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NewProducts

Company: NMI
Product: FACe
Website: www.nmi.com
Contact: hello@nmi.com

Speed, simplicity and elegance for payfacs

MI enhanced FACe (short for FACenablement), tems to help merchants understand their charges.
a platform purpose-built for payment facilita- FACe charges credit card processing and gateway
tors (payfacs). The comprehensive platform fees set by payfacs and routes settlements directly to
N and technology suite support numerous tasks sub-merchant bank accounts.
related to sub-merchant management. These features, • Enhanced reporting: Payfacs must provide acces-
integrated with NMI's payment gateway, include sub- sible, multitiered reports to participants at all levels.
merchant onboarding, know-your-customer (KYC) compli- FACe provides payfacs with detailed consolidated
ance, accounting, billing, chargebacks, reporting and online statements and sub-merchants with reconciliation,
statements. chargeback notifications and chargeback importa-
tions.
"FACe is a white-label, turnkey product designed to help
companies manage the technical side of being a payfac," said • Chargeback management: Payfacs manage charge-
Nick Starai, chief strategy officer at NMI. "Sub-merchant backs differently than traditional acquirers. Payfacs
activation is fast because a majority of underwriting is done are a master merchants, so all chargebacks go against
in real time during the onboarding process." them. It's critical to dispatch messages to sub-mer-
chants and collect any chargeback fees. FACe auto-
Starai suggested that ISOs that understand and embrace mates chargeback importation and notification to
software, and ISVs that operate in vertical segments with payment facilitators and sub-merchants.
low-risk merchant profiles, are good candidates to become • Security: Achieving and sustaining Level 1 PCI cer-
payfacs. However, not all new entrants are aware of the tification can be costly and time-consuming. NMI, a
complexities and challenges of building payment facilitation validated PCI DSS Level 1 Service provider, consis-
infrastructure. He cited the following considerations: tently maintains the highest levels of security. The
• One-stop payment processing: Payfac end-to-end FACe platform provides tools for KYC compliance
processing must support multiple payments. FACe management and reporting.
all-in-one processing solution accepts major card • Redundancy: Payfacs can't run on a single server.
brands and numerous payment schemes. They need high redundancy and regional scaling, all
• Secure sign-up: Payfacs must create online applica- of which FACe provides.
tions, apps or software for sub-merchant signups, All-in-one, out-of-box solution
ideally with an authentication model to protect the
sign-up process. The FACe onboarding kit, with KYC The FACe platform is designed to help payfacs efficiently
integration, automates new account activations. Pay- manage their businesses and reduce go-to-market time. The
facs can log into a secure web portal to create a sub- platform offers payfacs an array of value-added services
merchant account and gateway account in a single for boarding and servicing merchants. Starai summarized
step. the FACe platform's core values as speed, simplicity and
• Gateway: Payfacs have to write software to certify elegance.
card-present and/or card-not-present transactions.
Obtaining certification for authorization and switch- "Remove friction from the traditional merchant acquiring
ing can take between six to nine months to complete. process and the ISO continues to grow while providing
FACe is fully integrated into NMI's gateway. tremendous value and easy to integrate payments into
• Accounting system: Creating accounting, billing vertical software," he said. "Thinking forward, there will
be no such thing as a merchant account. It will come with
and reconciliation systems can be challenging. Bill- your software. Just turn it on."
ing statements must match payfac accounting sys-
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