, payfacs and reconciliation, chargeback notification and
can provide significant benefits to owners of large and chargeback importation for sub-merchants.
small businesses who are interested in simple, expeditious
payment processing. Industry experts at NMI said they • KYC service reporting: KYC requirements are
identified this shift in the market and saw the need for different for payfacs than traditional merchant
enterprise-scale support among new and existing payfacs. service providers. FACe provides the tools and
reporting to manage KYC.
"When they register as payment facilitators, some payfacs
don't realize they need to build infrastructure to support • Automatic chargeback importation and
payment facilitation," said Roy Banks, Chief Executive notification: FACe will notify payment facilitators
Officer at NMI. "The failure-to-launch rate can be very high and sub-merchants of any chargeback activity.
among recent payfac registrants, as a significant number
of them abandon the overwhelming and expensive task of NMI emphasized that FACe is designed to help payfacs
building this infrastructure." efficiently run their businesses and reduce their go-to-
market time. The platform offers an array of value-added
services for boarding and servicing merchants, eliminating
the need for payfacs to invest in support and processing
infrastructures. NMI's support services include many
compliance and certification factors, helping the company's
payfac partners optimize security and mitigate risk, the
company added.
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