INTRODUCTION

To compete in today’s competitive veterinary practice management market, software providers need to carefully consider their company’s payment strategy. In order to remain market competitive, providers need the ability to white-label their payment processing module and offer the practices they serve instant merchant account approvals. A seamless payments onboarding experience is traditionally achieved through payment facilitation, commonly referred to as payfac.

Because of the combination of potential hyper-growth and instant on boarding of merchants with very little up-front effort, veterinary practice management ISVs acting as payment facilitators are becoming more prevalent than ever. When a software provider acts as a payment facilitator, they serve as the intermediary between their merchant customers and payment processor, thereby improving on boarding efficiency and maintaining control over the payments process.

However, there are risks, costs, and heavy lifting that come with being a payfac. An easier way to reap the benefits of payment facilitation without the hassle is through a managed payment facilitation program. This guide will help you understand how practice management software providers can operate as payment facilitators without the hefty workload through a managed payment facilitation program.