A payment facilitator provides financial service support to merchants so they can accept and process payments. They help merchants get set up to accept payments and provide different services based on their needs.
Read on to learn more about how payment facilitation works, and how they can help you streamline the payments process and accept payments faster.
The ABCs of payment facilitation
About payment facilitators
Though they operate behind the scenes, payment facilitators are crucial to businesses of every size and across industries. They also offer different services for different businesses' needs. For example, an omnichannel enterprise company will have different payment facilitation considerations than an independent merchant with one brick-and-mortar store.
You might be familiar with large financial technology (fintech) companies like PayPal, Square and Stripe, but payment facilitators include niche providers too. For example, NuORDER facilitates wholesale payments for retailers and brands via its B2B eCommerce platform (request a demo here) to make transactions faster, simpler and more affordable for their customers.
How it works
The behind-the-scenes process of payment facilitation is complex. Payment facilitators work with banks, payment processors, submerchants (the companies using their facilitation services) and lending companies, whenever financing enters the picture.
They’re responsible for many roles, including:
- Underwriting: screening transactions for compliance, verifying buyers and sellers and preventing acts of fraud
- Monitoring: ensuring transactions are valid, legal and verified
- Funding: many pay facilitators pay their submerchants and then get paid by the end customer to speed up the process
- Chargeback management: payment facilitators help companies manage any credit card charge disputes placed by customers
- Compliance: stay compliant with local, federal and international laws, tax rules and regulations
- Payouts: payment facilitators are sure to get submerchants their payments on time
The best payment facilitators offer safe and reliable services and they’re able to process transactions for reasonable fees. Payment facilitators have traditionally been financial companies, but thanks to the latest technology, a growing number of software companies have been able to step into the role to make transactions faster and easier for their clients (e.g. NuORDER Payments for better B2B transactions).
Whether you represent a retail business or a brand, it can be incredibly useful if your B2B eCommerce provider is a payment facilitator too. That’s why NuORDER introduced a new payments solution in 2021.
Here’s what it includes and how it can benefit your business…
For retailers and brands:
- Easy onboarding: get started faster with a simplified process
- Streamlined checkout: accept or use popular payment methods and enjoy automatic shipping calculations at checkout
- International currencies: enjoy effortless shopping or selling–NuORDER supports over 100 currencies
- Advanced security: feel safe with the latest in data encryption
- Safer business on the go: transform the sales process for in-person and virtual trade shows and market appointments
- Direct payment facilitation: say goodbye to costly merchant accounts and slow third-party processing providers
- Flexible payment options: offer instant financing and split payments and instantly accept payments according to terms (such as pay upon shipping) to increase sales and improve relationships with clients
- International payments to local banks: easily access your funds with payouts to local bank accounts, even for cross-border transactions
- Expedited payments and improved savings: get paid sooner with transactions that settle in less than 24 hours and access reduced transaction fees
- Robust statements and reports: maintain compliance and view real-time cash flow and revenue – all in a single dashboard
- Data and insights: identify sales trends, access your sales history, track the performance of specific SKUs or collections and view your key performance indicators (KPIs)
- Seamless integrations: sync sales information with your enterprise resource planning (ERP) systems in real time to manage sales, inventory and logistics all at once
- Reliable security: rest easy with instant verification and easy chargeback management
- Additional assistance: receive support for refund management, processing orders with multiple shipments, finance reconciliation and more
- Digital catalogs: shop 24/7, 365 days of the year from digital catalogs featuring in-depth product information and shoppable photos and videos, save order drafts and plan future buys with assortment and budget planning tools
- One-click transactions: enjoy a hassle-free and direct route to checkout
- Mobile access: Shop from a desktop computer, laptop, tablet or smartphone
- Flexible payment options: access instant financing, split purchases across different payment methods and pay instantly, according to your agreed-upon terms (such as pay upon shipping)
- Digital payments: safely save multiple cards in a digital wallet to shop our brands faster than before, and shop knowing your information is safe
NuORDER Payments removes the middleman from the equation, making wholesale eCommerce faster, easier and more affordable for retailers and brands. The use of a single, intuitive checkout screen reduces abandoned cart rates and encourages higher sales, while digital processes reduce risk and speed up transactions. And with access to the most popular payment methods–including credit cards, you can say goodbye to expensive, high-risk wire transfers and the dicey business of traditional handwritten checks, while encouraging higher average order value (AOV) and improving your cash flow. Digital payment methods are especially valuable in establishing trust in the international marketplace of brands and buyers.
Speed, streamlined processes, security and visibility are also essential for every growing business in the digital age. Since NuORDER Payments is integrated with NuORDER’s wholesale eCommerce platform, it can help you reduce common human errors. Gone are the days of lost orders and the other hiccups that can coincide with manual entry.
Finally, everyone benefits when hybrid and virtual sales are managed from a single, reliable platform. Use NuORDER to manage everything from merchandising and assortment planning to offering instant lending options and managing sales!
NuORDER is a B2B eCommerce platform and marketplace, connecting retailers and brands and streamlining the wholesale process for virtual, hybrid and in-person market appointments. The NuORDER platform offers a seamless and collaborative way to do business with interactive and customizable solutions, easy payments, real-time inventory insights, comprehensive data and more for increasingly informed buying decisions.