The world of payment and unified commerce contains a variety of complex business processes, risks, compliance standards, and so much more.
Shirey wanted to provide a deeper insight into the arena of payment facilitation. One successful payment facilitator, or PayFac, is Shopify. They did not start out as a PayFac. Originally, Shopify was a merchant eCommerce software platform. Shopify became a fully registered PayFac, and now 61% of their revenue is from payments.
Shirey said some companies are too focused on technology and not on the processes and regulations in the payment world. He said that companies should really identify the true objectives the company is trying to accomplish. Shirey thinks that companies typically underestimate requirements, length of time for registration and certification, and the cost of becoming a payment facilitator.
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